I am trying to get a certain car. I need a loan for $6000-$6500. Thing is, I have a car loan out already, which is putting my debt to income ratio up pretty high right now. However, I will be selling the Talon almost immediately upon purchasing the next car.
Basically, I make between 1500-2500 monthly depending on bonus size, and a good employument history. I don’t belong to a credit union or anything, but I have had na good relationship with my checking account at my personal bank, but I don’t think they offer loans for autos or anything.
My credit is good. Not great, but above average and the only blemishes were from 2 years ago when I was out of work for 2 months. Just a couple late payments at that time. Everything is current since then.
I already tried Capital One, but to no luck.
Any ideas?
This is kind of the car I’ve wanted for 3 years now, and it’s a price that I can afford without trouble, and I’ll be able to afford a DD car as well. But I am being cockblocked by my current car that has a loan out.
advice, dont keep trying to apply for loans if you keep getting denied. itll hurt your chances a little more each time.
you’re best bet is to get rid of the original loan if possible. then you should deff be able to get that amount. I went through the same thing like 4 months ago when i still had the jetta and tried getting a bike. got rid of existing loan, and got approved from the same company that denied me previously.
Depending on how old the car is you might have trouble getting a car loan period on it. You could always get a personal loan, then you don’t have a lein on the car either.
this is very true… i was out buying a big screen tv last year and without thinking i was out applying for credit at multiple stores, rosa’s, then best buy, then circuit city. got approved at the first two then when i decided to buy at the 3rd i got denied because I had applied twice that day already.
I’m surprised your bank doesn’t do auto loans, what bank is it?? HSBC has done very well for me for financing on cars, usually get pretty good rates.
My next purchase im going to goto a credit union though.
Yeah, but I believe multiple credit score requests within a 2 week period get combined into one. That’s why you can shop around for mortgages without hurting your credit score. Not positive if that only applies to mortgages though.
HSBC has awesome apr rates for auto loans, i shopped around and my bank, first niagra, was 3% higher and then jumped after two years even more.
I had my dad’s creditor review my credit without marks or punishment, there’s ways to get around that lil rule. But the salesman at pioneer told me a real shitty story about how this couple applied for financing through yamaha, got approved for their amount, changed minds on vehicle and went to suzuki for financing. Got denied for their amount because they still had an open account with yamaha, the salesperson never closed it, so he did so, and tried again. Needless to say he got denied for both after just getting approved.
good luck on getting that loan… definately try hooking up with a credit union though. Some of the better ones can be difficult to get into, but also have grandfather rules, where if your parents are in, you can get in as well. SEKRIT :snky: SOCIETYZ!
