I went to a credit loan company & they told me my credit looks
great, but because of my age they hesitate to loan me
$30k for a car. They said if I was 25 or older I would
be more likely to get approved. It really pisses me
off. I have the jobs to make the payments & the
history of my Jetta to prove I will make the payments.
Yet they see my age & turn me down? SO frustrating!

I am so close to getting my 8 yet so far!! Anyone want to trade ages?? :D

Maybe try an online auto loan agency?? Capital one, lending tree, e-loan....

just go to a different lender. in was 21 when i got my loan.

Car dealers are very willing to lend money to peeps your age...just finance through the dealer.

all I can say is, being 45 is great and getting better all the time. Good luck with your predicament. You could try co-signer, but I think financing through the dealer is your best bet. Whatever interest rate they offer you, tell 'em it's too high and make them give you a better offer.

Thanks for all your feedback everyone! I have been trying since November...no luck so far. I guess need to sell my Jetta first, which is taking much longer than expected! I guess people dont buy cars in the winter :p I would just do a trade-in but that only gives me about $1500 down. Where as selling will give me about $5k.

Anyway! I'm happy either way :) I can wait a few months right?? ;) BUT If you know anyone wanting a Jetta....here it is!!: www.cardomain.com/id/amysmojo

Hey 8_wannabe I can't wait to see if I feel that way in 24 years. I'll keep ya posted ;)

As a side note...I was 19 when I got my 01 Jetta. No co-signers or anything. I had saved for a year & put 7k down lol...Looks like its time to do that again! No dealer is gonna turn down 7k ;) Thats why I'm hoping to sell my Jetta Asap so I can get at least 5k to put down.

WOOO cars are a lot of work :)

$1500 only for a 2001 jetta trade in? That's sad... jetta has some nasty depreciaton. A friend of mine traded in his beat up 1994 civic that has almost 100,000 miles for $1500. My wife has a jetta, i guess i can expect not to get much from that when its time to trade it in.

No worries meeh! Trade in value on a 2001 Jetta is $11k - 12k. I would only get $1500 for trade-in because I still owe $9500. So...if you dont owe anything on yours then you'll be good to go when the time comes to trade the wifes Jetta! :)

I'm just about 46, wanna trade ages??? FWIW, when I was 21 it would have taken me 3 years gross salary to buy an 8, so life doesn't sound too shabby up in Portland.

When all else fails, sell a kidney.

haha! Sell a kidney eh?? hmmm uuuhhh no, unless it pays for me to get an Rx8 in Every color? then I might! :) I'll trade you ages! As long as I can still keep my "girlish figure" Ha jk

I would just finance through the dealer. I'm 21 and the dealer financed mine. Here's the mazda lender's website if you're curious: http://www.mazdacredit.com/consumerhome.html
You still have to play the money game, of course, to get your desired payments. Good luck with your jetta!

I had exactly the same problem. When I was 21, a good mentor friend where I worked took me over to my local credit union and had me open a savings account with $100.00 and also take out a loan for $100.00 which I paid back in a few months. This was done for no other reason than to establish a credit history with my credit union. Even though it was a small loan amount it worked in my particular case.

At 22 my credit union had no problem granting a large car loan and a credit card as well.

My 2 cents.

If you show them u got a good amount of down payment they'll work with you.

Originally posted by amysmojo
I went to a credit loan company & they told me my credit looks
great, but because of my age they hesitate to loan me
$30k for a car. They said if I was 25 or older I would
be more likely to get approved. It really pisses me
off. I have the jobs to make the payments & the
history of my Jetta to prove I will make the payments.
Yet they see my age & turn me down? SO frustrating!

I am so close to getting my 8 yet so far!! Anyone want to trade ages?? :D


I have always said :

"Youth is wasted on the YOUNG and MONEY is wasted on the old"
"
If you perserver you will get there , may the RX8 rotary force be with you.
michael

Well I am 23 and I got financed after having a very short credit history. I mean all I had was some credit card history. I didn't have a car in colege so no car payment. Needless to say I had a clean slate but no history.

But this is what I did. I had some money from some investments, got a copy of my account balance and went to my credit union. Originally I got a rate of 5% 60/72(72 hehe) mon. Then I showed them how much I could put down.. The rate dropped to 4% for 48/60 months. I wish I could get better.. I was shooting for around 3.75% nuts..

so my advice would be join a credit union.. they got me a good rate. Then you could show what you got to Mazda's financing and see if they could beat that!

good luck! hopefully you will get your 8 soon!

Buy a house. That will kick your credit rating up big time.

I hear ya Lock & load! I need to slow down & enjoy my youth. I will definitely get my 8 & it will be THIS year. When I want something I find a way to get it...I just hate waiting month after month saving my pennies. But I can handle it ;) I waited for a year to get my Jetta when I wanted it so bad. I was happy with it till I discovered the 8! It was love @ first rotary haha...jk

just FYI, I'm 21 and I got a loan as well. + I'm only the states since July '03.

3500 down, the rest on 72 month. Worked out for me, maybe you should check with a different dealer?

Nice looking Jetta....the 8 will be so much sweeter though. Hang in there it will happen! My car was on the market for 3 months and not too many leads on it and it was advertised really well.Ended up losing some $ all so I could get the 8 I ordered!!Guess it's the time of year! I am sure someone out there will lend you the $$..no worries. Good luck! Wendy

Well guys I might have a buyer for my Jetta. The only problem is even if I put $5k down, they are still saying I need a co-signer....? Go figure. I am workin 2 jobs w/ plenty of enough money to make my car payments. If they would just LOWER the interest rate they could totally give me the loan w/ no problem! But they wont lower it. They are quoting me with a 16.95 APR.... DAMN! And I thought 12.95 for my jetta was high. Anyway...I'm almost there....grrrrr! The good news is the car dealer is trying to get me approved for only $500 over invoice. They must really want to sell me that car lol...They keep trying to sell me a Mazda 6 instead. NO frikin way! I want my 8!

Oh yea the other funny thing is that the manager there...didnt know what the Grand Touring package was. I had to explain the difference for him....hmmm. Theres a car salesman for ya...

You should've been accepted just for knowing more information about the car than the salesman.

That's just outright sad.

Originally posted by amysmojo
Thanks for all your feedback everyone! I have been trying since November...no luck so far. I guess need to sell my Jetta first, which is taking much longer than expected! I guess people dont buy cars in the winter :p I would just do a trade-in but that only gives me about $1500 down. Where as selling will give me about $5k.

Anyway! I'm happy either way :) I can wait a few months right?? ;) BUT If you know anyone wanting a Jetta....here it is!!: www.cardomain.com/id/amysmojo

Hey 8_wannabe I can't wait to see if I feel that way in 24 years. I'll keep ya posted ;)

My wife an I were a little over your age (23) when we purchased our 8. We didn't have any problems; however, we found that F'ing Mazda's Financing was a rip-off (over 10 points on a 6 year loan)....the same dealer turned back and searched @ local CU' and found one that gave us slightly over 6 points interest. Not the greatest, but we cannot complain. It was the first major purchase we did...and we got a way better APR than we were expecting. Maybe the fact that we are married is a factor (I truly don't know...)

But I am sure that you'll find a much better deal if you are patient enough. Just shop around (no one can prevent you from doing so...)

[i]Well guys I might have a buyer for my Jetta. The only problem is even if I put $5k down, they are still saying I need a co-signer....? Go figure. I am workin 2 jobs w/ plenty of enough money to make my car payments. If they would just LOWER the interest rate they could totally give me the loan w/ no problem! But they wont lower it. They are quoting me with a 16.95 APR.... DAMN! And I thought 12.95 for my jetta was high. Anyway...I'm almost there....grrrrr! The good news is the car dealer is trying to get me approved for only $500 over invoice. They must really want to sell me that car lol...They keep trying to sell me a Mazda 6 instead. NO frikin way! I want my 8![/B]

Amy,

In my opinion, the dealer is trying to screw you over royally. If I were you, I would find another dealership. If your credit is great, and you make enough money to make the payments, there is no reason for the 17% APR. That is complete and total bullshit. You'd may as well just buy the car on credit cards at that APR. They are only offering you $500 over invoice because they will more than make up the costs with that 17% APR. Don't buy their BS! Go to another dealership, I wouldn't even haggle with these guys any more. Seriously, go somewhere else!