Financing a RX-8
#26
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It all depends on your verifiable income.
If you can prove that you have more than enough income to make the payments, they most likely will give you the credit. You would be suprised how much banks will give someone with "no credit", everyone has to start somewhere, banks have to trust that you will pay it back. But screw it up, and they wont forget... And they all talk to each other.
If you can prove that you have more than enough income to make the payments, they most likely will give you the credit. You would be suprised how much banks will give someone with "no credit", everyone has to start somewhere, banks have to trust that you will pay it back. But screw it up, and they wont forget... And they all talk to each other.
#27
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Banks go by now in this economy the finished purchase price for what ever car has to be 1/4 of your yearly income. Basicly say you make 60k a year with no credit you would be limited to a 15k vehicle unless the bank feels that they can trust you and give you up to a 25k loan but nothing more.
A friend of mine just went through this, since you turned 18 and you have no credit period. You would need to have about 65% of the price of the car in cash and finance the rest. Also you will have to prove a steady job, some place you have been to for over 6 months in order to get approved.
My friend was doing the cash for clunkers on a brand new Mazda3, he has no credit history period and hes 20 years old. He received 5k from the cash for clunkers + dealer incentive and also a 3k extra down payment. He was able to work the deal from 16,799 to 14,500 on the car before even walking into the dealership. It came down to bank approval, and he was only asking for a 6900 loan on a brand new car that is worth 16k and they still denied him. Reason he got laid off from his previous job and was on unemployment, but he was able toget another job 2 weeks earlier before attempting to get a car.
Then main point here for you is you need to have a steady job over 6 months. Anything longer is great but banks look for a minimum of 6 months and income rate.
A friend of mine just went through this, since you turned 18 and you have no credit period. You would need to have about 65% of the price of the car in cash and finance the rest. Also you will have to prove a steady job, some place you have been to for over 6 months in order to get approved.
My friend was doing the cash for clunkers on a brand new Mazda3, he has no credit history period and hes 20 years old. He received 5k from the cash for clunkers + dealer incentive and also a 3k extra down payment. He was able to work the deal from 16,799 to 14,500 on the car before even walking into the dealership. It came down to bank approval, and he was only asking for a 6900 loan on a brand new car that is worth 16k and they still denied him. Reason he got laid off from his previous job and was on unemployment, but he was able toget another job 2 weeks earlier before attempting to get a car.
Then main point here for you is you need to have a steady job over 6 months. Anything longer is great but banks look for a minimum of 6 months and income rate.
#28
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Allow me to clarify:
"I don't want to show the IRS any money because both my father and I are screwing all of you out of your hard-earned taxed income by claiming "unemployment" while probably making a **** ton of under the table money. I'm living the life of Tony Montana."
The IRS won't mess with you if you don't give them a reason to. Apparently, that's what you're doing.
Folks, this is why Socialism doesn't work.
#29
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Banks go by now in this economy the finished purchase price for what ever car has to be 1/4 of your yearly income. Basicly say you make 60k a year with no credit you would be limited to a 15k vehicle unless the bank feels that they can trust you and give you up to a 25k loan but nothing more.
Then main point here for you is you need to have a steady job over 6 months. Anything longer is great but banks look for a minimum of 6 months and income rate.
Then main point here for you is you need to have a steady job over 6 months. Anything longer is great but banks look for a minimum of 6 months and income rate.
To add to this, a lot of banks will not give you a loan for <5k. So if you don't make at least 20k **Reportable** then you probably won't get financing.
#31
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Deffianetly true. Banks don't waste money on less that 6500 loans. They receive very little interest back and its not worth it to them. But main thing we are telling you is that you need a documented job with documented income. If you do not have that then don't expect to get finiancing from a reputable bank.
You can buy the car in straight cash. If you go to a somewhat shady dealer they will take your cash and not report it or run a credit report like their suppose to under law. If you walk in and say I want this car and here's the cash they will most likely just sell the car right there. Money talks and bull **** walks.
#32
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I was 19 when i bought mine and i bought a used 2004 Grand touring 6spd for a good price and it had low miles. If you buy one new you will lose a lot of money.
#33
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Allow me to clarify:
"I don't want to show the IRS any money because both my father and I are screwing all of you out of your hard-earned taxed income by claiming "unemployment" while probably making a **** ton of under the table money. I'm living the life of Tony Montana."
The IRS won't mess with you if you don't give them a reason to. Apparently, that's what you're doing.
Folks, this is why Socialism doesn't work.
"I don't want to show the IRS any money because both my father and I are screwing all of you out of your hard-earned taxed income by claiming "unemployment" while probably making a **** ton of under the table money. I'm living the life of Tony Montana."
The IRS won't mess with you if you don't give them a reason to. Apparently, that's what you're doing.
Folks, this is why Socialism doesn't work.
#35
If it makes any difference, I just financed my first car. 04' RX8, 55k miles for 14k fully loaded. Nav, two tone leather, BB, sunroof. I had my dad cosign with me, and I got a ridiculously low interest rate (like 6%), a 66 month term at 267$ a month. I was looking for about 250 but this was close enough for me. My credit at the time was pretty bad (sub 600) Due to an outdated delinquent account. I'm pretty sure it's just under 700 now.
I'm 20, btw.
Edit 2: No money down
Edit 3: I could afford that, though. I work for a software company, whereas a few months ago, I was a waiter at TGI Fridays.
Edit 4: But, my cosigner had really good credit.
I'm 20, btw.
Edit 2: No money down
Edit 3: I could afford that, though. I work for a software company, whereas a few months ago, I was a waiter at TGI Fridays.
Edit 4: But, my cosigner had really good credit.
Last edited by Frosty288; 09-04-2009 at 09:33 PM.
#36
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If it makes any difference, I just financed my first car. 04' RX8, 55k miles for 14k fully loaded. Nav, two tone leather, BB, sunroof. I had my dad cosign with me, and I got a ridiculously low interest rate (like 6%), a 66 month term at 267$ a month. I was looking for about 250 but this was close enough for me. My credit at the time was pretty bad (sub 600) Due to an outdated delinquent account. I'm pretty sure it's just under 700 now.
I'm 20, btw.
Edit 2: No money down
Edit 3: I could afford that, though. I work for a software company, whereas a few months ago, I was a waiter at TGI Fridays.
Edit 4: But, my cosigner had really good credit.
I'm 20, btw.
Edit 2: No money down
Edit 3: I could afford that, though. I work for a software company, whereas a few months ago, I was a waiter at TGI Fridays.
Edit 4: But, my cosigner had really good credit.
#37
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Allow me to clarify:
"I don't want to show the IRS any money because both my father and I are screwing all of you out of your hard-earned taxed income by claiming "unemployment" while probably making a **** ton of under the table money. I'm living the life of Tony Montana."
The IRS won't mess with you if you don't give them a reason to. Apparently, that's what you're doing.
Folks, this is why Socialism doesn't work.
"I don't want to show the IRS any money because both my father and I are screwing all of you out of your hard-earned taxed income by claiming "unemployment" while probably making a **** ton of under the table money. I'm living the life of Tony Montana."
The IRS won't mess with you if you don't give them a reason to. Apparently, that's what you're doing.
Folks, this is why Socialism doesn't work.
#38
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My worries about the IRS are not about getting fined or imprisoned. I just don't want them all up in my face questioning me about my money cause thats a hassle if you didn't get it from the last 10 times I said it.
#40
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^
Never did I say that either of us filed for unemployment.
Edit:
Ehh... Just forget it. There is no need for me to clarify myself cause I got the answer to my question.
Last edited by DeadOriginal; 09-05-2009 at 06:20 PM.
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