What are my options?
05-19-2008 | 03:32 PM
#16
The dealer's goal is to sell you the car. They wouldn't tell you that you need a CoSigner unless you needed one.
With that in mind, 2.5 years of credit history isn't bad for being 21, but you could have also potentially had a lot more
The banks are watching their backs given the economy. When you do finally purchase a car, you're going to absolutely love it.
With that in mind, 2.5 years of credit history isn't bad for being 21, but you could have also potentially had a lot more
The banks are watching their backs given the economy. When you do finally purchase a car, you're going to absolutely love it.
05-19-2008 | 09:42 PM
#17
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From: Los Angeles, CA
The dealer's goal is to sell you the car. They wouldn't tell you that you need a CoSigner unless you needed one.
With that in mind, 2.5 years of credit history isn't bad for being 21, but you could have also potentially had a lot more
The banks are watching their backs given the economy. When you do finally purchase a car, you're going to absolutely love it.
With that in mind, 2.5 years of credit history isn't bad for being 21, but you could have also potentially had a lot more
The banks are watching their backs given the economy. When you do finally purchase a car, you're going to absolutely love it.
I understand what you're saying, but I refuse to believe the bank doesn't want to deal so that every one is happy. If the bank doesn't want to deal then the dealers need to do something because it's costing them (you) sales.
Also me being told to buy a cheaper car, isn't a valid solution. I'd probably be more willing to have a cosigner if I didn't feel like the dealer didn't give a ****. Excuse my language, but that's how it feels. When the Audi was purchased, it was a much better experience.
05-19-2008 | 11:53 PM
#18
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Joined: Jul 2007
Posts: 3,346
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From: Colorado Springs, CO
You have to keep this economy scare in mind. That is what is hurting you. We don't know the other factors of your credit such as open accounts and credit limits on those accounts and most important your yearly income. That stuff matters especially your income. If you made 80,000 a year then you probably wouldn't have a problem. 60,000 might get you it. Less than that without a long standing credit history is going to hurt you. I wouldn't blame the dealership. They usually will try everything to get you in a car. That is why they go through multiple banks also.
05-20-2008 | 12:28 AM
#19
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From: Los Angeles, CA
You have to keep this economy scare in mind. That is what is hurting you. We don't know the other factors of your credit such as open accounts and credit limits on those accounts and most important your yearly income. That stuff matters especially your income. If you made 80,000 a year then you probably wouldn't have a problem. 60,000 might get you it. Less than that without a long standing credit history is going to hurt you. I wouldn't blame the dealership. They usually will try everything to get you in a car. That is why they go through multiple banks also.
05-20-2008 | 12:38 AM
#20
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Joined: Jul 2007
Posts: 3,346
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From: Colorado Springs, CO
I know what you mean. I got turned down for a $1000 loan from my bank that I have done business with for 10 years. I think I was 23 to 25. My credit was not the best but it was not really bad. I got turned down for the loan. I had direct deposit that went to the bank and everything so they should have known I had the money to cover it plust I had $800 in my saving account but still NO. Now that hurt because I needed to buy an engine for my Geo Metro because I just killed the engine. It was fall/winter time in Colorado and I was driving my Honda CBR600RR to work and it was a highway 30min drive. To this day, I cannot drive a motorcyle unless it is sunny and 90 degrees outside. 
Stupid Bank.
Stupid Bank.
05-20-2008 | 12:57 AM
#21
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From: Los Angeles, CA
I know what you mean. I got turned down for a $1000 loan from my bank that I have done business with for 10 years. I think I was 23 to 25. My credit was not the best but it was not really bad. I got turned down for the loan. I had direct deposit that went to the bank and everything so they should have known I had the money to cover it plust I had $800 in my saving account but still NO. Now that hurt because I needed to buy an engine for my Geo Metro because I just killed the engine. It was fall/winter time in Colorado and I was driving my Honda CBR600RR to work and it was a highway 30min drive. To this day, I cannot drive a motorcyle unless it is sunny and 90 degrees outside. Stupid Bank.
Stupid Bank.
05-20-2008 | 09:52 AM
#22
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From: Portland, Maine
Instead, they did to me what they're doing to you now - squander a sale to save themselves instead of giving you a better purchasing experience making everyone happy.
Also me being told to buy a cheaper car, isn't a valid solution. I'd probably be more willing to have a cosigner if I didn't feel like the dealer didn't give a ****. Excuse my language, but that's how it feels. When the Audi was purchased, it was a much better experience.
by this anti-logic. It's almost like a catch-22 - you can't buy the car you want until you buy a car you don't want (under financing or leasing). So the only option they carve out is to buy it outright in cash.Great. Then there goes one HUGE market segment.
05-20-2008 | 09:55 AM
#23
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From: Portland, Maine
Also note that $1000 isn't much of a loan. Most banks will loan a minimum amount (i.e. $5000) so they can make more money on that loan.
06-04-2008 | 02:09 PM
#24
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From: Los Angeles, CA
Things will be worse off for everyone if they give you a loan and you default on it. No offense to you or anything, I have no idea if you can afford it or whatnot. Just that in the last few years, banks gave out way too many loans to people who evidently could not afford them, and look at the state of the economy now. It's true, because of the amount of people taking out loans that they can't afford, they're ruining it for everyone. Not much us "good" people can do except be smart with our money.
That said, I'm 21 and just graduated college. I start my job next week and am thinking of buying a G37 in the next few months. I got my first credit card immediately upon turning 18 and now have three credit cards, a car loan, and student loans under my belt. I purchase nearly everything on a credit card and pay them off in full every month, with no exceptions.
My dad knows the finance manager at our nearby Infiniti dealer and he said I should be able to be financed for the full cost of the car at 2.9% with no co-signer. He said a big reason for this was that I've had my current car loan for over a year.
That said, I'm 21 and just graduated college. I start my job next week and am thinking of buying a G37 in the next few months. I got my first credit card immediately upon turning 18 and now have three credit cards, a car loan, and student loans under my belt. I purchase nearly everything on a credit card and pay them off in full every month, with no exceptions.
My dad knows the finance manager at our nearby Infiniti dealer and he said I should be able to be financed for the full cost of the car at 2.9% with no co-signer. He said a big reason for this was that I've had my current car loan for over a year.
Oh well. I'm going to the Audi dealer today to see if I can finance an A3. There seems to be a few more options for me here. Also I probably could have leased the G37 if I had paid off a majority of the lease right then and there. I would have done this except if it gets totaled or stolen I lose all of that money that I paid in advance.
It's true, to an extent. However, it makes sense that I couldn't go out and buy an Aston Martin on my 18th birthday because I "really wanted it". The whole point of credit is that you have to prove that you are trustworthy and reliable before people will give you lots of money.
Anyway, just wanted to throw in my $.02.
Best of luck with the car.
Last edited by dummptyhummpty; 06-04-2008 at 02:13 PM.
06-04-2008 | 02:18 PM
#25
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From: Camarillo
Call and ask for Sam...he's the finance manager. Tell him you are a friend of mine and I referred you. I PM'd you my name and number. He should be able to pull some strings for you, but no promises.
06-04-2008 | 02:24 PM
#27
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From: Los Angeles, CA
Yes. I'm a member of my school's credit union. Last time I talked to them they told me they could get me a 15k loan and possibly 20k. That is more than enough to buy the A3. I didn't want to buy the G37 and only wanted to lease it, i'm sure that has made it tougher for me though.
06-04-2008 | 04:35 PM
#28
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Not even you can say for certain.
The days of easy money and easy credit are past. You have to accept the fact that banks don't have as much money to loan out and they have to make sure they loan it to people who have a high percentage chance of repaying it.
Quiting whining and play the game... if you have to wait to get the car you want, then wait. If you have to get a cosigner, than do it. Believe me, what you are experiencing is typical for most people in your situation.
06-05-2008 | 03:05 AM
#30
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From: Los Angeles, CA
Here's what you're missing... you don't have much credit history but financially are able to manage the car today. I'm sure the banks are aware of that, but what they are worried about is where you are going to be financially in the future.
Not even you can say for certain.
The days of easy money and easy credit are past. You have to accept the fact that banks don't have as much money to loan out and they have to make sure they loan it to people who have a high percentage chance of repaying it.
Quiting whining and play the game... if you have to wait to get the car you want, then wait. If you have to get a cosigner, than do it. Believe me, what you are experiencing is typical for most people in your situation.
Not even you can say for certain.
The days of easy money and easy credit are past. You have to accept the fact that banks don't have as much money to loan out and they have to make sure they loan it to people who have a high percentage chance of repaying it.
Quiting whining and play the game... if you have to wait to get the car you want, then wait. If you have to get a cosigner, than do it. Believe me, what you are experiencing is typical for most people in your situation.
So here's a funny story, my g/f's mom ended up leasing one for her (my g/f). She didn't get the sport, but hey if I want I can drive her's, so I guess it worked out. The Infiniti dealer also had a used, stick GTI and driving that compared to the G37 was such a difference, the clutch on the G is tough! Thanks for all your help, I'm going to probably go with a GTI, A3 or the new Mini. I'll probably be on here to help out my g/f. Thanks again!
Last edited by dummptyhummpty; 06-05-2008 at 03:47 AM.
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