QuestionQUESTION: Im hoping to buy my first car in a couple of months. i would really like to get a good certified used car. im 23 and im going to be getting the car on my own. the last time i checked my credit i think it was about a 634. i know that's really bad. i will probably have about 4000 as a down payment. what kinds of cars do you think i might be able to get financed for? could i even get financed?
ANSWER: Yes, you may be able to get financing. Where do you live??? I recommend you go to Carmax, they have good quality used cars and a large selection. You should look for a car about 12-15,000. Join a credit union as later on you can refinance. Carmax has about 7 or 8 differnt lenders
steve
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QUESTION: Thank you for your reply Steve. I live in Orlando, FL. The thing is I've tried to get financed for a car a few years ago, and my mom was going to be co-signing with me but she had bad credit and mine wasn't that great either and we only had about 2500 for the down payment. So they turned us down. I'm hoping this time will be different since I'm doing it on my own. I've been on my job for 3 years and I'll have a bigger down payment. The negatives about my credit is I have about 4 credit cards and they are all close to thier limit, but I always make my payments on time and I never go over my limit. I'm also in school right now so I do have a student loan as well. If I put about 4000 down on a car that costs lets say about 11,000 or 12,000, how high do you think my payments might be? and what kind of interest rates do you think I will be looking at with my credit score being around a 634?
ANSWER: Dee,
Do you work at all??? How much do you make per week, and can you prove income with pay stubs???? Let me know so i can try to give you a good answer.
Steve
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QUESTION: Yes I work. I'm full-time 30. I have been at my job for 3 years now. I get paid bi-weekly. So before taxes I make about 580 every two weeks. I also do have paystubs to prove my income. I've been working more hours now so my checks have been a little bigger. I know I don't make that much per month, but I'm hoping that someone will give me a chance since I will have a good down payment. That's why I'm trying to find a good certified used car for less than 11,000. I checked out some Chevy Aveo. Are those pretty good cars for a first time buyer? So with the info I gave you what do you think payments and interest rates might be?
AnswerDee,
Unless there is anything adverse on your credit, i believe you can get approved. You have a excellent downpayment, i think you can find a nice chevy cobalt 2 or 4 door for $10-12,000. If no real issues you may get an interest rate of 10-14%, i would take it, pay on time for 1 year then re-finance. If you are paying your student loans on time it may help you. You say your credit cards are near the limit, but if you pay that every month you have a very good shot. I recommend you go to Carmax, pick out a right priced car and let them run your credit. Process will take 20 minutes, with no B.S. I work for Carmax in Fort Lauderdale, been there 9 years and see all types of situations. Cannot guarentee an approval, but you are looking to put around 30% down, great downpayment. Please elt me know if any other questions, and good luck!!!!!!
Steve
