ok, i have bad credit, a repo thats 2 years old, and starting a new good paying job soon. I know i'll probably have to have at least 3g's for down pymt and interest rate may be about 21%, which is very high(but it's the price u pay for having bad credit, i guess). However, my question is, generally speaking, whats the basic criteria that banks/finance company require? specifically, how long do i have to be on my job...is it 3 months or 6 months? the vehicle i want averages 26g's(thousand dollars)used.
2006-09-30 07:42:03 · 3 answers · asked by wonderfully made 1 in Cars & Transportation ➔ Buying & Selling
Most banks like to see at least 6 months in your current position as a minumum. However, the length of time in the same career field is often more important along with a stable work history.
With the numbers you gave, your payments would run over $620 per month on that car. If your credit was top-shelf you'd be looking at 7% or so and payments of around $455.00
If I were your financial advisor, I'd suggest that you find something basic for the $3,000.00 cash you have on hand and bank $620 a month for a couple of years. This will let you know if you can actually afford that kind of payment as well as give you time to significantly improve your credit score.
At the end of 2 years, you'll have over $15,000 in the bank. With that and a better credit score you'll be well positioned to negotiate a much better interest rate. Say that a similar car cost $28,000 in 2 years and you put $15k down, and got a 12% rate your payments would only be about $289 a month and financially you'd be on Easy Street.
2006-09-30 09:04:24 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 1⤋
Well it depends on the bank.I have banks that will approve you with 2 weeks on the job. It would be best to have a couple months but with 3,000 down you should be able to get a car after a month or two. The bank will ask for two of your most recent pay stubs dating in the last 30 days, a phone bill dated also, a bill with same dating on it 6 references name number and address. This should be the maximum of what they ask you for. Good luck hope you get a nice car.
2006-10-02 14:15:55 · answer #2 · answered by cargrl 3 · 0⤊ 1⤋
I seriously doubt that ANY bank will finance you. You are too high a risk. $3,000 is not a large enough down payment. You need at least $10,000 AND you'll need to be working that job for at least six months if not a year. $26,000 is way too much car for you to be financing. You should use the $3,000 to buy a car off of Ebay. Be honest with yourself...you can't afford a car payment.
2006-09-30 16:42:13 · answer #3 · answered by ? 2 · 1⤊ 1⤋