I went to get a 2005 Nissan Altima and they had me to fill out a credit application. I gave them all the information that they asked me for. They said that the bank would not buy it for me. What do I have to do to get it. I have been paying all of my bills on time such as loans and car notes.
2007-01-16 14:00:51 · 5 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
most of the answers before mine are good. I work in a car dealership though, and I can tell you this: 1. paying on cell phones does not help. 2. Your debt to income level makes a big difference, if the payments were "too high" (by the bank's standards) in comparrison to what your wages per month are they wouldn't buy you. 3. Sometimes it's not you they won't buy...it's the car. Make sure to ask your salesperson (or his/her finance manager) if a change of car would help 4. To help your credit: make all your payments on time and keep your balances low...Consistency is the key!! 5. Also the problem could be a trade in...If you are trading a car in and you owe money on it, you may be "upside-down" which means you owe more than the car is worth (happens all the time)...if this is the case, the car you are buying would have to have enough value, above the selling price, to carry the extra money from your loan.
2007-01-16 16:04:48 · answer #1 · answered by scratchy_step_daddy 1 · 0⤊ 0⤋
For some people it's tough to establish credit. For starters keep down on how many credit cards you have. You may not owe on them, but there is the possibility that you could go out and max them all out. I try to pay my credit card bill in full each month when it comes in. I've been told that will help. I believe that paying your cell phone bill on time will help with your credit rating. It sounds like you should have good credit to be able to buy a used vehicle. Maybe your debt to income ratio is too high. It's easier to purchase a brand new vehicle than it is a used simply for the fact that a bank would be able to recover the funds of a new car if they had to repo it unlike a used car.
2007-01-16 22:15:47 · answer #2 · answered by Jeremy G 4 · 0⤊ 0⤋
I am not really sure on what exactly makes your credit good but I do believe it is affected also by how much debt you already have. Besides paying your bills on time you also cannot have too many credit cards, even if they don't have much on them. You should close out any accts that you don't need. Make sure that you aren't having your credit check often because that doesn't look good either. Also, it seems like you have credit card bills but if you don't have any actual bills that are giving your credit then that could be a problem. You have to start with something small first and build your way up - like a credit card for a small limit.
Good Luck! SD
2007-01-16 22:07:48 · answer #3 · answered by SD 6 · 0⤊ 0⤋
Lessen the number of loans you are trying to pay off.
See if you can get a look at your credit report
to see if it's in line with what you have. It may cost
a few dollars, but it's worth having. They have companies
that do this, but be careful and make sure the are legit.
Choice a company, then check them out with the
Better Business Bureau.
2007-01-16 22:21:56 · answer #4 · answered by elliebear 7 · 0⤊ 0⤋
Sounds as tho you have to many load outstanding.
2007-01-16 22:39:33 · answer #5 · answered by Anonymous · 0⤊ 0⤋