I am a college student and my car is broken down and I want to finance a Ford Focus or Honda civic, I have great credit but I dont really know where to start?
2007-02-21 05:53:17 · 11 answers · asked by ryansdeparted 1 in Business & Finance ➔ Credit
Where are you trying to obtain credit from. Did you go through the finance dept. at the dealerships? You can also try Capital One, not only are they are credit card company but they offer auto loans. If your credit is great your shouldn't be having a problem. Perhaps you do not have enough credit or are overextended on your credit cards. Ask the Lenders why they are decling your application. I've had less than perfect credit and had no problem getting a car loan through Ford Financing.
2007-02-21 05:59:13 · answer #1 · answered by babeebluez73 3 · 0⤊ 1⤋
First, don't miss out on the $500 college rebate!! If you're a Freshman through Senior (or graduated in the last year) For gives you a $500 rebate on new car. :-) Yay for that.
Second, theres currently up to $2500 cash back on a 2007 ford Focus. (check out www.ford.com )
You can use the $3000 worth of rebates as a "down payment" to help you get your financing. If you really do have great credit it shouldn't be too hard-- but if you dont have any verifiable income ( no job) well that's your real problem-- you would need a co-signer in that case.
2007-02-21 05:59:01 · answer #2 · answered by Anonymous · 0⤊ 1⤋
Hmmm, sounds like your income may not be high enough to qualify. There is a part of the loan "formula" that is Debt to Income Ratio. Based upon your current income level and your current debt ratio you may not be able to afford the loan that you want.
My two suggestions are:
-Get a co-signer for your loan. Preferable a family member who has a steady income. That way, the bank will know the loan will be paid off. That will probably get you approved for the loan.
-Get a car that doesn't cost as much. If you have good credit you can get approved but maybe not for the price that you are wanting. Just shoot a bit lower. That will increase your chances for success.
Also, try the website below. You can shop and compare rates for carloans.
I hope this helps. Good luck!
2007-02-21 05:56:59 · answer #3 · answered by Drew P 4 · 0⤊ 1⤋
I was having a really hard time getting a car loan and I did a ton of research and found a place that gives car loans to people with sub par credit ( I had a 580 fico ). The interest rates are a little higher but very fair I think. I got a 20k loan for a brand new car and got 9.5% APR. I highly suggest it if you are in the same situation. Here is the site.
http://badcreditautoloans.freesitehoster.com/carloan.html.txt
2007-02-23 10:44:25 · answer #4 · answered by Kelly W 1 · 0⤊ 0⤋
What do you do?
Well, you can walk or ride a bike.
If you're not getting approved it's probably because you don't have enough income to make car payments. Are you sure you really have great credit? What's your credit score? I've seen a couple people on here say they had great credit and a credit score of 560. 740 is great credit. Anything below 700 is iffy. Below 650, not so good. Below 600 is downright bad.
2007-02-21 06:02:24 · answer #5 · answered by Faye H 6 · 0⤊ 1⤋
Have you started to shop around at various dealers? They will be able to find out if you can qualify for a car loan through various companies. It sounds like you have good credit, so as long as you have some money to put down and a reliable salary, you should be fine. This site also has helpful information on auto loans and you could see if you would qualify for one here too. Good luck! http://loan.divinfo.com/
2007-02-21 05:57:39 · answer #6 · answered by Reenie 3 · 0⤊ 1⤋
What's your Source (Optional)
2014-09-09 05:27:31 · answer #7 · answered by Anonymous · 0⤊ 0⤋
What were the reasons for denying you the loan? Find a beater car till you are out of school and have a full time job.
Have you gotten an estimate on your car if you were to fix it? If only a couple $100, fix it, it is cheaper than buying a new car.
2007-02-21 05:57:33 · answer #8 · answered by Jo 6 · 0⤊ 2⤋
Try the below company
2007-02-21 20:03:18 · answer #9 · answered by Anonymous · 0⤊ 0⤋
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2007-02-21 07:51:09 · answer #10 · answered by MissVero 2 · 0⤊ 0⤋