I am a college student. I make about $900 - $1000 a month. I need to buy a new car. I have really good credit, but I can't find a loan because I don't make a minimum of $1500 a month. But the thing is, I dont pay for ANYTHING. I live with my parents, and they don't make me pay rent, I have a metroPCS cell phone, and since we combined it on the family plan to save $10 a month, my dad decided he would pay for that as well. I don't pay for car insurance.
The only things I pay for are gas and the occasional oil change! Other than that, my money goes to whatever I want!
The problem is.... NO ONE WANTS TO GIVE ME A LOAN BECAUSE I DON'T MAKE A MINIMUM OF $1500 A MONTH!
I have good credit ( somewhere around 700 or 720), and I pay my credit card bill on time every month and I usually pay at least 3 times the minimum payment!
I would have absolutely no problem paying $400-$500 a month for a car loan!
All I need is a reputable loan center to give me some MONEY!
2007-02-27 13:24:23 · 4 answers · asked by Melissa S 2 in Business & Finance ➔ Credit
I have an idea. Save $500 a month (your car payment) for 4 months and get you a $2000 get-around car. Then save 500 a month for 4 more months, take the 2K and your car and get a better car. Repeat until satisfied with the car. Feel free to pause anytime you're sick or hurt (something you can't do with a loan) .That car payment will dog you, I guarantee it, by tieing up your income. If I had your situation and its freedom, I'll be damned if I'd commit to a car payment.
2007-02-27 13:36:52 · answer #1 · answered by steve.c_50 6 · 0⤊ 0⤋
Dont listen to that last user, you want to preserve your credit right? If you keep on trading in and upgrading all they are going to do is run your credit EVERYTIME and then that nice lil pretty score you have going on will be just the NATIONAL AVERAGE lol..I find it interesting that they stated that you must earn at least 1500 dollars per month. I would have lied and stated that I have additional income. What dealer are you going to? Is this a bank or a dealer. Car dealers will do ANYTHING to give you a car. They will give you a high interest rate, but you will still get the car you want. And I KNOW you dont want any cheap shyt like a 2,000 dollar car. I was 19 and I had gotten 2 cars financed and I had just lost my job and my credit was not in the 700's yet. I just indicated that I was still working. You need to find a way to exaggerate your income. When I financed my cars, they did not need to see my W-2's, the application just asked me to fill out what my annual or monthly income was and I put that down and I was done. If they are asking to see your W-2's, I am going to assume this is a bank, and in that case, yes there really is NO WAY of getting around a bank, they want to see proof. But a car dealership, honey just stretch the information and you are GOOD TO GO.!!!
normobrian- im sure you are not the most honest marble in the bunch...
---Lies and money make the world go round lol..
2007-02-27 13:49:40 · answer #2 · answered by Anonymous · 0⤊ 1⤋
If you don't pay for anything, you should have a pile of cash in the bank. If you don't, then you'll have top stop everything you're doing to pay for the car.
Never buy a car on credit. Buy a car for $1000 and make payments to yourself for 10 months ($350/mo). A $1000 car won't lose any value in 10 months, so you can sell it for $1000, plus the $3500 you saved, and get a $4500 car. Make payments to yourself for another ten months. Now you've got a $7000 car. Keep doing that until you get the car you want.
In four years, you will own a $15,000 car with no payments. By financing a car, in four years you will have paid over $20,000 for a car that will be worth $5000. You'll have to start the cycle all over again. You will have car payments for the rest of your life.
Show your daddy that he hasn't wasted his money on college by turning out an idiot that can't delay pleasure for the sake of financial security.
EDIT: Oh, now there's some good advice from kai! What she's telling you is to commit a crime. It's called fraud. Lying to obtain credit is a felony.
2007-02-27 13:55:38 · answer #3 · answered by normobrian 6 · 0⤊ 0⤋
Put more of a down payment. I financed a car with no job at honda, but i had cash and trade. I gave them 5,000 dollars + my trade in which they gave me like 4,000 for. I financed the other 9,000 and they didnt need to see a job. Basically they want to feel safe that they are goign to get their money and if they dont, they want to make out if they have to repossess. If you really can pay 500 per month for a car loan, then you should have money saved right now. If you dont, then you cant afford a 500 per month loan.
2007-02-27 13:53:03 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Try the below company
2007-02-27 18:45:28 · answer #5 · answered by Anonymous · 0⤊ 1⤋
http://www.eloanwizard.com/
2007-02-27 14:26:47 · answer #6 · answered by Anonymous · 0⤊ 1⤋