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I was just pre-approved for a 2007 Infinti G35 and I have a 580 credit score. I went to the dealer and put a down payment of $500 to finance this car. I didnt want to put down anything untill i knew what my monthly payments are going to be. I told the dealer no more then 500-600 per month and he said that was dueable. I have no co-signer and have never financed in the past. The bank is still currently working on my loan, and apparently my car will be ready by the end of this week. Could I have possibily been scammed?

2007-05-09 14:22:22 · 10 answers · asked by Anonymous in Business & Finance Credit

10 answers

A bit dodgy to be honest. Your credit score isn't that great, so your rate will be on the high end. Just did some quick calculations based on a 35K loan for 60 months. The amount of $35K is above how much I figure you'd pay for this car which includes taxes, titles, and fees.

At 4%, monthly is $645.
At 5%, monthly is $660.
At 6%, monthly is $677.
At 7%, monthly is $693.

If the length of the term is extended to 72 months, which isn't uncommon these days, here is how your monthly changes.

At 4%, monthly is $548.
At 5%, monthly is $564.
At 6%, monthly is $580.
At 7%, monthly is $597.

The lower end of the sample rates above are usually for promotions, and is usually reserved for those with above average credit. In theory, it's possible that you got a good deal. But to be realistic, with your credit score, I doubt that they'll get you a monthly payment in the 500-600 range.

2007-05-09 14:44:05 · answer #1 · answered by Drew 3 · 1 1

good luck
but i can tell you right now you are better off going to a credit union
you get a better rate
at 500 down you will not get the car with a 580 credit score
it's just too low
and the dealer is just buying time so you will not shop
you should not even take the car off the lot unles you have approved financing, not just a promise.. ( as thy always have an escape clause for the dealer in the event he cannot get you your payment )
persoanlly i'ld back out of the deal
and get my 500 back
save up at least 4k
and then try again
after all if you cannot afford a 4k down with low credit
then you defintely cannot swing 500 to 600 monthly payments
and they know this

just bought me a new truck
26k
put down 13k
financed the other 13k via credit union
since the dealer could not get me anything lower ratewise

you must be prepared ot walk away fro mthe deal as i did twice for my truck
coming in pre approved put the power of payments and negotiations in your hand not the dealers

keep in mind the dealers get a commision on loan orgination from whomever thy end up setting you up with
so if you think your getting a deal.. your not.. trust me they are making good money on your when you let them do the financing

2007-05-09 17:55:28 · answer #2 · answered by Anonymous · 0 0

Finance guys at car dealerships routinely tell people they are approved even when they are not. By telling you that you are approved they accomplish a couple of things. First, you stop looking for a car (at other dealers) and second, he buys time to send your app to every two-bit finance company in the country, hoping to get some sort of conditional approval. With a score of 580 I suspect that you will be required to put down more than $500 on a G35. I doubt that will pay the sales tax in most states. I expect that you will get a call from the dealer tomorrow telling you that you need to come up with some more money. Good Luck!

2007-05-09 14:37:21 · answer #3 · answered by GUS 4 · 3 0

With a 580 you might get approved, but with a high rate. The 500 should be refunded if you back out of the deal for ANY reason. It is a good faith deposit.
I would guess they will ask for more money down, and a co-signer.
Do you live with your parents? Since you have never had a car loan, have bad credit, but think you can afford a $600 payment + insurace (will be HIGH since you have bad credit). Just curious.

2007-05-09 16:52:45 · answer #4 · answered by Gatsby216 7 · 0 0

I was in the biz for 6 years and did finance for 3 of them. Because it a 7 year old car, the banks will want to shorten the term and raise the rate. Many reasons for this but just the way it is. Your rate should be more like 9 though. Go to a credit union or your own bank. They are trying to make money on rate from you, the new car should have been about 2 points lower too. And your credit score is more than decent, anything of 720 or higher always qualifies for the best interest rate available at all banks.

2016-05-19 03:35:22 · answer #5 · answered by ? 3 · 0 0

Hello, Yes as GUS said they will send your credit app everywhere! Don't be suprised if thehy want ore money.

I just bought a 42,000 pickup and have almost a 800 score. I had to put down 3000.00 and will have to buy plates in about 15 days. GOOD LUCK.

I ave seen credit scores drop as much as 2 points per hard inquiry. I would guess they will send your app to at least 30 or more lenders.

I do know however wels fargo's special finace will loan an 580 but not with out some payment history.

2007-05-09 15:38:58 · answer #6 · answered by Anonymous · 0 0

predatory lending. when you sit down to sign the papers, the payment will have gone up considerably. you want the car, you sign anyway. a few months later when you can't make the payments, they repo it and sell it at auction and sue you for the remaining balance.

you don't have any other bills? how is that possible? no cable, phone, lights, water, no bills? how bout groceries? car insurance? i'm thinking you just really, really want to drive a higher end car. bmw...infiniti. if you have never financed anything in the past, why is the score so low? and it has dropped 10 points in less than a week. maybe you should start with a cheaper car.

2007-05-09 14:30:44 · answer #7 · answered by Made You Look 3 · 0 0

Infiniti Financial Services Canada

2016-12-16 12:29:33 · answer #8 · answered by Anonymous · 0 0

why do you need an Infiniti G35? why do you want to finance such an expensive car?

Never finance such an expensive car with a loan. The obsolescence of a car is so dramatic.

Buy a smaller car.

2007-05-09 21:21:32 · answer #9 · answered by Vampir V 3 · 0 1

Once again,

Caviar dreams . . . tuna fish credit.

2007-05-09 15:01:04 · answer #10 · answered by DaMan 5 · 2 0

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