furthermore, i am a real estate investor so i dont have paychecks or w2's, but i have over $100,000 in the bank. between being a 1st time car buyer and not being able to show any income via paychecks, can i still get auto financing? would it help if i put down like 50%? i want to buy a $60,000 car and i can put down about $20-$30k, would this help? does anybody know the name or have a link to somewhere that i could apply to get financing? perhaps if i can show my assets that might make a difference. can anyone help me with this please? thank you so much
2007-08-05 10:27:52 · 4 answers · asked by curious girl19 1 in Cars & Transportation ➔ Buying & Selling
You should be able to get financing especially with that kind of a down. You should check with your financial institution for financing.
2007-08-05 10:36:14 · answer #1 · answered by Don W 1 · 0⤊ 0⤋
Some auto companies actually have incentive programs that give special consideration to first time buyers. Your large down payment should certainly help a lot. And you could, if willing, verify income with a copy of last year's tax return.
As you do have substantial assets, have you considered putting $30-$40k into a CD and then borrowing against the CD. Its really easy and really fast. And you would likely pay an interest rate that is only about 2% over the rate that the CD is paying you. You will have clear title to the car that you purchase with the funds, but the bank will hold your CD as collateral on the loan.
2007-08-05 10:43:23 · answer #2 · answered by Tom K 7 · 0⤊ 0⤋
Ask the bank that you have your money with to give you the loan. Usually if they can get 1/3 to 1/2 in the form of a secure cd then they will loan you the total amount. If you bank with a national bank, they might not do it, but think about joining a credit union or small home town bank where the decisions are made at the branch level. I've been through this myself and I found a bank that worked with me and my first loan was at 8% interest. If your a college grad, it's very easy to get a first time buyer financed. good luck
2007-08-09 10:20:18 · answer #3 · answered by mbl75051 2 · 0⤊ 0⤋
You shouldn't have any problems, assuming you have a good credit score of at least 680.
Some popular online lenders are eLoan.com, LendingTree.com, CapitalOne.com, and DriverLoans.com. It costs nothing to apply to these lenders and compare loan costs.
Good luck.
2007-08-05 10:53:41 · answer #4 · answered by Anonymous · 0⤊ 1⤋