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Trouble Financing For A First Time New Car Buyer
Posted on 3/9/12 at 4:44 pm
Posted on 3/9/12 at 4:44 pm
Don't come here much, but I need an opinion. I've had my car since I was 16. It's an 01 and paid off and hass $200,000 miles on it, so I figure it's time for an upgrade. I went looking at new trucks and found one I wanted. With my trade in and down payment, after tax title and license was added the final price came out to $35,000.
Thought it was a done deal last night, but today the finance manager is saying GMAC and whichever bank he worked with both refuse to finance me because I'm a first time car buyer. I have decent credit, and my credit card is paid off. My income is plenty enough to afford this car. I wouldn't consider buying it if I couldn't afford it without any worry. Any ideas of what I can do to or am I pretty much screwed on this one?
Thought it was a done deal last night, but today the finance manager is saying GMAC and whichever bank he worked with both refuse to finance me because I'm a first time car buyer. I have decent credit, and my credit card is paid off. My income is plenty enough to afford this car. I wouldn't consider buying it if I couldn't afford it without any worry. Any ideas of what I can do to or am I pretty much screwed on this one?
3
Posted on 3/9/12 at 4:48 pm to Vinny V
Are you a member of a credit union such as CFCU? I know someone here in CA who was in the same boat (LSU alum), and called CFCU and got a decent loan.
Posted on 3/9/12 at 4:50 pm to siliconvalleytiger
No, I'll look into that though thanks.
This post was edited on 3/9/12 at 4:57 pm
Posted on 3/9/12 at 7:28 pm to Vinny V
Something isn't adding up. You say you make plenty of money, have a good credit score, and have no debt. There's something else you are leaving out.
Posted on 3/10/12 at 9:21 am to guttata
Check Penfed out. They are great and you'll probably end up getting better rates through them anyways.
Posted on 3/10/12 at 9:42 am to Vinny V
$35k is probably the problem.
Posted on 3/10/12 at 10:36 am to bpfergu
penfed has great rates but they require pretty good credit background
Posted on 3/10/12 at 4:58 pm to Vinny V
quote:
GMAC and whichever bank he worked with
What about going through your bank?
Posted on 3/10/12 at 8:35 pm to siliconvalleytiger
I had a limited credit history and cfcu would not give me a loan without a cosigner even though I made a decent amount of money. Ended up getting approved through capitalone.com for my car loan. The rate wasn't great, but no penalty for paying it off early.
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