tabloach Posted October 15, 2004 Report Share Posted October 15, 2004 (edited) nm Edited October 28, 2009 by tabloach delete Link to comment Share on other sites More sharing options...
parko03 Posted October 22, 2004 Report Share Posted October 22, 2004 I think I would go for the 1/2 down and finance rest to build up some good credit. But thats just me. Link to comment Share on other sites More sharing options...
meebones Posted October 22, 2004 Report Share Posted October 22, 2004 YOu may want to see if you can't get it in your name (if your credit is better then husbands). I am a stay at home mom for the last three years and when my husbands credit was bad and he could get a credit card to save his live we took out two in my name and he was an AU on them. Once again I had no income at the time.Just a month ago because we are getting ready to get into a 30 year fixed home loan and we don't want any new credit on his report to show up and they are not going to look at mine since I don't work - we bought a new bed and but it on credit and we put it under my name only - no problem they were cool with selling me the bed on credit with no job and just amention of spouses income. Link to comment Share on other sites More sharing options...
retmar Posted October 22, 2004 Report Share Posted October 22, 2004 meebones is correct as my DW was able to do the same.As to the refi on your home. Have you checked with Countrywide? If not, call them and give them your current score and a reasonable explanation of your plan. Be sure and inlcude yours. You never know, they may offer a lesser rate. At the least, you can get a feel of what is going on. IMO, if you decide to take the 8.7 offer and intend on doing this again next year, I would go for it as it would be adding to your score and give you time to overcome some or all of the negatives that now hurt you. Then, when you do rewrite, you are most assured a lower rate. As to buying the car, do not go in and say up front you will pay half down. Search for a dealer who has many lenders, not just a couple. Let them know up front your scores are low and give a fair explanation of your intent to clear these matters up, such as, we just refinanced our home and desperately need a new car. We only have $5000.00 to put down as we intend to clear up the negative items on in our files with the rest, plus allow a certain amount to be placed in savings. In short sell yourself as to how you are now able to satisfy all obligations and want a clean slate. More than likely they will try and get more, but, do the best you can and hold at that price. As a last offer, increase the amount by $2000.00 and make it your last. If they balk, stand up and start to leave. More times than not, they will stop you. By doing this at the end of the month should help you get a better deal. Also, plan on receiving at least a 13.75% interest rate. Link to comment Share on other sites More sharing options...
meebones Posted October 22, 2004 Report Share Posted October 22, 2004 instead of buying a new car, why don't you take the money you were going to put down on the car and buy a used car outright. then for the next year start cleaning your credit reports up and pay everything on time and in a years time your scores will be higher. Link to comment Share on other sites More sharing options...
retmar Posted October 23, 2004 Report Share Posted October 23, 2004 I will agree with your purchasing a Used Vehicle only if it is from a legitimate dealer, the Vehicle is a later model, and the remnants of an Extended or like Warranty is available for the Vehicle. Otherwise, you could be purchasing a Vehicle with problems, which could dig into your reserve and slow the process of repairing your credit. Link to comment Share on other sites More sharing options...
meebones Posted October 23, 2004 Report Share Posted October 23, 2004 When I needed a new car I bought a used vehicle from Toyota and I am still driving it and it is paid off - no car payment - that has allowed me to put money away and add to our savings account. Link to comment Share on other sites More sharing options...
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