strive4credit Posted April 4, 2011 Report Share Posted April 4, 2011 So what....I dig them plus my wife is pregnant and we have a 2 1/2 year old. I am looking to spend about 15k - 20k max. I have the cash and my credit is cool 750 754 670. I recently got denied at the local CU because my income is not that strong. Social Security and some rental income. I tried to pull up the edmunds article in the sticky sections but no dice!Help me! Link to comment Share on other sites More sharing options...
willingtocope Posted April 4, 2011 Report Share Posted April 4, 2011 Go to your local Chrysler dealer...ask about their "program" cars...they're bought back from the car rental agencies...price is right...low mileage...and they'll usually help find financing. Link to comment Share on other sites More sharing options...
strive4credit Posted April 5, 2011 Author Report Share Posted April 5, 2011 I got my eye on the honda odyssey 2004 and up. Could step in there with cash but thats not advisable. I could use a car loan as a trade line on my report. But to get financing from the dealer is crazy. Link to comment Share on other sites More sharing options...
Amerikaner83 Posted April 5, 2011 Report Share Posted April 5, 2011 not always.you already got turned down from a CU.....how about trying it out? Just don't tell them how much cash you're paying. Use that to get like sub 3 percent on interest and then when it's inked, pay what you've got cash as your first month's payment can you get that 670 up? That's not in line with your other scores and ANYONE will try and use that score to get you to pay more interest. Link to comment Share on other sites More sharing options...
strive4credit Posted April 5, 2011 Author Report Share Posted April 5, 2011 Well AK83 here's the scoop. That 670 is from Experian who has a judgment on my report thats not supposed to be reported. Oh Yeah I am suing them with a settlement in the very near future. But don't car dealers use the mid score like everybody else? If not can't I show them the case file. Good idea though. Get their financing and whatever breaks I get the salesperson to give me for using their financing. Then pay it off totally in a few months. Link to comment Share on other sites More sharing options...
strive4credit Posted May 22, 2011 Author Report Share Posted May 22, 2011 Now my scores are up because I guess that judgment is gone. 759 755 719. So now what? I still need that van. Link to comment Share on other sites More sharing options...
Amerikaner83 Posted May 22, 2011 Report Share Posted May 22, 2011 above advice still applies see what the dealer can get you...see what a local CU can get you....and use your cash as leverage. Don't be telling them you can pay more than like 5k in down...make them think youre financing it all...and don't trade anything in to the dealer. If you've got another car to sell, sell it private. You'll likely get more $$$ Link to comment Share on other sites More sharing options...
strive4credit Posted May 24, 2011 Author Report Share Posted May 24, 2011 I made the deal! I was previously denied by the CU, no problem, I got a 3.9% interest rate. I put nothing down.Yeah we went through the haggling and dancing. Sticker price 19,995. Talked them down to 18,500. After taxes and tags and a few hidden charges, 19,800. If I decided to make payments for the next 5 years I would wind up paying 21,800 something like that. Not a big deal but I am going to stick with the plan. Make a payment or two, then boom, payoff!!!The manager thought I was an idiot. "Well if you have that kind of cash, just invest it and use it to pay the monthly payment".........."If you're getting a 7% return on your money and your interest is 3.9%, your gaining 3%". WHAT!!!? Yeah O.K. 1 Link to comment Share on other sites More sharing options...
Denita Posted May 29, 2011 Report Share Posted May 29, 2011 Congrats on your new mini-van! I think its a great idea to pay it off early. Since you have already incurred the inquiries to get the TL, make sure it actually posts to your CR before you pay it off. I too am still repairing my credit after a BK in late '08. (Long story..lol) I spoke to a CU loan officer that said it looks better to have the TL at least 18 months before payoff. Does anyone know if that is true? The other thing he said is if you pay the entire balance at the same time it looks like a refi rather than a payoff with your own funds. He suggested making larger payments regularly rather than paying a lump sum. Does anyone know if that is accurate? I had never thought of it that way and had paid off two vehicles in the last couple of years just by paying a lump sum early. Is anyone here a loan officer that would know the impact on your credit score of either method? Link to comment Share on other sites More sharing options...
1stStep Posted May 31, 2011 Report Share Posted May 31, 2011 My banker told me 6 months and up makes the CR look good. Link to comment Share on other sites More sharing options...
EG44 Posted June 1, 2011 Report Share Posted June 1, 2011 Go to your local Chrysler dealer...ask about their "program" cars...they're bought back from the car rental agencies...price is right...low mileage...and they'll usually help find financing.Keep in mind though, the millage on these cars was rolled back at least 3 times So, 50k car in reality has about 150... Be careful. Link to comment Share on other sites More sharing options...
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