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New car with a 624 CS, is it possible?

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First of all, thank you for anyone who can help me with this. And I'm sorry if my question has been answered before.


I'm looking into buying a slightly used or brand new Dodge Caravan. (I have3 kids, possibly another on the way) I'm looking to pay no more than $21k for the car brand new. I have about $10k to put down, and I want to pay all the financing fees, etc upfront (NOT roll them into a loan).


That leaves about $11,000 to be financed. I don't exactly know how it works, but I want that $10k to be taken off the top of $21k, then pay the other associated fees.


Am I missing anything here? This is what the big picture looks like:


Credit: My score is 624, but should go up a bit by the time I'm ready to purchase. I have a Cap.One CC that got charged off, but I paid it in full. I believe that is due to fall off in a year or so. I currently have a Secured CC from my bank, that I have been paying off completely the past 5 months. Those are the only 2 lines I have, and a couple of inquries.


Income: My income is about $17k/year, possibly a little more since I go full time for 2 1/2 months over the summer. I've been employed for about 5 years at this same job.


Collateral: Hopefully a brand new, 2014 or 2013 Caravan. (since they are so dirt cheap)


Loan amount & down payment: Hopefully about $11,000. I have $10k to put down, and also a trade in worth atleast $5k, possibly more.


Transaction type & loan terms: Purchase. Hopefully a 5 or 7 year loan.


The only co-signer I would have is my fiance, but she has horrible credit. She killed hers with her current car, has atleast a year of late payments. Although she does have a lot of credit history; student loans, CCs, etc.


Maybe it would be better if I co-signed for her? My credit isn't wonderful either, though.


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As long as you haven't defaulted on a car loan in the past 5-6 yrs, you should be fine particularly with that much down.  You might not satisfy Chrysler's "well qualified buyer" criteria...but your "sucker score' doesn't really apply to your FICO New Car score.


If you're a member of a credit union (or can join one) you might see if you can get a loan there...they're rates are better.

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Personally, I don't think I would be approved for ANY loan, unless it was something tiny like $3,000.


$11,000 is more than half of my yearly income. Plus, I only have 2 tradelines in my CR-one bad and one good, the good being a secured credit card with a history of 5 months paying on time.


Unless the fact that it would be a brand new van trumps my yearly income, if the bank had to repo it they could get more than $11,000. Thus reducing there risk? Just a thought.

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My income could be $40k/year if I combined it with my fiances, however she has horrible credit...It was like 519 last time I checked, she has a year of late payments on her current auto loan. BUT-she does have a lengthy credit history, a few student loans, various credit cards, etc all pretty good...just the car killed her credit.


I was originally going to have the loan in her name, this whole 624 CS is totally new, my score was like 570 5 months ago. All I did was open a secured CC and make payments.


I wonder if I could fix her credit up a bit, maybe getting it to atleast 600 then I could co-sign for her, unless that would just hurt our chances?

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I have over 30 years in the car business so let me interject just a little bit if I may.  Scores over 600 are wonderful at the dealership level and with that much down--there is no doubt you can be financed. The question becomes what kind of deal are you going to get at the dealer.  Based on what you have written so far, I would say it sounds like there is a pretty good chance you would be taken advantage of by some slick dealership finance manager.  The advice your getting on here to go to a credit union first is stellar.  For the credit union, your salary is going to be a bit of an issue but that will depend on the percent the car payment will represent of your total disposable income.  Good luck with that!


Also make sure your getting a good deal on the vehicle you are interested in.  You can get so much help online as to what you should be paying for any given vehicle and what you should expect for your trade.  Be sure and use this---get started with Kelly Blue Book online--that will help you bunches.  


If there is any one single piece of advice I could give to car buyers (that they NEVER seem to want to listen to) it would be---Never buy a car, buy the payment!! 

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  • 4 weeks later...

Depending on your other financial obligations, you may qualify. Your score is decent -- not the best but it could definitely be far worse. Your income and other debts are going to be the main issues for a lender giving you a big enough loan for a new car. I would suggest several things to you. First, look at your credit score and report. Second, check out this article on getting a car with less than great credit: http://www.articlesbase.com/loans-articles/want-to-get-car-loan-with-bad-credit-follow-the-guide-6221132.html. And thirdly, look at joining a credit union, if you can, since they are often better with loans than banks.

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