So let me get this straight, your mad at Nissan because they wouldn't let someone with no credit history borrow almost $40k? No credit is FAR from good credit, and
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06-26-2009, 03:09 AM | #31 (permalink) |
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So let me get this straight, your mad at Nissan because they wouldn't let someone with no credit history borrow almost $40k? No credit is FAR from good credit, and student loans don't help much.
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06-26-2009, 05:10 AM | #32 (permalink) |
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I have a very similar story, but with a happy ending.
The 370z is my 7th car, but all my previous cars were bought cash only so I never put up a loan. Also since I'm very young I didn't think I'd get a good rate at all First I went to Infiniti of Oakland to get a G37, I was planning on putting 15,000 down and the rest on a loan over 6 years. They approved me but gave me 18.9% APR. So I said screw that I'm not going to buy this. After a few weeks I fell in love with the 370z so I was interested in buying that. I finally found the one I want and offered to buy this at VPP pricing and place 15K down. After a good week of talking to this salesman who "Guaranteed" that I would get the car for 9% APR, he calls me and says "Sorry we can't approve your loan unless you put 19K down" This is ridiculous, if I put over 30% down on a car I should get approved no matter what. So the numbers came down to 19K down and 14.99 APR. I wouldn't take it. My credit score is 730 I make more than enough a month I should get approved for something better. I decide, talking on the phone isn't going to get anything done, so I drove there (1hr 30 min trip) to talk to them in person. The guy still gave me the same quote 19K down at 14.99% APR. There was no way I would do that, I have the money but I feel like I'm getting suckered in so many ways if I accept this. So the dealer asked to see my pay stub, so I called my work and had them fax over a copy to the dealer. About 5 minutes later they came back saying I was approved for 15K down and 6.59 APR (WAY better than what I was expecting for a 22year old first time buyer) So I'm now at home with my Z Parked in front of my house. good luck to all of ya Last edited by Sashimi; 06-26-2009 at 05:12 AM. |
06-26-2009, 05:20 AM | #33 (permalink) | |
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How can he have a credit history if everyone he meets for a loan give him the same answer? the snake eating his tail In the other hand, relax dude. It's just a car, if u really want it, you'll have it eventually |
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06-26-2009, 06:29 AM | #34 (permalink) |
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I was approved for a 25K car loan when I was 19...having a credit card that I paid reliably since I was 18 was a very wise plan on my part . 6 years later now, when Nissan came back with my loan application (you have to file with them also if your loan isnt already approved through PenFed), they just laughed and said, "Yeah, you're good" lol.
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06-26-2009, 07:47 AM | #35 (permalink) |
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I put a credit line loan into effect when I bought my fiancee the Scion even though I had cash in hand with the full amount needed for the Scion.. I told my bank to take out a monthly loan payment for the amount of $5000, and all it does is pull money out of my account every month and build up my credit.. Its a great way to build credit. If you have more than five grand in a checking or savings a account they will approve you for a credit limit loan no prob. But you can usually get a credit limit loan for any amount that they can hold on to. As a guaranteed loan.. Its a great way to build up credit.
Last edited by BanningZ; 06-26-2009 at 07:57 AM. |
06-26-2009, 09:26 AM | #36 (permalink) |
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Dude, why would you even use dealer financing to begin with? Shop around and get financing from someone else, you'll usually get a much better deal. Dealer financing is another way they suck money out of people who don't plan ahead and get all their paperwork in order before they walk into the dealership.
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06-26-2009, 09:30 AM | #37 (permalink) | |
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It's not Nissan's fault that you don't have the right kind of credit to buy a 30K-40K car... |
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06-26-2009, 09:32 AM | #38 (permalink) | |
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Are you making payments on it now? More than likely not - so, that shows up as a huge debt on your credibility to be able to pay off more debt. |
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06-26-2009, 10:01 AM | #39 (permalink) | |
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Also, I already mentioned that I paid off more than half of it (24k out of 45k) in just 5 months since I started working in January. |
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06-26-2009, 11:47 AM | #40 (permalink) | |
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Not sure how it's particularly a "joke" of a credit, but if what people said before is true about getting turned down because you already owe lots of money towards other things (like cjanik with penfed), it kind of limits your position... |
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06-26-2009, 02:43 PM | #42 (permalink) | |
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To qualify for a government student loan you need to have two things 1. No BAD BAD BAD credit IE Collections/Bankruptcies 2. A pulse |
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06-26-2009, 03:00 PM | #43 (permalink) |
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what are the rates at banks now??...like TD
you have like no credit history....it's always going to be hard to get the 1st loan for a car or house....the 1st one always sucks big time.....check the banks or just get one of ur parents then...not a big deal !!...or save up the cash and then buy it. |
06-26-2009, 03:02 PM | #44 (permalink) |
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Hell I have 1 paid off house on my record, 8 cars, 1 current house, and 2 credit cards all with perfect records and Nissan almost denied me. The only bad mark I have on my credit is from Pacific Palisades which is a fraud company and I am currently disputing the mark. The reason I was almost denied is because of my credit score which is about 640. The reason my score is low is because of my American Express card and AMEXs reporting habits. THey seem to always report the high on my AMEX but they never report that its paid off every month. I use my AMEX for business and sometimes I put over $50k a month on the card so it makes my score low because it looks like I have high debt when in fact the card is paid off every month. But if you look at my credit history you see it is stellar.
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06-26-2009, 03:17 PM | #45 (permalink) |
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Thats strange that the bank wouldn't accept due to your lack of credit history alone given you have a good job and down payment. When I was 23 (I'm 26 now) I bought a house with barely any history at all and got a good rate. All they required me to do was to put more than 20% down for the house. A car should be even easier.
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