Recently I have been in a Hurricane of hell. One finance officer told his salesperson to come and inform me they can not help me because the bank feel my income is $150 to low. Really, I'm done.
IAMANGELHEART38 I’m sorry to hear about that. A lot of lenders got really strict about income over the last several months. It should be getting better though. Don’t give up! You’re deal is waiting for you.
I was finding it so difficult to buy a car on credit cause my credit scores was so low and @exceptional_tools on lG help me out and he fixed my scores and I got a car on credit I’m so great full thanks so much I recommend him you should try him you would get a car on credit
I just got my new Camry after so much stress 😊first was the money then it was paystubs and bank statements which I had to pay a vendor online but now I’m just happy I have a car
Great tips, Jonathan! One more item for folks to keep in mind when buying a vehicle are the taxes and fees. A vehicle's sticker price does not include these in the total cost of the vehicle. Knowing what the local and state taxes are for your area is a good idea to help you estimate what you'll be paying in taxes. Trying to shoot for a down payment/trade-in value that will at least cover the taxes and fees is a good goal...if you can do it. Example for the state of Minnesota: Vehicle Price = $20,000, State Sales Tax is 6.5%, Estimated Fees (Dealership Fees and License Fees) is $750. Take $20,000 and multiply by 1.065% (This is the cost of the vehicle with sales tax included), then add $750 to get the overall estimated total cost of the vehicle. The $20,000 vehicle price will come close to $22,050 after taxes and fees. This won't be exactly what you pay, but it'll get you within $200-500 of the total cost of the vehicle and allow you to do more planning for down payments/trade-ins when coming up with your total vehicle budget and the payment you're shooting for each month.
I like how much information this video had. Thank you for taking the time to make it. I have less than perfect credit and am going to buy a car next week hopefully through a loan. This gives me hope.
So moral of the story: If you have no credit and you're starting your first job tomorrow, your local car dealer will LOL at you and kindly send you on your way. Either that or you pay through the nose with a high interest rate.
Herman Wooster Not necessarily. There are some first time buyer programs that allow less job time. On average though you will have to have stable job time.
My girl needed a bank statement and stub last week and I was worried about her not getting her new car 😴 but everything good now only because of deelscafe good work 👍.
this is from 2 years ago but i needed this😭the dealership i work at got my favorite as a customer trade-in and i want it soo bad but my situation isn't great. this has given me knowledge and confidence
Appreciate this. Makes me feel a little better going to a dealership to talk to someone to see what I’d have to do to possibly go home with a newer vehicle.
You shouldn’t have to see what you have to do to get a new vehicle. You should see the price tag, see you have the cash to out right buy it, then buy it. If you can’t pay cash. YOU can’t afford it
@@samariajuliet3518 Lol yes, I purchased a Corvette sight unseen from Georgia when I lived in PA and now I’m buying another from Louisiana while I’m deployed haha
I been to eight dealerships here in the area of Madison WI. You are an exception to the rule. You lost me with be prepared with down payment. Okay, find me a vehicle with rebates, keep your extended warranties, and Gap coverage. Nobody wants to co-sign unless you have a rich relative.
Here’s a scenario: what if they aren’t a member of a credit union or the credit union says “No”? The people in that situation are who benefit most from this video. Thanks for watching.
@@JSS that was directed to people with credit unions and options to go to their own Financial institutes... obviously people who don't have a credit union would disregard this message...
I would also add that if you are going to a smaller dealership make sure you bring someone who knows cars to look at the vehicle with you but i would say its good finance a car and pay off the car, im on my second car finacing, yes my payments are a little more but thats because its the max age of the car they will loan out to.
The problem with a co-signer, is the co-signer takes on the debt as well as the person buying the car. My cousin was going to co-sign for me until we found that out.
I would say 10% would be good. However everyone’s first time buyer programs are different. Some want the price below $20,000 with only $1000 down. So check with the dealership and see what options they have.
Thank you for this video! I’m planning to be a first time buyer soon and I just started on credit. I can put a big down payment and see where it goes 😁
With poor credit you better buy what you can afford in cash, then get the minor repairs taken care of instead of paying a never ending high interest rate. And don't forget about the repo man and creditors. THEY WORK TOGETHER TO hunt you down. U won't be off the hook even if you DIE.
Cash is always best, unless there is a low enough rate that your cash draws more interest. You should only pay high interest rates on car loans for a short amount of time.
If you’re under 25 don’t finance I’m 19 and almost got a loan you’re gonna pay over the car’s value and still have to pay high insurance. Just save up and buy a 10k-15k car. Leasing is bad too bc at the end of your term you have to pay for car defects.
Good suggestion. Sometimes interest rates are higher and it doesn’t make since to keep that loan to term. Refinance or trade cars before you pay loads of interest.
How are u supposed to get to work? , I’m speaking from my own situation. I have no one to bring me, and don’t have that kind of money lying around to just “ buy a car in full” as everyone recommends. For others that isn’t that realistic and attainable for everyone. Of course I know it’s a wise decision. However, I have to have transportation to make a living or to “save up “ to begin with. I’m 20 and my only option is to finance a car. Seems almost buying a car in cash is like a privilege. And a car depreciates regardless to be honest. Thank u for the advice though. But I need a car soon.
Hello Jonathan, I have a challenge for you. First, I enjoyed your video re: buying a car with bad credit. Here is my story - I need your advice. I live in Nebraska, so if you need to refer me to someone here, that's fine. I'm retired and live on Social Security. My income is small to most people, including me. I am starting a part-time job from home. My credit isn't good; have had many medical bills. However, I've also had two car loans in my name which I paid on time and in full. My down payment ability is at $1200. I am independent and wish to remain so. I don't have others to give me rides; taking public transportation isn't feasible for many reasons. I need a car. I've been to a dealership which, bottom-line told me I can't qualify because: my income my credit I need higher down payment They can't give me a monthly payment I need, which is $150. I'm faced with having to buy a car for $1200. That's buying someone else's problem. Is there any hope for me? Thank you for your help.
Sorry for the late reply. I think with your limited income, I would check with any local credit unions and see if you could get preapproved. It would especially help if you banked with one and they saw your income and expenses. Most $15” car payments are on older, higher mileage vehicles. The CU would be the best option to finance them. Good luck.
I have 0 credit and absolutely spotless record. Im looking to finance a car that’s worth around 29K-37K range. I recently got a job a few months ago. I make around 3K-4K monthly, I have 0 other bills, so all the money I make is practically mine. I also plan to keep the car long term. Is it possible for me to finance and get approved ?
I did not feel like I wanted to get helped when I went to a dealership. They literally started off with trying to sell me a car I didn’t even go try to see. And never showed me it. I just went with it because they said we would check it out after this one, the entire process i just felt like they were pushing me to buy that day, no matter the high 24% interest. What sealed it was that they were trying to fit that interest with my monthly ask by extending my term. They thought I was dumb enough to go for it since I look young. I walked right out after.
I’m trying to get a car 36k I have no credit just starting to build it and I’m a first time buyer with a co signer that has 700 plus credit how much should I put down to get around 550-600 monthly financed? I can definitely afford it w my monthly income
There are some first time buyer programs that you may qualify for. Some require down payment, and some don’t. It just depends. Your dealership can help you see what options you have.
I have a 565 Auto FICO score. I keep getting quoted a 22-24% APR. Noooo way I'm taking that.... And the dealer always says "you can refinance it". I doubt it. I want my dream car (NEW 2020-2021 Nissan Maxima $37000) so I'm just gonna save 20k and put down on it. Sucks having bad credit lol
10% down at a Nissan lot will get it done, lol. I have a Nissan Maxima platinum… I plan on buying a Porsche Macan in 2022. But the maxima prices are reaching more than 37k.
You will have to provide last 2 years of job time. Most lenders judge stability of job and residence when making decisions of creditworthiness. As long as your income supports the loan, you should be okay.
I want to buy a used car that’s work 6k and I was wondering if I can do a down payment of 1k with a job time of 1 month and with no credit. I was also wondering what will happen to like will they accept me and give me a high interest rate or something else.
There’s a lot of factors involved that determine final interest rate. I think you have a good shot of getting approved. A co-signer would be a better situation, but see what happens.
Maybe this is the expensive or dumb way to some people but for my first car I almost didn’t care what the interest was, I viewed it as sort of an investment on building my credit and getting a vehicle I needed. To me establishing the credit was more important than trying to bargain for a super low interest rate, I went in expecting a high one. I can bargain for lower rates after getting my credit up was my thoughts, or refinance the car after a year or so.
Hi Jonathan I am looking to buy a car around the 20-25k price range. I have gotten approved for 15k from the credit union I bank with. I plan to save the difference before going into a dealer. So like 10k. I am pretty close. My credit score stays around 720 but ranges from 700-740. How do I approach going into the dealership with this in mind. I am afraid of being taken advantage by hidden fees. I don’t want any extra items. Just the vehicle new or used. Do you think I can do it? I know I need to save a little more but idk how much to expect taxes to be. Thank you for your help!
I’m pre approved with capital one. When they check my credit at the dealership would they be able to tell me if they have better deals at the dealership-with financing with them vs capital one?
Yes they will, or you can just go with the options that Capital One is offering. Sometimes they offer better rates for you going straight then them then the dealer gets through them.
i went to honda they was pressuring me to get a car i couldnt afford and kept pushing me to pay cash i felt over whelmed and decided to leave i came with a open mind and different perspectives on cars and they didnt help me i was leving the guy was complaining i didnt want to purchase
I’m 19 years old I have no credit I have a good stable job and I wanted to know if I can do a down payment for 1,000 or 2,000 on a 30k car would it come decent to get the car for the first time ?
I have been to 4 places trying to get a car I have no credit & no co-signer I even agreed to put 7k down and I was denied each time. I started wanting the 2019 Toyota Camry XSE with 7k down the car was 24k DENIED. So then I down grade to the XLE 22k with 7k down DENIED so then I was like okay let’s go cheaper 2018 Honda Accord Touring 20k 7k down DENIED so I said okay let’s go a little cheaper so I tried the 2017 Honda Accord touring 18k with 7k down and yet again another let down. Every salesman swore they could do the impossible and I’m still driving a car that decrease and increase in speed as you drive. The bank has denied me every time and I don’t understand that big of a downpayment especially for the 18k should have went through cause then I’ll only be financing 11k and it was all a no go. Some tried to put me in something I knew I didn’t like but I feel like with 7k as a downpayment I owe myself to at least like what I drive even if it’s just to establish credit but they told me it’s not about what you want it’s what you can afford but I’m like if I can afford to put 7k down what makes you think I’m going to get something I can’t afford. I’ve been looking from NC to SC & every time it’s the same thing I’m really frustrated with this and all the cars I’m looking at are preowned. How do I establish something no one is giving me the opportunity to do
I’m sorry for the struggle. Sometimes I get surprised by lenders, and don’t understand why. I’m have some other questions about your situation. Please email me at jsstube9@gmail.com so we can continue this conversation. Thank you.
My trouble is yes I back credit but I'm on SSDI and I get money from other sources however my question is is it harder to finance a brand new car or a used car
It depends on the finance company. A lot of it has to do with down payment amount and age/mileage of the vehicle. Also how much payment to income you are allowed.
With a trade that is equal to having cash...i told a dealer from the start im not putting cash down...with my trade that at that time I owed far less then the value...
smokeGR20 Yes trade equity is the same as far as bottom line advance, however, some finance companies value cash down more than trade equity. Both help you get approved with better terms.
So I bought a 2017 Mazda 3 for my daily driver at $17k(financed). I’m 19 years old and make about 50k a year. I wanted to refinance into a fast car for racing. Would I be able to get another loan and refinance a another car for say about 30k and under?
It really depends on the lender and your qualifications. It seems like your income supports another loan. You would have to refinance the Mazda at a bank or credit union, they would be able to cover second loan options while you’re there.
I want to get a pre own Subaru it the down there asking is super high have bad credit couple repos there asking 7k would I be able to purchase this car for a year or 2 and then refinance
Hi, wanting to get a 2017 Subaru Crosstrek. I financed a used 2007 Subaru Impreza wagon for 6k and put down 1500 for the down payment last year. I owe about 3 grand on the car. It was my first car I ever bought on my own with no co sign, but my APR was 29%. I have paid on time every month for my insurance and my car payment but got laid off a few months back but I was still able to pay off my payments with unemployment. I’m back to work with a steady job/income. I don’t know how much my trade in value would be for my 2007 Subaru. But my plan is to trade in the car or pay it off. I am giving myself a 3 month goal to save 3500-4000 for the Crosstrek and I’m going to down 3000. I’m stuck, it’s hard because I’m scared I might get high car payments or high insurance
Since you’ve been paying on time, I would think you’ve earned a good credit rating. You may want to go to a local credit union and see what pre-approval options you have. Most dealerships are set up with credit unions also, but you may want to go direct to the credit union just to see what they say before you try to purchase the crosstrek.
I’m 25 This is my first car i want to finance a car it’s a 2018 Ford Focus i wanted to at least put down 2,300 i was informed that telling the seller how much i have is a bad thing is that true ?
Telling them isn’t a bad idea if you already know the price on it. At some point they will ask you for your down payment amount, you can wait until you see the pricing.
Hey I have a question hope you answer so I’m looking to buy a Toyota 86 and I’m 18 and the car is 30,000 and I’m putting 10k down on my own and hoping to get 5000 with my trade in value with my Honda.with 0 credit you think I’ll get a low interest rate?
I got a my first car this week that wasn't a 1000 dollar junker. I'm 29 and financed a 2012 Toyota Corolla from a Toyota dealership. The car was 8200 after my junker trade in for 500. But my apr is pretty high. I'm set up for 240 a month for 5 years. Was I screwed? I enjoy the hell out of my new ride and I feel like thats all that matters. The finance manager said once my score goes past 700 ( ive been rebuilding the last 8 months went from a 510 to a 623) that I should refinance and could get my interest cut in half, is this true? And did I get screwed lol
It’s sometimes difficult to finance those older vehicles regardless of credit history. I don’t think you got screwed, and if you truly love the car and want to keep it, then plan on refinancing in 6 months to a year with a bank or credit union.
I have a credit score of 670 that’s been established for like 9 months and I make around 2100 a month, I have a car that is worth $2000 trade in value but i have negative equity on the car with $5000 left to pay. How much down payment would I need to purchase a car that is 24k?
I would say two rules of thumb. Be prepared to pay your negative trade balance ($3000), or put 20% down (around $6000). Of course if all you can spare is $1000 or $2000 go with that if you like the car. It really depends on the finance company.
Hello Johnathan! I'm a first time car buyer, just graduated college (debt-free) and I want to buy my first car but I'm afraid I may not get approved. I have great credit and I've saved up enough for a 15% down payment but the car I want is 45k. What can I do in order to get approved and get the car asap?
I think you would be able to get approved on a college grad program if you are looking at a new vehicle. However, I would start smaller than $45,000. Cut that in half with down payment or lower priced car and get used to the payment. Starting a new job and new life after college shouldn’t begin with a lot of debt and a $600-700 car payment.
Hello! Nice channel and very informative videos you uploaded. I have a financing question that I work abroad for several years and will move back to US for continuing studying so I need a car. I would like to know the qualifications for applying 0% APR for 60 months. I have good credit score, but I won’t have a staple income as a student. Thought I have savings to buy car in cash, but I would like to know my other options. Thanks
The qualifications differ with manufacturer credit companies. However most require around a 700 credit score or higher. They also require a source of income like a job, or something that is not temporary.
What credit range is this advice intended for? I know it says no or bad credit. Basically I guess I’m asking what you think a mid 640s going in on a $34k truck with 18k miles, with $2500-$3k down, and net trade in of about $1-$1500, on a 60-72 month note(I drive a truck so not too worried about mileage over that time since I won’t be driving it much, probably under 5k miles/yr), and $500-$600/month, interest 12% or lower is fine, lower the better obviously. My FICO Auto 8 is 655 and I’ve got perfect payment history on everything on my credit report, 100% payment history. Does that sound realistic to your experiences or does that sound far fetched? Not that it matters I’d assume since I’ll be applying before the changes but I have one recent negative impact showing on my credit in March that took 45points off my score, but it’s being removed within 60 days from last week. If I get all 45 back I’ll be sitting about 690 with auto score probably about 705-ish
I think you can get a lower rate than 12%. Just make sure the dealership checks with some credit unions also, if that negative issue doesn’t disqualify you from them. The payment will be closer to 600 depending on final rate, but it all sounds very positive.
@@JSS thanks, I haven’t purchased a vehicle this expensive before so wasn’t sure what to expect. 12 is high but I was going off of results from searching average rates with my credit which said 11.4% but I can refinance later on if necessary. The “recent negative” was between my company and I and they sent it to collections($600) because they took money from my check they shouldn’t have for their own expenses, I was upset obviously. We worked it out now and they took it back from the collections(their own company basically) and supposed to come off in 30-60 days. I should get the 45 it took away back so that would bump me up to prime range.
@@JSS also I’ve heard from family used car market since COVID has jumped in price some, have you seen that much where you are? My uncle’s company truck last year went to auction and got $12k but they didn’t sell it. This July they took it again and got $17k. It’s a 14 Silverado 1500(LT 1 or 2 I believe) and 110k miles
I am 20 years old. Have worked the same job for nearly 3 years now on payroll and have been repeatedly turned down by dealers that I want to purchase a $5000 car from. I have since shifted my needs for a vehicle and need a truck for a daily. Thinking around 7k dollars. My sisters motherinlaw has done financing and ran insurance companies all her life with several degrees in business and law. She tells me that I should have 0 issues if I present myself as a respectable adult. I have been stricken with issues. My current vehicle is nearly too dangerous to drive. Thank lord my job is not even a mile down the road. Just don't get why I'm having issues. A 400$ a month payment isn't craps for me to deal with. Good luck getting thst through a salesmans head. Im no drug addict and don't buy a crap load of useless things. Since ive had bills I pay em. Then see whats left over. Like an adult should
Sometimes the less expensive vehicles aren’t the easiest to finance for limited/no credit. If the dealership doesn’t have good relationships with local credit unions, you may have to check them out yourself. Some credit unions limit us to 10 year old vehicles or 100,000 miles. Most low priced cars over over 100,000 miles.
@@JSS I understand thank you very much I'll begin in the small inheritance because my mom passed away were waiting for the check so who knows I might buy a car and pay cash that I was trying to get a little bit better car and make payments and improve my credit but my income probably isn't enough I don't know
I don’t even have credit and a dealership told me that they will allow you to finance without credit .. not sure if that is a thing or if I can trust this ?
I currently have a ‘23 MY Wrangler on order and it should be at the dealership in 4 weeks or less. I’m freaking out about not qualifying for financing and having to walk away from something I’ve been waiting on for so long. I’m getting it for about 4K below msrp, my credit has some charge-offs but I’m actively in a debt settlement program and making payments for 3 years, score is 630 just about and my current/open accounts on my credit report have no negative remarks. I’m a licensed professional in a VERY secure field making about 61k a year. Plan to put ~5k down which leaves me with 46k to finance (including taxes and fees). I say all this to ask, should I be worried or can I breathe a lil bit?
@@PrinceVegeta-ep8sr the dealership’s financing options wanted me to put about 10k down. Ended up getting approved for an auto loan with NFCU and I’ve been enjoying my baby for a month now :)
I am on partial unemployment, and I drive for doordash. Do dealers accept unemployment as proof of income? Door dash does not have pay stubs. What would be my best option at proof of income. Or could I put on the application unemployment/doordash? 674 credit score, and 1500-2000 down payment. I am wanting a wrangler or bmw 2014-2021. What plan can I make with this?
Also, if I decide to have a 4 year contract with a dealer. Can I decide somewhere down the line that I want a different car? What happens if you are wanting a new car before then or the one you have breaks down. Thank you so much
You forgot the BIGGEST thing....finance thru the dealer to get all applicable rebates and incentives...then re-finance thru a credit union ASAP, don't wait the 6 months they ask.....this way the dealer gets a chargeback from the Bank and/or manufacturer and have to send them money. I purchased my F150 on June 6th at 7.22% for 72 months to get all rebates and incentives and had it refinanced June 11th with my credit union for 2.19% for 60 months...Never made 1 payment to Ford except for the payoff check. screw them I say
I went to the car dealership today and got an appraisal for my car. I got $2000 for it. I want to trade it for a used car. I test drove 2015 Nissan Rogue and the price is $13,000. I have a poor credit but said im pre approved. I got two jobs and my first job I’ve had for 6 months, but its part time. My second job is full time but only had that one for 30 days. Both job makes my income at $2500 a month. Im worried because i only had my full time job for 30 days and they said i have to have it for 90 days. My parents are willing to cosign with me though. Do you think i will get the car?
I know this video is older but I have a question if you don’t mind! My credit score is much lower because of a few bumps in the past. It’s in the 550 range. For a car that’s about 15k, how much should I save for a down payment that will help my approval chances? Also, I found a car and it said I was pre-qualified, which I don’t know what that means as opposed to pre-approved? Any advice would be helpful! Thank you 😊
I would save at least $1000 for down payment. Pre-Qualified if usually the same as pre-approved. There are still other options that may determine the final status of your approval. Good luck! Let me know if you have any more questions.
But one last question please 😊 in all your years of experience, have you seen anyone get approved for a loan in the 15k range with the 500 range credit score? I’m just trying to research as much as possible prior!
Hi. My credit score is at 707 and have credit history for the past 7 months (actively using my credit card and paying it off, still keeping it at a low utilization). I’ve been working at my job going on 8 months now and I make a good amount, working 35-40 hours a week. I don’t know if this means anything but i am also a college student. I planned on putting down 3500 on a new car worth around 25k. Do you think I would get approved?
Yes, as long as your income supports the payment. And most manufacturers have a college grad program. Or if you haven’t graduated yet, I think you would still get approved. The lender/finance company may have competitive rate, or higher than average. If it’s higher, you can refinance it in 3-6 months.
I am 19 years old, I have no credit and this is my first time purchasing a car, I do have a co-signer and I want to purchase a $24,000 car and I can give $4,000 down, any tips you have for me?
I’m turning 18 in a month or so.. I’m planning to finance a car for 17-18k with about 3-4k down payment with no co-signer. Am i going to encounter a lot of trouble ? edit: I have a good and pretty stable income and good job time so I’m assuming i’m good on that part.
@@JSS thanks for this video. Here in Ok, I just recently had to learn about the debt to income ratio the hard way..with a 740 credit score I was shocked when I wasn’t able to purchase a used van for my new plumbing business I’m trying to launch, as the last 3 mo. i brought home a little less than I normally make. Now I’m left with a hard inquiry, and nothing to drive except my current(soon to be ex employers) service vehicle. I’ve never been so frustrated in my life I feel like I’m stuck at a labor camp with no end in site. I have no idea how long it will take for lenders to see that I’m now busy again. But awesome videos man they have given me some insight.
I’m 16 and have no credit but I want to buy a used 2015-2016 Dodge Challenger scatpack and I want to put 8000 down payment and I make 600 a month will school but make 2k during summer vacation I just wanted to know if it’s enough to get the car??
You have literally no chance to be able to realistically afford that car. Sure, if you manage to get that car before you're 18 and somehow manage to finance it. You'd probably expect to pay 450-500+ dollars per month. Sure, it may seem easy when you are young. But when you're an adult, you have more then just a car payment to deal with. You will need rent, phone bill, food, utilities, car insurance for you at that age would probably cost well over 250 dollars per month, which is 1,500 dollars every 6 months. You seriously think you can afford that? Unless you make 40,000 dollars a year, I'm sorry but you can't afford it. You have to buy a car that is less than what you make. You do not make 27k+ a year, you can't afford it.
Depends on the market and deal structure. Right now used vehicles are in high demand. However, payments from 28% on $20,000 are less than payments from 10% on $30,000.
Will I be able to finance a car thats around 23k-26k if I am starting a new job in a couple weeks and if I use my current car to trade in and put a $2,500 down payment?
I’m trying to trade in my 2015 Honda Accord hybrid, I owe 17000, Kelly says it’s worth about 13000 , I’m looking at a 2 door jeep wrangler for 27000, my credit is fair . I have 2000.00 to put down, do you think it’s possible for me to get the financing? I have nobody to co sign either
I'm going to be getting some $ soon, it's not a whole lot, it's 300k. My credit is so-so, not the best, not the worst, probably more on the worst side, lol. I want to buy a new car, a new Honda Pilot 2021 or 2022, should I pay cash for it? How do I go about rebuilding my credit, I would like to put a down payment of around 10k, and than pay so much a month. Not sure what to do? Can you please advise? Thank-You!
What have you experienced buying from a car dealership? How was the “financing” portion of the process?
Jonathan Sewell highway robbery. Didn’t realize it until I got older.
CallMeKarma I’m sorry for your experience. A lot of rates and terms are out of the dealers control.
Recently I have been in a Hurricane of hell. One finance officer told his salesperson to come and inform me they can not help me because the bank feel my income is $150 to low. Really, I'm done.
IAMANGELHEART38 I’m sorry to hear about that. A lot of lenders got really strict about income over the last several months. It should be getting better though. Don’t give up! You’re deal is waiting for you.
I was finding it so difficult to buy a car on credit cause my credit scores was so low and @exceptional_tools on lG help me out and he fixed my scores and I got a car on credit I’m so great full thanks so much I recommend him you should try him you would get a car on credit
thank you for being the dad I never had ( credit & car wise)
😂 I’m glad I can help. These are some of the same questions I had when I was younger.
I just got my new Camry after so much stress 😊first was the money then it was paystubs and bank statements which I had to pay a vendor online but now I’m just happy I have a car
Great tips, Jonathan!
One more item for folks to keep in mind when buying a vehicle are the taxes and fees. A vehicle's sticker price does not include these in the total cost of the vehicle. Knowing what the local and state taxes are for your area is a good idea to help you estimate what you'll be paying in taxes. Trying to shoot for a down payment/trade-in value that will at least cover the taxes and fees is a good goal...if you can do it. Example for the state of Minnesota: Vehicle Price = $20,000, State Sales Tax is 6.5%, Estimated Fees (Dealership Fees and License Fees) is $750. Take $20,000 and multiply by 1.065% (This is the cost of the vehicle with sales tax included), then add $750 to get the overall estimated total cost of the vehicle. The $20,000 vehicle price will come close to $22,050 after taxes and fees. This won't be exactly what you pay, but it'll get you within $200-500 of the total cost of the vehicle and allow you to do more planning for down payments/trade-ins when coming up with your total vehicle budget and the payment you're shooting for each month.
Great tip Anthony! Thank you for contributing. A lot of people forget about taxes and fees
Can you help me estimate and price for an 2012 or 2013 Honda Civic ex?? 4 door?
Yes thank you for this comment. This is what I was looking for.
I like how much information this video had. Thank you for taking the time to make it. I have less than perfect credit and am going to buy a car next week hopefully through a loan. This gives me hope.
CallMeKarma Best of luck to you and your new purchase. It will all work out 👍🏻!
I'M GETTING FIRED UP JUST HEARING YOUR ADVICE! READY TO RUN TOWARDS MY CLOSEST DEALERSHIP!
Awesome! Have fun and best of luck with your purchase!
Don’t none of this will work you’ll waste their time and yours
@@draftking77312 dwfl
All car sales reps should be as pleasant, informed, and honestly helpful as you. I’m in the market for a Cx5. Wish I could buy from you, but I’m GA.
Thank you for your kind words. We are close to GA 😁, and I’ll be willing to help you any way I can.
The most helpful video I’ve seen on TH-cam! Thank you so much!
jadababyyxo Thank you very much!
So moral of the story: If you have no credit and you're starting your first job tomorrow, your local car dealer will LOL at you and kindly send you on your way. Either that or you pay through the nose with a high interest rate.
Herman Wooster Not necessarily. There are some first time buyer programs that allow less job time. On average though you will have to have stable job time.
No way you only have 8K subs you deserve 10x that. this is real world QUALITY CONTENT.
Thank you very much! ♥️ I hope it helps you.
17k sub now in 1year
My girl needed a bank statement and stub last week and I was worried about her not getting her new car 😴 but everything good now only because of deelscafe good work 👍.
this is from 2 years ago but i needed this😭the dealership i work at got my favorite as a customer trade-in and i want it soo bad but my situation isn't great. this has given me knowledge and confidence
Appreciate this. Makes me feel a little better going to a dealership to talk to someone to see what I’d have to do to possibly go home with a newer vehicle.
Good luck!
You shouldn’t have to see what you have to do to get a new vehicle. You should see the price tag, see you have the cash to out right buy it, then buy it.
If you can’t pay cash. YOU can’t afford it
I'm from Texas. I'm so tempted to just drive to alabama and get a car from y'all 😂😂 I'm frfr
Come on! We have customers from all over and deliver cars all over.
@@JSS Wait.... you can get a car from a different state and pay the car note to them?!???
@@samariajuliet3518 Lol yes, I purchased a Corvette sight unseen from Georgia when I lived in PA and now I’m buying another from Louisiana while I’m deployed haha
I been to eight dealerships here in the area of Madison WI. You are an exception to the rule. You lost me with be prepared with down payment. Okay, find me a vehicle with rebates, keep your extended warranties, and Gap coverage. Nobody wants to co-sign unless you have a rich relative.
Did you buy a car?
yes you have a lot of finance options
...but it's always better to go in with your own financing from your credit union
Here’s a scenario: what if they aren’t a member of a credit union or the credit union says “No”? The people in that situation are who benefit most from this video. Thanks for watching.
@@JSS that was directed to people with credit unions and options to go to their own Financial institutes... obviously people who don't have a credit union would disregard this message...
@@elisaflores7080 🤔🤔
I would also add that if you are going to a smaller dealership make sure you bring someone who knows cars to look at the vehicle with you but i would say its good finance a car and pay off the car, im on my second car finacing, yes my payments are a little more but thats because its the max age of the car they will loan out to.
Love the detailed information that you present ,it’s clear and concise!
Thank you!
The problem with a co-signer, is the co-signer takes on the debt as well as the person buying the car. My cousin was going to co-sign for me until we found that out.
Alot of good information you just gave. Thanks
You’re Welcome
What’s a good down payment for a 30k car with no credit? Also first time buyer.?
I would say 10% would be good. However everyone’s first time buyer programs are different. Some want the price below $20,000 with only $1000 down. So check with the dealership and see what options they have.
Never give a down payment, I never have. Keep your credit tight, it your biggest leverage.
That works. Down payment just helps lower the payment and pay it off earlier.
Thank you for this video! I’m planning to be a first time buyer soon and I just started on credit. I can put a big down payment and see where it goes 😁
A big down payment is a great help! Good luck and let me know if you have any questions.
I've no down payment..I need a used car an monthly budget
With poor credit you better buy what you can afford in cash, then get the minor repairs taken care of instead of paying a never ending high interest rate. And don't forget about the repo man and creditors. THEY WORK TOGETHER TO hunt you down. U won't be off the hook even if you DIE.
Cash is always best, unless there is a low enough rate that your cash draws more interest. You should only pay high interest rates on car loans for a short amount of time.
If you’re under 25 don’t finance I’m 19 and almost got a loan you’re gonna pay over the car’s value and still have to pay high insurance. Just save up and buy a 10k-15k car. Leasing is bad too bc at the end of your term you have to pay for car defects.
Good suggestion. Sometimes interest rates are higher and it doesn’t make since to keep that loan to term. Refinance or trade cars before you pay loads of interest.
How are u supposed to get to work? , I’m speaking from my own situation. I have no one to bring me, and don’t have that kind of money lying around to just “ buy a car in full” as everyone recommends. For others that isn’t that realistic and attainable for everyone. Of course I know it’s a wise decision. However, I have to have transportation to make a living or to “save up “ to begin with. I’m 20 and my only option is to finance a car. Seems almost buying a car in cash is like a privilege. And a car depreciates regardless to be honest. Thank u for the advice though. But I need a car soon.
@@liyahlang4909 I understand, just get a really good down payment and once you get cash flow from work try paying it off faster
Hello Jonathan,
I have a challenge for you.
First, I enjoyed your video re: buying a car with bad credit. Here is my story - I need your advice.
I live in Nebraska, so if you need to refer me to someone here, that's fine.
I'm retired and live on Social Security. My income is small to most people, including me. I am starting a part-time job from home.
My credit isn't good; have had many medical bills. However, I've also had two car loans in my name which I paid on time and in full.
My down payment ability is at $1200.
I am independent and wish to remain so. I don't have others to give me rides; taking public transportation isn't feasible for many reasons.
I need a car.
I've been to a dealership which, bottom-line told me I can't qualify because:
my income
my credit
I need higher down payment
They can't give me a monthly payment I need, which is $150.
I'm faced with having to buy a car for $1200. That's buying someone else's problem.
Is there any hope for me?
Thank you for your help.
Sorry for the late reply. I think with your limited income, I would check with any local credit unions and see if you could get preapproved. It would especially help if you banked with one and they saw your income and expenses. Most $15” car payments are on older, higher mileage vehicles. The CU would be the best option to finance them. Good luck.
So yeah if I have badd credit in limited income and is it easier to find us a new car or a used car but keep in mind I have a big down payment
Big down payment always helps!
I have 0 credit and absolutely spotless record. Im looking to finance a car that’s worth around 29K-37K range. I recently got a job a few months ago. I make around 3K-4K monthly, I have 0 other bills, so all the money I make is practically mine. I also plan to keep the car long term. Is it possible for me to finance and get approved ?
As a 17 year old who would be buying his first car, would my best bet be to buy a used car or lease a new car?
It will be easier to buy the used car than lease a new car without a co-signer. There are other factors involved though. Down payment speaks volumes.
I did not feel like I wanted to get helped when I went to a dealership. They literally started off with trying to sell me a car I didn’t even go try to see. And never showed me it. I just went with it because they said we would check it out after this one, the entire process i just felt like they were pushing me to buy that day, no matter the high 24% interest. What sealed it was that they were trying to fit that interest with my monthly ask by extending my term. They thought I was dumb enough to go for it since I look young. I walked right out after.
I’m trying to get a car 36k I have no credit just starting to build it and I’m a first time buyer with a co signer that has 700 plus credit how much should I put down to get around 550-600 monthly financed? I can definitely afford it w my monthly income
10-20% down should get you there depending on taxes, etc.
Answered a lot of questions I had in mind..Great video!!
STARLETEVO Thank you! Feel free to reach out with any specific questions.
Is it possible for me the buy a car with no down payment an no credit I can afford paying high prices even if it’s 500$ or 700 hundred a month
There are some first time buyer programs that you may qualify for. Some require down payment, and some don’t. It just depends. Your dealership can help you see what options you have.
I have a 565 Auto FICO score. I keep getting quoted a 22-24% APR. Noooo way I'm taking that.... And the dealer always says "you can refinance it". I doubt it. I want my dream car (NEW 2020-2021 Nissan Maxima $37000) so I'm just gonna save 20k and put down on it. Sucks having bad credit lol
That down payment would open a lot of doors for you. Good luck.
Do yourself a favor and skip Nissan, they're crap cars lmao
@@Sonowske21 Nope. Bye lol
@@JSS well 20k might be too much of a leap lol but maybe 12k down on 37k SR could be good too?
10% down at a Nissan lot will get it done, lol. I have a Nissan Maxima platinum… I plan on buying a Porsche Macan in 2022. But the maxima prices are reaching more than 37k.
Not everyone is like this especially in Arizona. It’s the worse. Nor am I going actually finance a car for long.
I wish you the best of luck!
I plan to walk into a dealership with 5k and literally ask for the cheapest car on the lot I can fit into so I can pay it off and rebuild my credit.
I did something similar. However, I had a list of vehicles I liked, and was within, my budget.
what if you've had steady income for the last 15 years but it wasn't always at the same job?
You will have to provide last 2 years of job time. Most lenders judge stability of job and residence when making decisions of creditworthiness. As long as your income supports the loan, you should be okay.
I want to buy a used car that’s work 6k and I was wondering if I can do a down payment of 1k with a job time of 1 month and with no credit. I was also wondering what will happen to like will they accept me and give me a high interest rate or something else.
There’s a lot of factors involved that determine final interest rate. I think you have a good shot of getting approved. A co-signer would be a better situation, but see what happens.
Maybe this is the expensive or dumb way to some people but for my first car I almost didn’t care what the interest was, I viewed it as sort of an investment on building my credit and getting a vehicle I needed. To me establishing the credit was more important than trying to bargain for a super low interest rate, I went in expecting a high one. I can bargain for lower rates after getting my credit up was my thoughts, or refinance the car after a year or so.
Hi Jonathan I am looking to buy a car around the 20-25k price range. I have gotten approved for 15k from the credit union I bank with. I plan to save the difference before going into a dealer. So like 10k. I am pretty close. My credit score stays around 720 but ranges from 700-740. How do I approach going into the dealership with this in mind. I am afraid of being taken advantage by hidden fees. I don’t want any extra items. Just the vehicle new or used. Do you think I can do it? I know I need to save a little more but idk how much to expect taxes to be. Thank you for your help!
Not sure if you see this but what would be a good down payment for a car that’s around 15 to 16k with no credit??
I think $3000 would be good for that price and show the lenders that you are committed.
Jonathan Sewell thanks man I appreciate would a higher down payment lower the monthly payments??
This was so helpful!! Thank you!
You’re very welcome!
I’m pre approved with capital one. When they check my credit at the dealership would they be able to tell me if they have better deals at the dealership-with financing with them vs capital one?
Yes they will, or you can just go with the options that Capital One is offering. Sometimes they offer better rates for you going straight then them then the dealer gets through them.
@@JSS do you tell dealer right away that you have your own financing?
@@mrjafs4616 yes tell them you have your own financing
What if you don't have a pay check. Can you still get a loan to finance?
sokha prom It depends on the finance company. Some will take bank statements, award letters, or tax returns.
i went to honda they was pressuring me to get a car i couldnt afford and kept pushing me to pay cash i felt over whelmed and decided to leave i came with a open mind and different perspectives on cars and they didnt help me i was leving the guy was complaining i didnt want to purchase
Some people are that way unfortunately. We’re you able to find someone to listen and help you?
I’m 19 years old I have no credit I have a good stable job and I wanted to know if I can do a down payment for 1,000 or 2,000 on a 30k car would it come decent to get the car for the first time ?
I wouldn’t think a $30,000 car would be possible unless you earn really good income. Most lenders offer around $20,000 for first time purchase.
I have been to 4 places trying to get a car I have no credit & no co-signer I even agreed to put 7k down and I was denied each time. I started wanting the 2019 Toyota Camry XSE with 7k down the car was 24k DENIED. So then I down grade to the XLE 22k with 7k down DENIED so then I was like okay let’s go cheaper 2018 Honda Accord Touring 20k 7k down DENIED so I said okay let’s go a little cheaper so I tried the 2017 Honda Accord touring 18k with 7k down and yet again another let down. Every salesman swore they could do the impossible and I’m still driving a car that decrease and increase in speed as you drive. The bank has denied me every time and I don’t understand that big of a downpayment especially for the 18k should have went through cause then I’ll only be financing 11k and it was all a no go. Some tried to put me in something I knew I didn’t like but I feel like with 7k as a downpayment I owe myself to at least like what I drive even if it’s just to establish credit but they told me it’s not about what you want it’s what you can afford but I’m like if I can afford to put 7k down what makes you think I’m going to get something I can’t afford. I’ve been looking from NC to SC & every time it’s the same thing I’m really frustrated with this and all the cars I’m looking at are preowned. How do I establish something no one is giving me the opportunity to do
I’m sorry for the struggle. Sometimes I get surprised by lenders, and don’t understand why. I’m have some other questions about your situation. Please email me at jsstube9@gmail.com so we can continue this conversation. Thank you.
My trouble is yes I back credit but I'm on SSDI and I get money from other sources however my question is is it harder to finance a brand new car or a used car
It depends on the finance company. A lot of it has to do with down payment amount and age/mileage of the vehicle. Also how much payment to income you are allowed.
You're so helpful oh my gosh THANK U
You are very welcome! Good luck
With a trade that is equal to having cash...i told a dealer from the start im not putting cash down...with my trade that at that time I owed far less then the value...
smokeGR20 Yes trade equity is the same as far as bottom line advance, however, some finance companies value cash down more than trade equity. Both help you get approved with better terms.
Very helpful!
Spoken like a true car salesman
So I bought a 2017 Mazda 3 for my daily driver at $17k(financed). I’m 19 years old and make about 50k a year. I wanted to refinance into a fast car for racing. Would I be able to get another loan and refinance a another car for say about 30k and under?
It really depends on the lender and your qualifications. It seems like your income supports another loan. You would have to refinance the Mazda at a bank or credit union, they would be able to cover second loan options while you’re there.
What about, score in 602-610 on auto8, can afford payments because of finance, but still looking great deal for CX9
There are many options for your range, if you have the income to support the payment.
Jonathan Sewell thank you sir, income is not really the problem, but still looking for the best rate.
I want to get a pre own Subaru it the down there asking is super high have bad credit couple repos there asking 7k would I be able to purchase this car for a year or 2 and then refinance
It’s sometimes tough to purchase the cheaper cars, good luck.
Hi, wanting to get a 2017 Subaru Crosstrek. I financed a used 2007 Subaru Impreza wagon for 6k and put down 1500 for the down payment last year. I owe about 3 grand on the car. It was my first car I ever bought on my own with no co sign, but my APR was 29%. I have paid on time every month for my insurance and my car payment but got laid off a few months back but I was still able to pay off my payments with unemployment. I’m back to work with a steady job/income. I don’t know how much my trade in value would be for my 2007 Subaru. But my plan is to trade in the car or pay it off. I am giving myself a 3 month goal to save 3500-4000 for the Crosstrek and I’m going to down 3000. I’m stuck, it’s hard because I’m scared I might get high car payments or high insurance
I’m looking at a used 2017 Subaru Crosstrek by the way. 15,000-17,000
I also live with my girlfriend in an apartment and we pay 500 each
Since you’ve been paying on time, I would think you’ve earned a good credit rating. You may want to go to a local credit union and see what pre-approval options you have. Most dealerships are set up with credit unions also, but you may want to go direct to the credit union just to see what they say before you try to purchase the crosstrek.
I’m 25 This is my first car i want to finance a car it’s a 2018 Ford Focus i wanted to at least put down 2,300 i was informed that telling the seller how much i have is a bad thing is that true ?
Telling them isn’t a bad idea if you already know the price on it. At some point they will ask you for your down payment amount, you can wait until you see the pricing.
Hey I have a question hope you answer so I’m looking to buy a Toyota 86 and I’m 18 and the car is 30,000 and I’m putting 10k down on my own and hoping to get 5000 with my trade in value with my Honda.with 0 credit you think I’ll get a low interest rate?
You should get a competitive rate. I’m not sure if it would be the lowest unless you qualify for a special/subvened interest rate with that equity.
I got a my first car this week that wasn't a 1000 dollar junker. I'm 29 and financed a 2012 Toyota Corolla from a Toyota dealership. The car was 8200 after my junker trade in for 500. But my apr is pretty high. I'm set up for 240 a month for 5 years. Was I screwed? I enjoy the hell out of my new ride and I feel like thats all that matters. The finance manager said once my score goes past 700 ( ive been rebuilding the last 8 months went from a 510 to a 623) that I should refinance and could get my interest cut in half, is this true? And did I get screwed lol
It’s sometimes difficult to finance those older vehicles regardless of credit history. I don’t think you got screwed, and if you truly love the car and want to keep it, then plan on refinancing in 6 months to a year with a bank or credit union.
@@JSS thanks Jon. I def will.
can i buy a car at 18 with no credit or co-signer with a 5k down payment?
You should be able to with enough income and job time.
I have a credit score of 670 that’s been established for like 9 months and I make around 2100 a month, I have a car that is worth $2000 trade in value but i have negative equity on the car with $5000 left to pay. How much down payment would I need to purchase a car that is 24k?
I would say two rules of thumb. Be prepared to pay your negative trade balance ($3000), or put 20% down (around $6000). Of course if all you can spare is $1000 or $2000 go with that if you like the car. It really depends on the finance company.
Jonathan Sewell thank you !
I live close to your dealership.. Do you guys have the Mazda Miata MX5
KingHenryXCV yes we do. Check out www.mitchellmazda.com
Hello Johnathan! I'm a first time car buyer, just graduated college (debt-free) and I want to buy my first car but I'm afraid I may not get approved. I have great credit and I've saved up enough for a 15% down payment but the car I want is 45k. What can I do in order to get approved and get the car asap?
dont get the car
Save save save some more! You want what you want. You gotta save for it.
I think you would be able to get approved on a college grad program if you are looking at a new vehicle. However, I would start smaller than $45,000. Cut that in half with down payment or lower priced car and get used to the payment. Starting a new job and new life after college shouldn’t begin with a lot of debt and a $600-700 car payment.
Hello! Nice channel and very informative videos you uploaded. I have a financing question that I work abroad for several years and will move back to US for continuing studying so I need a car. I would like to know the qualifications for applying 0% APR for 60 months. I have good credit score, but I won’t have a staple income as a student. Thought I have savings to buy car in cash, but I would like to know my other options. Thanks
The qualifications differ with manufacturer credit companies. However most require around a 700 credit score or higher. They also require a source of income like a job, or something that is not temporary.
Hi Jonathan
Do you think it works out better to lease for 36 months then buy at the price offered in the lease contract residual value?
Where are you located at I want to order a 2024 ford maverick in july
I’m in Enterprise, Alabama.
What if you have nobody to co sign
I think you can still move forward.
What credit range is this advice intended for? I know it says no or bad credit.
Basically I guess I’m asking what you think a mid 640s going in on a $34k truck with 18k miles, with $2500-$3k down, and net trade in of about $1-$1500, on a 60-72 month note(I drive a truck so not too worried about mileage over that time since I won’t be driving it much, probably under 5k miles/yr), and $500-$600/month, interest 12% or lower is fine, lower the better obviously. My FICO Auto 8 is 655 and I’ve got perfect payment history on everything on my credit report, 100% payment history.
Does that sound realistic to your experiences or does that sound far fetched?
Not that it matters I’d assume since I’ll be applying before the changes but I have one recent negative impact showing on my credit in March that took 45points off my score, but it’s being removed within 60 days from last week. If I get all 45 back I’ll be sitting about 690 with auto score probably about 705-ish
I think you can get a lower rate than 12%. Just make sure the dealership checks with some credit unions also, if that negative issue doesn’t disqualify you from them. The payment will be closer to 600 depending on final rate, but it all sounds very positive.
@@JSS thanks, I haven’t purchased a vehicle this expensive before so wasn’t sure what to expect.
12 is high but I was going off of results from searching average rates with my credit which said 11.4% but I can refinance later on if necessary.
The “recent negative” was between my company and I and they sent it to collections($600) because they took money from my check they shouldn’t have for their own expenses, I was upset obviously.
We worked it out now and they took it back from the collections(their own company basically) and supposed to come off in 30-60 days. I should get the 45 it took away back so that would bump me up to prime range.
@@JSS also I’ve heard from family used car market since COVID has jumped in price some, have you seen that much where you are?
My uncle’s company truck last year went to auction and got $12k but they didn’t sell it. This July they took it again and got $17k. It’s a 14 Silverado 1500(LT 1 or 2 I believe) and 110k miles
I am 20 years old. Have worked the same job for nearly 3 years now on payroll and have been repeatedly turned down by dealers that I want to purchase a $5000 car from. I have since shifted my needs for a vehicle and need a truck for a daily. Thinking around 7k dollars. My sisters motherinlaw has done financing and ran insurance companies all her life with several degrees in business and law. She tells me that I should have 0 issues if I present myself as a respectable adult. I have been stricken with issues. My current vehicle is nearly too dangerous to drive. Thank lord my job is not even a mile down the road. Just don't get why I'm having issues. A 400$ a month payment isn't craps for me to deal with. Good luck getting thst through a salesmans head. Im no drug addict and don't buy a crap load of useless things. Since ive had bills I pay em. Then see whats left over. Like an adult should
Sometimes the less expensive vehicles aren’t the easiest to finance for limited/no credit. If the dealership doesn’t have good relationships with local credit unions, you may have to check them out yourself. Some credit unions limit us to 10 year old vehicles or 100,000 miles. Most low priced cars over over 100,000 miles.
So I can't finance a car at all if I'm not employed what about people on SSI or SSDI
It’s not really about being employed or not, it’s more about verifiable income that is a sufficient amount for the loan amount.
@@JSS I understand thank you very much I'll begin in the small inheritance because my mom passed away were waiting for the check so who knows I might buy a car and pay cash that I was trying to get a little bit better car and make payments and improve my credit but my income probably isn't enough I don't know
Question
My credit score is 710 and make $59,000 a year will i get approve for a 2021 gmc AT4 with no down payment
Should be able to. As long as you can budget the payment.
I don’t even have credit and a dealership told me that they will allow you to finance without credit .. not sure if that is a thing or if I can trust this ?
Would I be able to purchase a 20,000 used audi with a 650 credit score and 3,000 down payment
Yes, that sounds very probable.
Would I be able to buy a 23,000 car with 4k - 5k down payment with no credit history ( Ghost ) been working for 6 months ?
It’s possible there’s some programs available. Depends on specific finance company.
What about if your military with bad credit but a 2 year of good payment history
There should be some good options for you. Payment history and steady income are good points with finance companies.
If I wanna buy a $15k car with $25k in my pocket and a 860 credit score, how do I go about buying it? Do I put monthly payments on my credit card?
Shut up 😋
I currently have a ‘23 MY Wrangler on order and it should be at the dealership in 4 weeks or less. I’m freaking out about not qualifying for financing and having to walk away from something I’ve been waiting on for so long.
I’m getting it for about 4K below msrp, my credit has some charge-offs but I’m actively in a debt settlement program and making payments for 3 years, score is 630 just about and my current/open accounts on my credit report have no negative remarks. I’m a licensed professional in a VERY secure field making about 61k a year. Plan to put ~5k down which leaves me with 46k to finance (including taxes and fees).
I say all this to ask, should I be worried or can I breathe a lil bit?
so what happened?
@@PrinceVegeta-ep8sr the dealership’s financing options wanted me to put about 10k down. Ended up getting approved for an auto loan with NFCU and I’ve been enjoying my baby for a month now :)
Congratulations!
I am on partial unemployment, and I drive for doordash. Do dealers accept unemployment as proof of income? Door dash does not have pay stubs. What would be my best option at proof of income. Or could I put on the application unemployment/doordash? 674 credit score, and 1500-2000 down payment. I am wanting a wrangler or bmw 2014-2021. What plan can I make with this?
Also, if I decide to have a 4 year contract with a dealer. Can I decide somewhere down the line that I want a different car? What happens if you are wanting a new car before then or the one you have breaks down. Thank you so much
Can I finance a 10k car if I have NO credit score and I put 21k down? Please answer! I'm 23 and have had my job for 9 months
If you put $2000 down there may be some options. If you have $21,000 available, just pay cash.
You forgot the BIGGEST thing....finance thru the dealer to get all applicable rebates and incentives...then re-finance thru a credit union ASAP, don't wait the 6 months they ask.....this way the dealer gets a chargeback from the Bank and/or manufacturer and have to send them money. I purchased my F150 on June 6th at 7.22% for 72 months to get all rebates and incentives and had it refinanced June 11th with my credit union for 2.19% for 60 months...Never made 1 payment to Ford except for the payoff check. screw them I say
I went to the car dealership today and got an appraisal for my car. I got $2000 for it. I want to trade it for a used car. I test drove 2015 Nissan Rogue and the price is $13,000. I have a poor credit but said im pre approved. I got two jobs and my first job I’ve had for 6 months, but its part time. My second job is full time but only had that one for 30 days. Both job makes my income at $2500 a month. Im worried because i only had my full time job for 30 days and they said i have to have it for 90 days. My parents are willing to cosign with me though. Do you think i will get the car?
Yes, you should have more options with a co-signer.
If I have someone co sign an auto loan, do they go on the title instead of me?
I know this video is older but I have a question if you don’t mind! My credit score is much lower because of a few bumps in the past. It’s in the 550 range. For a car that’s about 15k, how much should I save for a down payment that will help my approval chances? Also, I found a car and it said I was pre-qualified, which I don’t know what that means as opposed to pre-approved? Any advice would be helpful! Thank you 😊
I would save at least $1000 for down payment. Pre-Qualified if usually the same as pre-approved. There are still other options that may determine the final status of your approval. Good luck! Let me know if you have any more questions.
Thank you so much for your response! I was thinking of saving anywhere from 3-4 thousand, but wasn’t sure if that would even help approval odds.
But one last question please 😊 in all your years of experience, have you seen anyone get approved for a loan in the 15k range with the 500 range credit score? I’m just trying to research as much as possible prior!
Yes, I see those approvals every day. You are ahead of most of you have $3-4K down. Let me know if you have any more questions.
Here’s the best rule. The dealership is NOT your friend. The deck is always stacked in favor of the dealer. Always
Hi. My credit score is at 707 and have credit history for the past 7 months (actively using my credit card and paying it off, still keeping it at a low utilization). I’ve been working at my job going on 8 months now and I make a good amount, working 35-40 hours a week. I don’t know if this means anything but i am also a college student. I planned on putting down 3500 on a new car worth around 25k. Do you think I would get approved?
Yes, as long as your income supports the payment. And most manufacturers have a college grad program. Or if you haven’t graduated yet, I think you would still get approved. The lender/finance company may have competitive rate, or higher than average. If it’s higher, you can refinance it in 3-6 months.
@stephany calderon i wish i had you as a co signer
How you have a 707 with only 7 months of credit history I will never understand......
I am 19 years old, I have no credit and this is my first time purchasing a car, I do have a co-signer and I want to purchase a $24,000 car and I can give $4,000 down, any tips you have for me?
Great information!!
_icujockinjb_ Thank you
I’m turning 18 in a month or so.. I’m planning to finance a car for 17-18k with about 3-4k down payment with no co-signer. Am i going to encounter a lot of trouble ?
edit: I have a good and pretty stable income and good job time so I’m assuming i’m good on that part.
You should be good with stable income and down payment.
My 19yr daughter, is the same, no one will finance her. They want 10,000 down for a 19,000 loan. Any suggestions
Heeeelp:
My first time financing vehicle, it’s for $57,000 but I’m paying 50% At least. what is my chance of getting approval with 670 credit score?
I don’t foresee any problems as long as you have the income to support the final payment.
I was told to never tell dealership the payment you are expecting, as they will "pack the payment".
Most salespeople truly want to help, and one of the hardest parts of there job is finding the appropriate car for you that fits in your budget.
It all boils down to the debt to income ratio.
In some form or fashion yes it does. Every lender has different policies.
@@JSS thanks for this video. Here in Ok, I just recently had to learn about the debt to income ratio the hard way..with a 740 credit score I was shocked when I wasn’t able to purchase a used van for my new plumbing business I’m trying to launch, as the last 3 mo. i brought home a little less than I normally make. Now I’m left with a hard inquiry, and nothing to drive except my current(soon to be ex employers) service vehicle. I’ve never been so frustrated in my life I feel like I’m stuck at a labor camp with no end in site. I have no idea how long it will take for lenders to see that I’m now busy again. But awesome videos man they have given me some insight.
I am 19 with a 757 credit score with only 1 year credit history will I get low interest rates? Car cost $19861
There should be some lenders out there that will base the interest on your score. Just need to find them.
Hey Jonathan I’m 18 years old and I’m planning to buy a 23k car with no credit but I wanna give like 9k of down payment. Should I get the car?
Do dealership accept offer letter ?
I’m 16 and have no credit but I want to buy a used 2015-2016 Dodge Challenger scatpack and I want to put 8000 down payment and I make 600 a month will school but make 2k during summer vacation I just wanted to know if it’s enough to get the car??
Income is a little light, but should be okay with a signer and that down payment. Most states require at least 18yo to purchase car.
You have literally no chance to be able to realistically afford that car. Sure, if you manage to get that car before you're 18 and somehow manage to finance it. You'd probably expect to pay 450-500+ dollars per month. Sure, it may seem easy when you are young. But when you're an adult, you have more then just a car payment to deal with. You will need rent, phone bill, food, utilities, car insurance for you at that age would probably cost well over 250 dollars per month, which is 1,500 dollars every 6 months.
You seriously think you can afford that? Unless you make 40,000 dollars a year, I'm sorry but you can't afford it. You have to buy a car that is less than what you make. You do not make 27k+ a year, you can't afford it.
@@HDgamingxbox360HD LMAOOOOOO chill he doesn’t know
But you didn’t say that whatever is left on your first car 12 month payment goes to the new car that your first choice.
Depends on the market and deal structure. Right now used vehicles are in high demand. However, payments from 28% on $20,000 are less than payments from 10% on $30,000.
Will I be able to finance a car thats around 23k-26k if I am starting a new job in a couple weeks and if I use my current car to trade in and put a $2,500 down payment?
Very possible, depends on income of new job mostly.
I’m trying to trade in my 2015 Honda Accord hybrid, I owe 17000, Kelly says it’s worth about 13000 , I’m looking at a 2 door jeep wrangler for 27000, my credit is fair . I have 2000.00 to put down, do you think it’s possible for me to get the financing? I have nobody to co sign either
I think it’s possible. It really depends on the collateral value and your payment to income percentage.
I'm going to be getting some $ soon, it's not a whole lot, it's 300k. My credit is so-so, not the best, not the worst, probably more on the worst side, lol. I want to buy a new car, a new Honda Pilot 2021 or 2022, should I pay cash for it? How do I go about rebuilding my credit, I would like to put a down payment of around 10k, and than pay so much a month. Not sure what to do? Can you please advise? Thank-You!
I would put a lot of money down and finance some to build credit. Pay the payments on time for 12 or 18 months. Then pay it off.
@@JSS Great!...that's what I am going to do than, Thanks very Much Jonathan Sewell!
Wow! Your definitely a car salesman
I make $22,500 a year will i be able to afford a car that is priced at $20,000 ? I have no credit yet
There are some programs that should be available for that to work.
@@JSS yes that is what they’re telling me hopefully it will work out, will a $2,000 down payment work? and thanks for the info on the video!