CJINOHIO03 Posted December 19, 2007 Report Share Posted December 19, 2007 I have a friend who doesnt have the best credit but no repo's etc. She has good income and has worked at the same place for 5 year plus. She will have about 5k cash to put down. She has never bought a new car and is worried wont be able to get financed etc. I am thinking she will be ok with the 5k down.. What do you think in general? Quote Link to comment Share on other sites More sharing options...
Bam Posted December 19, 2007 Report Share Posted December 19, 2007 How expensive of a car is she going for and what other debts does she have? What's her debt to income ratio look like? If she's trying to buy a $10k ford focus new w/ $5k down and makes $2k/month, no doubt, but if she wants a $50k new mercedes on the same income, its a whole different ballgame. Quote Link to comment Share on other sites More sharing options...
CJINOHIO03 Posted December 19, 2007 Author Report Share Posted December 19, 2007 price range 20 to 30k....income about 40k...not much debt...just slow pay bills in past Quote Link to comment Share on other sites More sharing options...
Bam Posted December 19, 2007 Report Share Posted December 19, 2007 I'd say she'd be ok, maybe not prime rate but at least qualified. Any idea what her fico score is? Also, try Credit Unions for loans, they are generally more willing to work with you. Quote Link to comment Share on other sites More sharing options...
caseyctsv Posted December 19, 2007 Report Share Posted December 19, 2007 With 5K down she should be fine. Like others suggested try a credit union - remember that the dealerships make money on the financing too. If she goes in there and acts like she may not get qualified you will get the good news / bad news scene - I have good news - you are approved - bad news is you are going to have to bend over. With that kind of money down the rate really should not be that bad - especially with no repo. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted December 19, 2007 Report Share Posted December 19, 2007 tell her to go apply whereever she does her banking. when i went, i got turned down by every bank, with not bad credit, just not much. i went to my bank and got approved, even though the dealership tried to go thru the same bank and turned me down. Quote Link to comment Share on other sites More sharing options...
Akula Posted December 19, 2007 Report Share Posted December 19, 2007 I would back down to a better debt to income ratio and get a less expensive car. Quote Link to comment Share on other sites More sharing options...
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