Well I'm thinking about buying a base RA from my local Mitsu dealership. Right now I have a 2008 Lancer ES with 8,000 miles and the GTS rims and bodykit. I'm hoping I can get as close to 15,000 for my trade as possible. My car is totally paid off so hopefully for 10,000 I can walk out with a new RA. I'll get $500 off for mitsu loyalty. Only thing is I'm 21 with only two credit cards, rent, utilities and a cellphone bill. Those of which I have only had for about a year. Always pay my bills on time and almost always in full. I also just got a job paying me around $2000 a month.You think I will have "sufficient" credit to finance around 10,000? I am a little worried.

Oh by the way the reason my car is paid off is because I had very generous grandparents before they passed away.

Mitsu rocks!!!

 

Your credit should be ok. How long were you making payments?
I don't think they will give you 15k for trade-in. You may need a co-signer.

 

They are still handing loans out like its candy. Why wouldn't they? If they fail they can just ask Obama for more money >_>

/end political rant

Honestly though, you shouldn't have a problem getting one. If you dont have any negative dings on your credit report there will be a bank willing to fork out the money.

 

Well considering I wouldn't be asking for a loan for nearly the full price hopefully I won't need a co-signer. I would probably have trouble finding a co-signer.

 

when i bought my gts, i was 20 and had a little over 2.5 years of credit history - all good. my credit score was 737. i put 8k down on it and financed 13k just fine with no co-signer and a $10/hr job.

as for your trade in:
i only got 14,500 for my '08 gts with only 11k miles, so i don't know if you'll be able to get 15 for your es. it all depends on your ability to negotiate. beat the hell out of them until they give you what you want.
i also got my ra for 25,500, so that part's feasible.

 

If you can do it, go for it. If you'd be held back by the payments, go with something cheaper like a gti. You can't enjoy the car if your busy working all the time to pay it off!

 

Dude, you are financing significantly below the value of the car, so it shouldn't be a problem. One of the factors banks take into consideration when giving a loan is balance due and resale value, so you should be good.

Car value = $25,000 (approx.)
Amount of loan = $10,000 (approx.)
residual @ 36 month = 52% ($12,500)
residual @ 60 months = 34% ($8,340)

They know that if you default they will still make money.

 

some stupid ppl group will scar your car ............ just like me ~~
haha..... sorry, not funny at all.