CALL AROUND! Check Credit Unions, etc. I know times have changed and you have some special circumstances, but hell, I've got mine at 4. .... something percent!

Good luck!

 

credit union... is eloan.com a credit union? i'm actually just a college student with a part time job. do these credit unions approve guys that aren't full time employees?

 

All depends on how much you make and your score.... No idea about Eloan.com though

 

They should,

 

Don't worry about the enquiries, when you get multiple enquiries for the same thing it should only show as one or two on your credit report because they do realise that you will shop around and get multiple quotes.

 

alright i'm really new to all this finance stuff. what exactly is a credit union? do u need a full time job to get approved? could u just throw out some names of credit unions? i did a google search but most of the links are junk.

 

btw thanks everyone for the replies.

 

Like in your town, look up one, like for instance up here, we have:

Teachers Credit Union
School Employee Credit Union
Etc....

Most will have "credit union" in there name....

Try a Phone book or look up a phone list online

BTW your welcome

 

well it looks like theres a credit union for students on campus (I go to UCSD). anyone ever heard of USE Credit Union. Its a statewide credit union for students/employees of University of California. Is it any good? thanks again everyone.

 

i got my EVO for 13,000 after trade in and a 4.34% interest rate. So my payments are around 240 a month for 3 years or 4, i forget the term

 

1. Be careful of eloan.com as we've had a couple people in who were supposed to be all set and had a major hassle getting funded.

2. If the dealer told you 8% you were probably approved for 6% and they are making a 2% spread on your funding. They may be giving you the lowest possible but it's most likely they are using the financing as an additional profit center.

Go back to them and tell them you are ready to buy right now provided your interest rate is no higher than 6.29%. Be sure to use a number like 6.29 and not 6 1/4 or any even number. It makes them think you've calculated and are more serious.

They probably have that much room in the financing and if not they can buy the rate down to that level out of the deal. If they are truly shooting straight with you they'll come back with what they can do. At that point you have to decide to accept their compromise offer or walk.

3. Talk to the credit union you mentioned. Tell them your situation and that you have 7.5% at the dealer, do they think they can beat it. If, after hearing your financial situation as far as income, credit card pmt history, etc. they think they can beat 7.5 let them pull your credit report. You don't want to use the 8% because A. you want to beat the rate not match it and B. you don't want their pull to cause you to not get the 8% (see #4 below).

4. Unless there is something different where you are, every time your report is pulled it affects your credit. It isn't a large amount, maybe 4 or 5 points, however if your score is say 653 and the next pull drops it to 649 and the rate changes for 650+ then that pull screwed you.

Good luck.

 

how about getting a co-signer? that might lower your rated even more and you'll still establish credit from that. when i did my loan, my rates were good but not good enough. i asked my mom to co-sign for the hell of it and i got a much better rate. just a suggestion.

 

thanks LDB, i think i'll try that. everything seems to make sense.

19.5, yeah i was thinking about that too, but i wanna go independent on the financial.

what do u guys think of my plan? should i payoff my credit card debt to raise my credit, or should i just put 5k down? what would lead to lower payments in the end?

 

How much of your $5k would it take to pay off the credit card? What interest rate are you paying on the credit card? You should really never carry any balance on a credit card because generally you pay a double digit interest rate on the balance. Put the $5k where it cuts the highest interest rate. If the cc is higher than the car interest pay it off and then keep it paid off every month. That may mean changing your living habits somewhat but if you can't afford to do that you really can't afford an Evo either.

My .02 based on a younger and more foolish period in time. YMMV.

 

Purchased car for $25,900 with 9K and new tires/rims. Car was left on the lot with no wheel locks and the tires and rims were stolen. The car also had the EVO VII taillights,sunroof, carbon fiber wing and buchar intake.

The theft was not reported to insurance and so the car has clean carfax.

Purchase Price $25,900
Trade in for 2002 RSX $4300
Downpayment $500
APR 3.55%
Monthly Payment $404