I talked to a dealer in Orland park a few minutes ago and they said I didn't qualify for 0% financing. I'm only 19 and have a credit card. I figured with such a high down payment i'd qualify. I really don't know much about credit and financing a car. Any input would be appreciated.

John

 

Co-sign with Family and once the car is paid off you will have good credit.

 

My dad won't co-sign. I guess i'll have to get a higher financing rate.

 

honestly dealerships are wierd... I had perfect credit went there.... but down 6 or 7 grand and they gave me the loan but it was an insane percent so I said screw that and went to my banker ... then the dealership had the nerve to sit down and chat and say why they wouldnt give it to me... either they give it to me or they dont and they didnt so they should just shut thier mouths and let me get the better deal!

 

Why would you put $20k down?

 

go to your bank.... alot better deal

 

because when he goes to trade it in, he won't be up side down
Mitsu is the only car company besides GM that you really need GAP insurance on EVERY car..

 

Good credit does not come for free. If you dont have a home or have never financed a car then I would suggest you finance some on the car. Paying off an auto loan on time will do wonders for your fico score. Dont be late.....on your payments. As to the guy who asked why put 20 k down.....well put your 20k down if you dont get the 0% loan.....if you do get it...put down what you require to get your payment to....other than that invest it elsewhere because its all about how to make more money without using your money!!!

0% is like borrowing money from mom and dad or uncle Jake....FREE.....

Goodluck man...take it from me....Bite the bullet.....build the credit it will be one of the best decisions you ever make.

 

Would I still build credit with the 0%? I guess i'll put less down and build credit. I think i'm in a better position than I realize with 23k to play with.

 

Oh most definitely........Any bank who gets 80% down and reserves the right to repo the car and also have rights to sue for interest and keep your original down payment... etc.....is stupid to reject you. PERIOD. Minimum down (enought to keep payment easy) on 0% loan as its free money lent to you..........max down on interst loan or enough to make payments easy as to not risk messing ur credit if financial trouble arises....a 150 to 200 payment is nice when things get tight I would imagine.......you will stillpay interest but hey sometimes thats the price for credit. After u pay thisoff...your credit will be golden bro Hell if they wont finance you I will with 23K down.......at 4% of course.......

 

Just put it all down.. then you won't have to finance nearly as much.

Edit put 20 down and use the 3 to buy new tires/clutch so you can have them waiting

 

why not borrow the maximum amount that payment wise you can handle and put your saved money somewhere it can do more work for you. THE MONEY Is BEING LENT TO HIM FOR FREE at 0%. HELL hed make more than that with the rest of it sitting in a savings account ay a measly 1%. geez...whew Im outta breath now

 

Re-read the thread...........even with 20k down he DOESN'T qualify for the 0% financing.

 

RE-READ THIS

 

Re-read what?