Evo purchase and credit question?
Good luck bro... it's tough when stuff like that f's up your credit. I can't really speak on this because my wife and I are +700, and we own a home and crap, but I initially used a local credit union and then paid it off quickly.
I mean if you REALLY want the car and end up getting higher interest rates, if you can pay double principle or something like that, cutting your time in 1/2 you'll end up paying (overall) less interest than the whole lone paid off over the full term... that's the best I can come up with...
I mean if you REALLY want the car and end up getting higher interest rates, if you can pay double principle or something like that, cutting your time in 1/2 you'll end up paying (overall) less interest than the whole lone paid off over the full term... that's the best I can come up with...
Evolving Member
Joined: Sep 2004
Posts: 495
Likes: 0
From: Wisconsin
Originally Posted by 06wwrs
I was wondering if anyone could tell me who Mitsubishi uses as their lender? I was also wondering what kind of scores most of you had when purchasing your Evo's? I'm looking to get an 06 RS in the upcomming months. I'll be putting about $5k down. I have the income to support the payments, no problem. Only issue is my credit due to a recent nasty split with my ex. I'd just like to at least get a heads up on what kind of rate I can expect and what kind of payment I'm looking at with the money I'm putting down. I'm guessing my FICO is somewhere in the mid to low 500 range. Also, if anyone know's what credit reporting agency Mitsubishi uses, that would be nice to know also. Thanks in advance for any input.
Evolving Member
Joined: Sep 2005
Posts: 192
Likes: 0
From: Chicago
If I was you, I would get a co-signer. However, if you dont have one then build more credit and save your money. Evos arent going any where but this is up to you. I was stuck in a high interest loan and it screwed me in the long run where I was pretty bad being upside down.
The main reason I didn't wait for the IX was the 0% interest offer (I bought 1 week ago Saturday in TX). The finance manager at the dealer opened the book to show what the normal rates are since I was curious how much the 'free gas' option came out to. For the best credit scores, the rate was 6.6%. So for my case, it was much cheaper to give back the cash up front for the lower interest rate. My score was 747 and the dealer said they use Equifax.
In my opinion, you will save many thousands of dollars no matter what kind of deal they offer you if you can just get your credit score up before you buy. You really can change your score dramatically in just a few months.
Two online programs I joined (for a small fee) are Equifax's Credit Watch with Score Power. It has a nice score simulator where you can track different scenarios about how to improve your score. Another is TransUnion's True Credit. Both are fairly similar, but you will be amazed at how much they might vary. The credit manager told me about one extreme case where a woman had an 810 credit score in one agency and a 630 from another. Do yourself a favor and actively dispute any incorrect info, info belonging to your x-wife, don't miss payments on anything, and pay down your credit card balances to below 1/3 of the balance.
The time you spend improving your credit score will be worth the $/hr of work!
In my opinion, you will save many thousands of dollars no matter what kind of deal they offer you if you can just get your credit score up before you buy. You really can change your score dramatically in just a few months.
Two online programs I joined (for a small fee) are Equifax's Credit Watch with Score Power. It has a nice score simulator where you can track different scenarios about how to improve your score. Another is TransUnion's True Credit. Both are fairly similar, but you will be amazed at how much they might vary. The credit manager told me about one extreme case where a woman had an 810 credit score in one agency and a 630 from another. Do yourself a favor and actively dispute any incorrect info, info belonging to your x-wife, don't miss payments on anything, and pay down your credit card balances to below 1/3 of the balance.
The time you spend improving your credit score will be worth the $/hr of work!
wow I'm reading the right thread, I am a special f&I manager at a store in harmony pa called
Kasing dodge, i know all there is about credit to know.... basiclly with a 500 score you'll be lucky to get bought, you need to find a mitsu store that has special Finance dept.
that has Subprime lenders like Americredit, CPS. nuvell...ect, but i hope for your sake,
for subprime lend you have to has a min of 1yr on job or no gaps in employment, have to be a W2 payroll employee..provable income..... proof of residence... phone bill, utility bill, any more question pm me i'll be able to help....
Kasing dodge, i know all there is about credit to know.... basiclly with a 500 score you'll be lucky to get bought, you need to find a mitsu store that has special Finance dept.
that has Subprime lenders like Americredit, CPS. nuvell...ect, but i hope for your sake,
for subprime lend you have to has a min of 1yr on job or no gaps in employment, have to be a W2 payroll employee..provable income..... proof of residence... phone bill, utility bill, any more question pm me i'll be able to help....
Evolving Member
Joined: Sep 2005
Posts: 192
Likes: 0
From: Chicago
Originally Posted by adam5743
The main reason I didn't wait for the IX was the 0% interest offer (I bought 1 week ago Saturday in TX). The finance manager at the dealer opened the book to show what the normal rates are since I was curious how much the 'free gas' option came out to. For the best credit scores, the rate was 6.6%. So for my case, it was much cheaper to give back the cash up front for the lower interest rate. My score was 747 and the dealer said they use Equifax.
In my opinion, you will save many thousands of dollars no matter what kind of deal they offer you if you can just get your credit score up before you buy. You really can change your score dramatically in just a few months.
Two online programs I joined (for a small fee) are Equifax's Credit Watch with Score Power. It has a nice score simulator where you can track different scenarios about how to improve your score. Another is TransUnion's True Credit. Both are fairly similar, but you will be amazed at how much they might vary. The credit manager told me about one extreme case where a woman had an 810 credit score in one agency and a 630 from another. Do yourself a favor and actively dispute any incorrect info, info belonging to your x-wife, don't miss payments on anything, and pay down your credit card balances to below 1/3 of the balance.
The time you spend improving your credit score will be worth the $/hr of work!
In my opinion, you will save many thousands of dollars no matter what kind of deal they offer you if you can just get your credit score up before you buy. You really can change your score dramatically in just a few months.
Two online programs I joined (for a small fee) are Equifax's Credit Watch with Score Power. It has a nice score simulator where you can track different scenarios about how to improve your score. Another is TransUnion's True Credit. Both are fairly similar, but you will be amazed at how much they might vary. The credit manager told me about one extreme case where a woman had an 810 credit score in one agency and a 630 from another. Do yourself a favor and actively dispute any incorrect info, info belonging to your x-wife, don't miss payments on anything, and pay down your credit card balances to below 1/3 of the balance.
The time you spend improving your credit score will be worth the $/hr of work!
Originally Posted by 06wwrs
I was wondering if anyone could tell me who Mitsubishi uses as their lender? I was also wondering what kind of scores most of you had when purchasing your Evo's? I'm looking to get an 06 RS in the upcomming months. I'll be putting about $5k down. I have the income to support the payments, no problem. Only issue is my credit due to a recent nasty split with my ex. I'd just like to at least get a heads up on what kind of rate I can expect and what kind of payment I'm looking at with the money I'm putting down. I'm guessing my FICO is somewhere in the mid to low 500 range. Also, if anyone know's what credit reporting agency Mitsubishi uses, that would be nice to know also. Thanks in advance for any input.
Evolving Member
Joined: Dec 2003
Posts: 230
Likes: 0
From: So-Cal
Originally Posted by techause
FYI...no 0% on 2006 IX and NO free gas either.
its ok i'd get me 06 evo with no free gas .. haha
Newbie
Joined: Aug 2005
Posts: 77
Likes: 0
From: Mesa, AZ
It also depends on your job and weather you file taxes, and if you have bought a car before.
I'm kind of in a wierd situation beign self employed I have to go off stated income, and the fact that i wasnt making enough money to file taxes before this year also hurt me. In the end i believe i came out with a 14% and i even shopped arround and that was the best i could get. Owning a house and having a fika of 670 really didnt matter, all the above items hurt me enough to get a really ****ty rate.
I'm kind of in a wierd situation beign self employed I have to go off stated income, and the fact that i wasnt making enough money to file taxes before this year also hurt me. In the end i believe i came out with a 14% and i even shopped arround and that was the best i could get. Owning a house and having a fika of 670 really didnt matter, all the above items hurt me enough to get a really ****ty rate.
I'm a salesman and finance person her socal mitsubishi dealer. Ok you have to look at this way surden credit score allow only so many amount the bank will finance you. Not to bring your hope down, but with 600 score and lower going to be hard to get finance for the Evo cost. Even if they can do it would be either you put down about 8,000 or more and also they rape you with high interested rate. my best advice is for you to try to get a loan through your bank. Aslo if you are a 1st time buyer or not
Evolving Member
Joined: Sep 2005
Posts: 192
Likes: 0
From: Chicago
Originally Posted by enigma94
It also depends on your job and weather you file taxes, and if you have bought a car before.
I'm kind of in a wierd situation beign self employed I have to go off stated income, and the fact that i wasnt making enough money to file taxes before this year also hurt me. In the end i believe i came out with a 14% and i even shopped arround and that was the best i could get. Owning a house and having a fika of 670 really didnt matter, all the above items hurt me enough to get a really ****ty rate.
I'm kind of in a wierd situation beign self employed I have to go off stated income, and the fact that i wasnt making enough money to file taxes before this year also hurt me. In the end i believe i came out with a 14% and i even shopped arround and that was the best i could get. Owning a house and having a fika of 670 really didnt matter, all the above items hurt me enough to get a really ****ty rate.