put a big enough down payment.. they'll sell it to u

 

1) Paying over msrp is ridiculous. Especially 6k over. This is when you laugh and walk out.
2) 2k/mon =24k/year (if that is after taxes) which really isn't that much
3) Having more credit cards will not guarantee good credit
4) You said of the 3 cards and none are payed off (implies you are in >2k credit card debt. If you are making min cc payments how can you expect to make a car payment and insurance payment on top
5) 620 is not a very good score.
6) You have no bills/commodites which doesn't help. How long have you had your job, etc. All that matters. Financial institutions look for car payment history, house payment, etc.

Sorry if I sound rude, but it is just how I see it. Like others said you seem to be pretty young (I'm kind of a hyprocrit here since I'm only 23, but I own a home, have a full time job, etc). Right now you should first worry about getting out of cc debt and stop paying the enormous interest rates on those cards. Do what you want, your life, your money, but if anything go to another dealer that is willing to at least sell at sticker.

 

I wouldn't be posting this if i had a big DP

 

dude u are getting but raped! did they say bend over?
mark up! there is already 3300 in the sticker(profit for the dealer) that is.
I got an offer for 34500 for a 06 white mr today with 25k for trade for my 04 ssl bby with 19000 miles. you think thats good? I am still trying to get 1000 more out of them. afterall with that deal i still dont need any cash down?
they are trying to take you to the carwash before you get the car dirty!
06 is an 06 but dont give your life away like our fellow EVO>>>>03 owners did

 

ask your parents to put it in their name...no shame in it, since you got denied ^^

 

I would never pay over MSRP, I'll wait till next year so i can pay off the cards. I make 400 dollar payment on the card.. I dont understand why its so low my score that is. job for 3 months recently started. Next time i go i'll have a co-signer. I will be getting a house in 8 months.. I can't handle driving my car anymore, i think the tranny is going to go out. I dont even want to look at it

 

Try another dealer, and like said, a co-signer would help.

 

-If you have only had yoru job for 3 months, wait a few more. The longer you have the better.
-$400 payment is still nto a full payment. If you don't have any bills you shouldn't really be racking up cc charges and debt. Yes cc companies love you, because of all the interest you are paying, however for a bank to loan you money...not so good
-Co-singer or not...maybe you won't find someone willing to do that
-Perhaps you should treat your current car better (by the amount of trannies and clutches you have gone through it appears that you are abusing your car)
-Never buy a car at the beginning of the year or month. Always end of the year, last day of the month.

 

Usually when you have a cosigner is because your score isnt high enough to get approved from a lendor. They will look at the cosigners score not the other way around. When I graduated HS I tried to get a Camaro Z28 on my own I had hardly any credit. My parents signed and I got the car with very good interest rate.

 

I already have a co-signer. I'll just wait at the end of the year. My CC should be paid off.... I was stupid and my current car is garbage. I wouldn't buy it for 3k..... Well i'll be back in a few months

 

Mtn Mitsubishi is the most reasonable dealer in the area. A previous poster hit the nail on the head. Your income to debt rate is not sufficient to support a 30+ thousand dollar car loan and a credit score of 620 is pretty bad. Typically dealers don't want your car loan to be more than 20-30% of your gross monthly income. 2k a month won't do that...

YMMV,

Greg

 

Don't be upset! Be happy. Run from that stealership that you were at. They sound very shady to me. They are probably working you to make a little extra money. I bet that they will call you in the next couple of days and say that they were thinking about you and found a way to get you into the car.

Do not let that happen to you. Do not pay over invoice. Better yet wait until things are better for you financially. I am sorry if this is not what you want to hear but I promise you as much as you want the car now if you wait until you are better prepared it will be so much more worth it. Oh and BTW the name of our car is EVOLUTION which means that while you wait the newer EVO's keep getting better.

I hope that you make the right decision.

-Nate

 

Your score is low because you are so young and have LITTLE to NO established credit history, a majority of the people on here have owned and financed more than 1 car over their lifetime, have 5+ years of established credit history or MORE, and are alot older.

You are considered a RISK plain and simple based on that score, and your Debt/Income is terrible. Your time on the job, age, credit history, debt/income, ratio of available/used revolving debt, etc. all make up that 620 FICO score. 620 may be OK for your age, but not very good overall in the scheme of things.

 

With $2,000 gross monthly income, the banks will most likely allow a $360 car payment when looking at the payment to income ratio with your current credit score.

And as a first time buyer, the maximum usually allowed to be financed (after tax and licensing fees) is $18,000, but you can push that envelope a little bit which seems like they're already doing considering the fact they only want 10 grand down from you. That, or they'll end up discounting the car however much it takes to fit within the banks guidelines.

So, 10 grand down sounds about right if you were to go in on this loan by yourself. You'll probably get the standard 10-12% interest rate, whereas with a strong co-signer, you could get those rates cut in half... at least. And you wouldn't have to put much down.

..It won't help your credit score as much with a co-signer, but at least you can get the car you want as long as you can handle the payments they come back with.

 

Were you going to put a down payment? 620 credit score indicates you have some kind of credit problems. Age does not make your score lower. I think everyone starts at around 700. You score went down somehow. I would get a credit report and see if any credit lines in the report do not belong to you. In my case since my dad and I have the same name I have a few of his lines of credit show up in my report. Fortunatly for me my mom does the bills for my dad so I am not screwed

I negociated the financing for my girlfriends 06 Scion Tc. She never owned a car before and has tier 1 credit. We negociated the price with the Salesman then went into the finance office. The dumbass finance guy was then proceeded to give her 9% APR because she was a "first time buyer". Even though she had put down a 5k cash on a 19k car. I told him that was bull**** and we were going to walk out. I explained to him that I work in banking and know how lending works. He said he had to walk out a second and when he came back he said he could do 4.99.

Don't let them con you into thinking they can rape you because you have never financed a car. Lenders usually don't care if you have or not. They look at all loans at a risk standpoint. In your case you do not really own collateral, you were buying a car well beyond MSRP and I didn't see you mention a downpayment at all. That is why you were rejected.

If you defaulted on your payments and the bank repo's your car they will loose money. Now if your getting a good deal at MSRP or below with around 10-15% of the value of the car as a downpayment, most lenders will not reject you. If they repo your car they will make their money back and some. Not much risk for them to give a loan now. If you get approved do not fall for the "first time buyer" APR. That is complete bull**** that lending officers at dealers use to make more commision.