I went in today to try and get a 06 RS. It was 35k with 6 k mark up but i haven't work on the price yet cause i first wanted to see if i get approved. I make 2k a month and i have no other bills If i got this it would be my only bill. My credit score is 620. I have 3 credit cards and i never missed any payment. 2 are almost paid off and 1 i still have 2g's on it..... Bascially they said i need to put 10k down and i can get it They said i needed histroy of car payment but i dont have any cause i got my car for free 02 GTi 1.8T. Oh and i had my credit cards for 2 years and never missed a payment. I thought that would be good enough

 

ur credit is still brand new...and 620 isnt that high...yeah..if this gonna be ur first car purchase..they are gonna rape ur ***!! sorry to hear

 

go to another dealer, they are just trying to milk you for more money dude

 

They prob want 10K down as the car will only be worth 28K when you drive it out the door

Man - those 06's are not cheap !

 

You shouldn't spend more than 25% of your credit line on any credit card, which could be hurting your credit score. Takes time to build a solid credit score, but I would immediately pay off any remaining balances and then your credit score should go up within 2 months.


Good God do not buy that RS with 6k markup. Find another dealer ASAP. Wouldn't hurt trying to get some financing through other sources like local bank besides MMA.

 

There are many factors, but you need to have paid off one major debt completely, and you need to have shown the ability to pay off a large loan, not just pay your credit card debt.

620 is not good.

 

Sorry to hear the news

Hear's why you didn't get approved:

Credit Score too low
Income too low (Is $2000,00 gross) I'm assuming so. So, a net of about $1500.
High Risk (You seem young and I assume you live with your parents) No bills...

My advise, wait until your older to purchase a car like this. Don't blow half of your income on a car (even though and EVO is a great car to do it on). I was 32 before I purchased a car like this. When I was your age, there were many cars I wanted but none were ones I could afford. Someone your age shouldn't be driving around a $35,000 to $40,000 unless it's free or you make a ton of money at your age. ($24,000 a year is not much, but not bad for your age) Wait until your more financially stable. By this I mean, a solid credit history, and a better paying job (one you've been with for awhile). Also, don't forget about what the insurance is going to cost you. Tack on another $150 or so a month.

Hope this helps. Wish I could have owned that Supra when I was 16-20 years old. Sometimes, good things come to those who wait!

 

+1

it also could be because of your income-to-debt ratio. 2K a month is nothing if you spend money on bills + rent + a car payment.

i would not necessarily call this just a dealer trying to milk you for some money.

 

if someone gave you an 02 gti 1.8t for free, then i'm sure they'll co-sign for you too, that would be your best bet.

 

get a co-signer...but still usually they will still base your interest rate on your credit score and not the co-signer's....I just wen through this with my gf. Basically I bought her a Scion TC because her credit sucked and they (toyoto) wanted her to pay 14.4%interest. With my credit i got here down to 3%. I tried to just co-sign, and they still would have based the interest rate off her credit and not mine.

 

so i put the car in my name

what a freakin headache

 

Hey man I'm 21 and I have an Evo and a 01 Integra. All I can tell you is that they are trying to ripp you off man. That seems a little high for an RS. Just wait a little more. You still have have a car right? If you do, save your money and wait until the end of the year and you WILL get a better deal and not have to pay that ridiculious markup. Being young does have something to do with it but its true, don't use all of your money on a car. Not worth it, especially an Evo, they are high maintaince and gas, well not cheap either and trust me you wont be driving it at the MPG, its much less than what they claim. You basically have to drive like a grama to get that milege.

 

Wat dealership did you to? Renton Walker Mitsubishi?

 

First they did it with a mark up. I told him i wouldn't pay more then MSRP which was 29000. They said they try to see if you can get approved first then work on the price. He told me he would get me for mspr other wise i wouldn't even try. Im going to wait and get it at the begining of the year and get it. I'll my someone that will co-sign and i'll get apprived 100% I just tried and see if i could do it on my own Oh and i dont think a evo is high mentinence. My car is. I've gone thru 4 trannys, 4 clutch's, 1 set of axle... Some how the engine is still holding up.

 

tacoma...