I have been keeping an eye on the pricing threads and after doing the math I realize this is the best time to get an MR. 33k out the door versus 38k next spring. I don't think MR's will get marked down next year much.

I'm worried about my chances at getting the loan though. My credit score is 778 and I have paid off all my debt, no mortgage. BUT I've been working a full time temp job for 8 months.

What do you all think my chances are?

 

Why dont you just go swing by the dealer and find out for sure.

 

Bank doesn't need to know it is a temporary contract.

What is your work history prior to the temp assignment?

778 is great!

 

Don't forget about the sales tax deduction for new vehicles this year.... free money.

I wouldn't have bought my MR if it wasn't for the deduction and 0% financing.

With the credit score you have, you should be fine.

 

I don't think a full time job is even needed. I am only working part time ( but enough to pay for my car) When I bought it all they needed was a credit app which I filled out where I am working and how much I earn( which they probably don't really care. Anyways, again, purchasing a car is not about credit score; if you think you can handle the payments without a full time job go for it man.

 

You should not have a problem. Go pick out and take home your new MR.

 

No other debt with a 778, and as long as you have a decent paying job. yeah you'll get approved... shop the car loan before you go to the dealer... you can usually get a better rate... unless there is a 0% apr offer right now

 

^ this.

posted by SC Mitsu and edited as of June 26, 2009:

 

You should be fine with that score, as long as debt/income lines up (ie - your job pays well, as it sounds like your debt is low).

 

Thanks everyone. I'm fulltime it's just the company can't hire perm yet. I can easily handle the payments.

I'll schedule a test drive for Friday locally. If they won't get down to 33 I'll go the socal route.

 

Just Realized I qualify for this!

 

Some states/banks require a full time job before a loan can be granted on an automobile. People with low credit scores tend to get their places of work called for verification.
Some one with a high credit score probably wouldn't be questioned.
They will only know what you tell them when you fill out the ap.

 

They have made this the best time to buy and they know financing has to be part of a good deal. My wife and I got a great 6 year rate of 3.9% with not so good credit. You should do well. If it's not what you want, appear to back away and see what they do. They have to move these cars since things are only going to get worse.

 

good luck man, you should def do it

 

Tomorrow afternoon I test drive a RR MR with tech package. 41.5 msrp. We'll see how low they will go. I want about 33-34k OTD. This is my track car so i will keep my DD. They need to sell this more than i need to buy it!

Hope to be part of the family soon. (coming from the Suby side)