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Chillen with some VTAK
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Discussion Starter · #1 ·
Alright so im goin to a dealership this week where they have a pair of rsx's (type s) One they are asking 20k for with 23k miles(nbp) the other 19k with 42k miles(vbp). Both are preowned acura certified. Im aiming for the vbp with 42k miles b/c i know i can get the price much lower with the miles and i love the color.

But my question is will i be able to finance it by myself. My parents and other family members refuse to cosign for me. I got my credit report last month and its excellent and ill prob look to put 10k down on the car. But my problem seems to be I dont make enough monthly income. When I tried applying through bank of america and capital one they wouldnt let me b/c of my monthly income. I make about 800-1000 a month and have another job starting next month which will add about another $800 a month. My question is, will the dealership be any different then the major banks? Will I be able to finance my car through them even without a high monthly income? Going to the dealership wednesday and was just hoping some people with expierence in this field would be able to give me some answers. Thanks :thumbsup:
 

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Semi Kind of Retired
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222,529 Posts
You probably won't be able to finance it on your own. Unless you have a good credit history (i doubt bc you're 18) or you have a long history with a high income job (i doubt bc you're 18). Best bet would be to co-sign with your parents.

Although I've got to say, the dealership will make their best effort to get you in that car at all costs. A sale is a sale. Is it worth it to you? I don't think so. Your APR would be through the roof, and you'd be paying through your ass to have this car. NOT worth it, in my opinion.
 

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Retired OG
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100,341 Posts
On another note, a good credit score with no history is just like a bad credit score. kid's starting off usually start around 700, which is good, but since there is no history behind the score, it means nothing.
 

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GEEK
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261 Posts
Yeah you gotta get a co-signer on your first vehicle unless you got alot of down man !!!

I got my FPR type s with 80k for 11k out the door.. i put down 2k.. and im paying 240 a month and then another 48 a month for my warranty.. so i pay 288 a month through a bank.. not the dealeship i bought my car at.. my financing is at 10.5%.. this is my first major loan on a car, and really it isnt that major compared to other loans in the industry and i woulda been at 19% financing if my dad did not cosign...

Hope this helps... but ive never regretted it.. the rsx s is a wonderful car man i love it everyday.(1 month now)
 

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Casual Scum
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2,108 Posts
I make a little (barely) more than you and I can just barely afford my '02 Base 5spd RSX. The car was $8,000 and I put $2,000 down.

If you don't have great credit (the dealership I went to used Transunion) then you're F'd and you'll need a cosigner. If your parents are willing to co-sign and you can put down a few grand at the table, I don't see why you can't walk out with a nice RSX.

It's harder to walk into your bank or credit union and get them to finance you rather than just having the dealership do it. My RSX is financed through Ford Motor Credit and I didn't have to put up too much of a fight.

How do you get credit? Get a credit card, always make your payemnts and always maintain a semi-low balance. Finance a piece of furniture and pay it off ASAP, get some utilities in your name...

Payments on mine are $300/mo, and my insurance is $200/mo. My old insurance company quoted me $430 when I first bought the car and I told them to suck my dick and now I have Geico. (multi-car discount FTW)

I don't live with my parents so I don't have that fallback curtain like some people do... if you're gonna go in debt, make sure you can handle it, or your life is over.

In your situation I think you need to lower your standards. Go with a higher-mileage Base model and if you can save up the cash, boost that bitch or trade it in for a T-S when you've built your credit up. As much as I know you don't wanna hear this, maybe shop around for an older Honda. Nice 98+ GSR's can run in the 5-9k range.

(sorry i keep editing and adding stuff)
 

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Sacked!!
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Dealerships will add another 2-3 points on top of whatever finacining they get for you. Never finance through the dealer. Thats for fools. You're young so your best bet will be with a co-signer. On a side note if you have 10K to put down thats a good amount of money. Screw going through a dealer you can find a Type-s for much cheaper. I got my '04 S with 44K miles on it for 15K. I suggest using Autotrader.com
 

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Casual Scum
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2,108 Posts
Dealerships will add another 2-3 points on top of whatever finacining they get for you. Never finance through the dealer. Thats for fools. You're young so your best bet will be with a co-signer. On a side note if you have 10K to put down thats a good amount of money. Screw going through a dealer you can find a Type-s for much cheaper. I got my '04 S with 44K miles on it for 15K. I suggest using Autotrader.com
While that's true, dealerships will finance you when a bank won't. I was with my credit union for over 2 years, had been at my job for 1 year and 4 months and they denied me anything more than a $500 LOC.

Getting shafted at the dealership is sometimes a necessary evil when your eyes are bigger than your wallet...

but again, you are correct.
 

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Chillen with some VTAK
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3,676 Posts
Discussion Starter · #14 ·
Thx for the advice guys....Yea i got a call today from a friend who found a deal through his friend....15k for a bom (type s obviously) with 30k miles and in pretty good condition and the only mod being a intake. So im goin have a lil chat with the parents to either lend me the couple extra grand i need or convince them to cosign on a minimum amount loan which is $7,500 that i can easily pay off. B/c that is just an amazing deal, hes either goin sell it for 15k or get like 13k on a trade in(hes trading in for a mugen civic si) So ill see wat happens with that.
 

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61 ci now
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3,335 Posts
Dealerships will add another 2-3 points on top of whatever finacining they get for you. Never finance through the dealer. Thats for fools. You're young so your best bet will be with a co-signer. On a side note if you have 10K to put down thats a good amount of money. Screw going through a dealer you can find a Type-s for much cheaper. I got my '04 S with 44K miles on it for 15K. I suggest using Autotrader.com
uh not always. I paid 750$ less than MSRP on my 06' but when I financed through the dealership I got a better rate than the 2 credit unions I belong too. That was 2 years at my current job (2 years ago) with a 750+ credit score though. And I put 5800$ down so I only borrowed 20ish. They gave me 5.54% vs my credit unions which were at 6.24%. Try the dealership first, but don't be upset if you can't get a loan in your own name at first. Or do what I did, buy a cheap car for 2 years then pick up a nicer ride when you have the finances to do so. Shit, even if you wait 6 months and save some more money (you said you had 10k to put down) you might be able to swing it better then, esp if you're doubling your income essentially.
 

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Retired OG
Joined
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100,341 Posts
Yeah you gotta get a co-signer on your first vehicle unless you got alot of down man !!!

I got my FPR type s with 80k for 11k out the door.. i put down 2k.. and im paying 240 a month and then another 48 a month for my warranty.. so i pay 288 a month through a bank.. not the dealeship i bought my car at.. my financing is at 10.5%.. this is my first major loan on a car, and really it isnt that major compared to other loans in the industry and i woulda been at 19% financing if my dad did not cosign...

Hope this helps... but ive never regretted it.. the rsx s is a wonderful car man i love it everyday.(1 month now)
You got hosed, bad.

10.5% for a car is unheard of, until right now of course.
 

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Devil's Best Friend
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299 Posts
Financing a car?





Don't. :thumbsdow
 

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Registered
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319 Posts
what you could do is get the loan initially, pay a couple of months with the higher rate then get it refinanced for a lower rate from another bank after you demonstrate you can make the monthly payments with no problems.
 

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Devil's Best Friend
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299 Posts
what you could do is get the loan initially, pay a couple of months with the higher rate then get it refinanced for a lower rate from another bank after you demonstrate you can make the monthly payments with no problems.


You could do that if you think its worth it. Car value depreciate fast - is it really worth it paying it out? when you know the car wont be that value 2 years down the track? if you decide to sell it, then you won't get that money back.




Hey, I paid for mine with trade in and upfront, no debts in this day and age for me!


Up to you whether you really want it NOW.... I say wait and purchase outright, especially when cars are concerned.
 
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