Mark D.

I'm not asking for advice on life and no don't buy a car right now, etc. So please avoid posts like that I'd appreciate it. I currently have a 2003 CL that I owe about $2.5K on my rate was a ridiculous 21%! I know my credit is better now than when I originally took out the car loan for my Acura because I recently purchased a home, and aside from some medical bills and small things that they didn't say much about, it wasn't an issue. Now I bought the home with my brother but our rate was 5.75% not too bad, etc.

Anyway I am purchasing a 2006 G35 that the dealership is asking $20K with a $3K trade-in or $3K down payment. Only owing $2.5K on my car I was thinking I should mos likely get $5.5-6K for my car as a trade-in, unfortunately. So that would still allow me $3K as a trade-in.

Anyway I'm just trying to avoid getting completely raped in this whole ordeal. Because I always feel like I have no real say somehow. I'm going up Wednesday to see what my trade value is, etc. Now the only credit card I use is a Capital One card that I use and pay in full every month. So I know that can't hurt me. My score according to a recent dealer was a 619 via Trans Union.

And my job history and income are not an issue, so that's never a problem. I just really don't want to get bent over backwards, lol. Looking for honest advice.

And also I had a $3K down payment but instead paid off $3K of my car loan.

Thanks!

Anrosphynx

If your credit score is truly 619, you are going to get raped on the financing. no ways about it. I would be suprised if you could get better than 10% financing on your own.


Your home purchase financing was likely predicated on your brother's scores not yours.

JDMQuip

If you owe $2.5K on the CL why not just pay that off completely? Enjoy not having a car payment for a while, let the house appreciate a bit. If my math serves me correctly you're probably looking at a monthly car payment of about $550 with the above info given. But do what you want. Just my $.02

frofro24

What is the blue book of your CL? I have read a lot of stuff about buying cars and you are almost guaranteed to get raped on a trade in. I would try to sell your CL straight out and pay off the difference of your loan (2.5K). Also when financing a car you have other options other than the dealership, you can have a bank on the outside finance you. I have found credit unions have better rates than banks most of the time and some will match or beat other rates from other banks or credit unions to gain you as a costumer.

Sabre

[QUOTE=frofro24,Sep 15 2008, 04:41 PM] What is the blue book of your CL?

fatjoe10

Credit score is a very important part of loan decisions, but not the only one. If your score is on the low side, but your credit report shows that you are very good with car payments, some lenders will try to work with you and evern give you a lower rate than one offered to a person with a history of missed car payments and repo's. It is the same for a house. Someone with a past history of troublesome car loans will come off better for a mortage if it has not defaulted on one. It is very good advice to pay off the CL first, as that will show you were financially responsible to the end. A satisfied car loan will increase your chances of getting a better rate. Good luck to you, and shop shop around.

Saki GT

Not S2000 Talk.