Where can my buddy get financed?
07-27-2005, 03:05 PM
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Where can my buddy get financed?
As some of you know, a friend of mine is trying to buy my car. He is unable to get financed because of his credit score. (Long story, sister ruined his credit). The banks wont loan him that much and we tried calling that Bar None place but they only do it through dealerships. How else could he buy my car? He has around 3 or 4 thousand to put down as well. Also he cant get a co signer right now but is working on it. Please give me some answers if you have them so I can get into my new car. Thanks in advance,
--Mark
--Mark
07-27-2005, 03:34 PM
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Good Luck, no way it's going to happen. Don't bother wasting your time. If he can pull a lucky loan, his ass will be raped on high ass interest rate.
Just bought a car recently and I realized even with good credit sometimes your age plays a significant role. I have great credit, but my age wasn't something a bank/dealership wants to deal. In your friend's situation, since I'm thinking he's less then 25 years old, if his credit is already ruined then there is basically no chance he can get a loan from anyone. The way I got mine is through my dad's credit union. They knew him and so took a risk on me. See if your friend knows somoene that can help. Otherwise get more of a downpayment and see if that works. My interest rate with 10K down was 3.25%, pretty damn good. Half done paying the car already.
I work at Expomotorcars.com, and I see some of the craziest interest rate people get on the buyer's order's left in the books. I even see some who put huge downpayment but can't get a loan b/c of credit.
-Trung
Just bought a car recently and I realized even with good credit sometimes your age plays a significant role. I have great credit, but my age wasn't something a bank/dealership wants to deal. In your friend's situation, since I'm thinking he's less then 25 years old, if his credit is already ruined then there is basically no chance he can get a loan from anyone. The way I got mine is through my dad's credit union. They knew him and so took a risk on me. See if your friend knows somoene that can help. Otherwise get more of a downpayment and see if that works. My interest rate with 10K down was 3.25%, pretty damn good. Half done paying the car already.
I work at Expomotorcars.com, and I see some of the craziest interest rate people get on the buyer's order's left in the books. I even see some who put huge downpayment but can't get a loan b/c of credit.
-Trung
07-27-2005, 03:42 PM
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Thanks for the response Trung. I was already thinking along the same lines as you but was just hoping for another way or a company that could do it. He said friday him and his mom may try and go to the bank and hopefully he can get her to co sign for him. Im thinking thats the only way he will be able to get the car. If anyone knows of a company that will do it though, please let me know.
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07-28-2005, 05:17 AM
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Originally Posted by YZER,Jul 27 2005, 09:04 PM
haha sorry, im an idiot. haha.
-Trung
07-28-2005, 08:27 AM
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Originally Posted by SpEeDxXxRaCeR,Jul 27 2005, 05:34 PM
Just bought a car recently and I realized even with good credit sometimes your age plays a significant role.
07-28-2005, 08:33 AM
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Originally Posted by Drop Top,Jul 28 2005, 10:27 AM
I'm guessing this is what the finance guy told you. That statement is false. It is illegal for your interest rate to be based on your age. It is also illegal to discount the interest rate for buying extra options, such as extended warranties.
-Trung