Car Loans

Discussion in 'Automotive' started by Wayne, Jun 11, 2004.

  1. Wayne

    Wayne
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    Have any of you guys got a loan to buy a car with shitty credit? I had perfect credit when I bought my Z24 brand new in 2000, now I want something else and it is not very easy. Yeah I screwed my credit up (with help from an ex-bitch) but it is repairing itself more and more as time goes on. The last place said I was repairing it quicker than anybody she had ever seen (paying off debts, and keeping current with credit cards and loans). But they still wanted 20% interest....HA!

    Is there ANYWHERE I can go that I could talk to personally and maybe get a break, hell even 12-14% would be reasonable. I make good money and am working hard to repair old debt. I just hate my fucking cavalier and want a Camaro/Trans Am.

    Panther Auto Sales has one for $14,900 right now...drool.
     
  2. Halapine

    Resident frenchy

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    Best thing i can suggest to you is wait until your credit gets better and that the bank will lend it to you.
    How much do you think you will need to borrow? Because you could always go for a line of credit from your bank, they'll lend that easily to ya and it's re-usable. My interest is variable, and it's sitting at like 7.5% right now wich isnt too bad.
     
  3. Wayne

    Wayne
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    I thought a line of credit was harder to get than a car loan?
     
  4. Dream Weaver

    WWEEEEEE

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    Camaro/Trans Am.

    You will not be getting this car I am sorry to say unless you make reaaaallllyy damn good money.....

    you can get a car with crappy credit....for a price.

    Auto Source Finance is a good one to go through. They are thru steele.

    When you take these routes tho you have certain guidlines to follow alot of the time....

    I went thru ASF because of no co signer....The lenders (In my case Wells/Fargo) guidlines were....The car had to be below approx 25,000kms, 2002 or newer, must have A/C, ABS, CD, and a few other things as well.

    The Lenders need it to be worth their while. They go by some kind of meeting the profile bullshit...and I know that trans am/camaro if you are thinking older models...are out of the question. As for newer models....as said if you don't make dammmmn good money that isn't happening either.
     
  5. Wayne

    Wayne
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    I make around $50K a year, and my credit isn't not complete shit, I have never missed a car payment, or a student loan payment, and my credit cards are paid on time. It was old utility bills and a couple department store credit cards that I let slide for awhile when I was screwed over (another story).

    I'll just sell my Z24 and restore my old 81 Trans Am...get rid of that Z and I will have like $1500 extra cash a month after bills. Guess thats what I'll do.
     
  6. Wayne

    Wayne
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    EDIT: Posted twice by accident so someone can delete this.
     
  7. Halapine

    Resident frenchy

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    I don't think it is, im still attending university, and i work part-time. The bank gave me a line of credit to purchase my car earlier this year. And mind you im still not done university either and i have a nice chunk of student loans.
    I wouldn't see why you'd have a problem, call your bank and ask is the only ways you will know for sure.
    G'luck
     
  8. DC5-S

    If you go, go balls deep

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    Go to a dealer and try to get financing through them. Generally, new car dealers can get better bank rates than you can, and manufacturer rates are generally pretty sweet.

    ...the catch is that you need to buy the car through that dealer
     
  9. preludacris

    Lexus IS300

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    You don't need to make really good money to buy a $15,000.00 to $20,000.00 used car.
     
  10. rice

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    What year is the trans am? I don't see why you shouldn't be able to get a loan. Just go to the dealer and see what they can set up, they want you to buy it just as much as you do.
     
  11. preludacris

    Lexus IS300

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    Financing for a used car should be around 12% or so I think?
     
  12. Lex Lucas

    feels good.

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    Depends on the year of the vehicle... 98-02 are around 8% if I remember correctly
     
  13. LMAC

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    mine was 8 or 8.5 i cant remember
     
  14. Wayne

    Wayne
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    The Camaro is a 1995 Z-28 6-Speed with T-Tops, Aero Kit, cat-back and headers. 118K for $14,000.

    I'm actually thinking this is a little pricey for a 95, thanks for the replies though.
     
  15. Dream Weaver

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    That is all well and good....but the lender doesn't see things the way we do. They want you to have the newest vehicle that you can so that the value of it is higher. I just went thru this 2 months ago when I bought my car. I couldn't buy a car any older than a 2001 because it wasn't worth their while to lend the money.

    It doesn't matter how good of an income you have...i don't think you'd want to pay about 400-450 a month at 28% interest....lowest prolly 18% (These are shitty credit interest rates...you are only getting lower rates with either good credit or a co-signer) .....to purchase the car of your choice. That is the worst price I got on a 2001 Z-24. I did manage to get my 03 car for a whooping 346.00 a fucking month.....grrrr I don't want to even think about that.

    Another hint would be to know your credit too and where it sits....there is trans union and equifax....know what each is reporting on you. You may get lucky. I had slightly bad, but paid off credit on one side...and not a lick of credit, good or bad on the other. I know that scotia bank deals with equifax and CIBC deals with trans union... If you know what your credit is then you can choose the best place to go to...lol.
     
  16. Dream Weaver

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    But with the car payments on your old car... if you made them on time every month, then the lender should lend you money again most likely with out too much trouble.
     
  17. Wayne

    Wayne
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    Yeah, but the other lender is GMAC, so I won't be going through them again. Good hint on the different credit bureaus though, thanks!
     
  18. Dream Weaver

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    No prob...dunno if it will help tho, but good luck.
     
  19. rice

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    Not really, they seem to be getting more expensive now that GM stopped making them. I will tell you that I paid considerably less 3 years ago for mine. I strongly suggest getting it checked out by someone who knows the Lt1 engine. Find out if the distributor has ever been replaced, if not factor its replacment into the price($1000 new from GM).
     
  20. nb132

    Drunk Batman hates you

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    cibc doesn't deal primarily with trans unioin...its equifax....as do basically all of the big 5 and some check both..your branch customer service rep won't tell u that tho...(as the two bureaus aren't technically allowed to share info).

    also, depending on what institution you go to, and the terms of the loan, it will be different on what is easier to get.

    if u get a plc(line of credit) they're generally harder to obtain as they are revolving credit(read higher risk to bank) and generally they will only bog you down in the long run..use a line of credit as a low interest C/C....

    a loan(unsecured) is a bit easier to come across-as it's installment type credit- and would be a bit fitting for your purpose as you would not have to use the vehicle as security, therefore not having to get 110% auto insurance, have to meet lenders secured guidelines etc etc. and most times will not bog you down..as the payments are structured and constantly decrease. loans are the good choice for lump sum purchases, ie. cars, debt consolidation etc..most lenders are a little bit more lenient..

    how long ago were your credit issues, as long as it's been two years and you've paid off the old debts, and have at least two re-established trade lines you shouldn't look too bad?

    a loand(secured) is a whole different kettle of fish, and for many different reasons not as ideal as the unsecured loan...it will lower your net worth, AND affect your tdsr. (total debt service ratio)

    as for interest rates, if you're paying 7.5 on a line of credit, you're getting raped.

    i refuse to be a walking billboard so i won't name the institution I am with, but i will share a couple rates.

    PLC(personal line of credit) = prime +1.75% so= 5.50% today as prime is 3.75%

    APL(all purpose loan-unsecured) : two options usually fixed/variable..

    variable rate loan:


    daily balance annual rate (%)
    on all balances 5.00 (prime*+1.25)



    fixed rate loan:


    term of loan annual rate (%)
    1 Year 6.50
    2 Year 6.70
    3 Year 7.05
    4 Year 7.40
    5 Year 7.75
    6 Year 7.85
    7 Year 8.25


    * Prime means the variable interest rate declared from time to time to be the prime rate for Canadian Dollar loans. Prime rate subject to change.


    I would typically go variable D E P E N D I N G on the terms of the loan at your institution...is it open? or closed? are there/how much are the penalties for early repayment/extra payments on that loan.

    how does your institution claculate your payments? how is the amortization sched. worked out? (front or rear load interest?)

    can i flip my variable rate loan to a fixed rate loan down the road at no cost, or at what cost.

    what are the repayment options (weekly/bi-weekly/monthly) and what is right for me?

    bottom line, talk to your banker.....they'll be glad to help you any way they can.

    well..seeing as i'm on vacation for 2 weeks, enough shop talk for me.
     
  21. Dream Weaver

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    That's funny because CIBC is my bank and I put in a loan application for them and the info they gave me back was from Trans Union....NOT EQUIFAX. TD Canada Trust deals with equifax because they are the ones that hold the record of my old credit card from 4 years ago. Royal Bank is Trans Union they have the info on my old loan, Scotia bank is equifax. As for the others...I dunno.
     

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