i'm interested in getting a 2001 volkswagen beetle from this dealer that live's near my area but by me being a fulltime student i need the car but don't really have the income so my husband is trying to get it for me.my question is his credit isn't very good and the dude at the dealership was like the more down payment you have the better you are qualified to get the car and more money you put down makes the payment cheaper.we was thinking of putting down at least 2500 because of credit reasons.do you we would get the car with this kind of down payment?
- 1 decade agoFavorite Answer
In cases like your with low income and minimal credit, lending institutions will look more closely at the LTV, or Loan To Value on the car you are looking to purchase. They might give you a conditional approval based on $2,500 down and the max payment you and your husband qualify for a monthly payment. I'm not sure how much they are asking for the VW, but a bank will take into consideration it's options as well as the mileage to determine its value. Without all the details, its alittle hard to give real sound advice for you, but I hope this helps.Source(s): Lead Programmer for "The Auto Evaluator"
- 1 decade ago
That down payment should get you a reasonable loan. Research different banks and credit unions in your area for the best rate.
Often, the dealer does not give you the best rate up front, but might match it if you can prove another bank can give you a better deal.
- 1 decade ago
Hi my name is Kelvin and I work for a dealership called MP Auto we work with all kinds of situations good credit, no credit, bad credit u name it you can check us out online at mpautoonline.com and with your down payment i can pretty much get you in to almost any car that you want to if you happend to be in the Dallas/FTW area give us a call at 214-358-2330 just ask for Kelvin...... Thank You