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Dealership question to those who have expierience?

Ok say if I had a little over $1000 dollars for a down payment on a $6995 car. But i have "000" credit score. $1000 down, $375 for insurance, $200 for registration and plates about $1700 for all cost + fee, tax, ETC Would the salesman give me a good used pre-owned car or doop me out of my money and give me a lemon?

I make about $1700 a month, have a credit card $300 a month credit line, pay my bills on time like cable, phone utilitys, rent and have proof that I am a responsible young "19" year old man would I get a good deal? or should I just go to a decent buy here pay here lot and get a lemon like i did last year??

1 Answer

  • Anonymous
    8 years ago
    Favorite Answer

    It's not the sales person or even the dealership that makes decisions about who gets approved for a loan and who doesn't (unless you're at a Buy Here Pay Here Place...that's a whole different story), it is the banks. Dealers use banks just like the bank where you have your checking and/or savings accounts.

    Banks look at credit history and credit score. Other factors also apply, but those are by far the 2 biggest! I'm sorry, but with a credit score of 0, which is actually N/A-Insufficient Credit per the bureaus ratings, nobody is going to approve you for a loan. You will need a co-signer. Banks don't care about your word, rent and utilities, they want to see a credit score and sufficient history to back it up.

    Yes, you can keep going to Buy Here Pay Here Places, and take your chances, but you are not doing yourself any favors. You are overpaying for an older car at these places, not to mention the interest rates they charge, and since 90% of these places don't report to the credit bureaus, you will be back again and again because no one else will approve you.

    My only other suggestion is if you bank with a credit union, or if your family banks with a credit union, check with them. Chances are probably not without a co-signer, but it's worth a shot.

    Source(s): automotive sales and management
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