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Old 09-07-2010, 09:16 PM   #1
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Credit Union?

Ok well being a younger guy its hard to get credit when you pay with cash for 99% of everything. But when I went to my bank to investigate on a car loan for a used vehicle 5/3rd only finances vehicles from 2006+. So my question is how can I get a loan for a vehicle that is from 1967 or 2003? Can a Credit Union help? Is there some sort of special loan place? And Fords, Ford Motor Credit can't help me since the 03 has more then 80K miles. Can anyone help me with my problem or point me in the right direction?
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Old 09-07-2010, 09:45 PM   #2
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Re: Credit Union?

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Originally Posted by SVTCOBRA View Post
Ok well being a younger guy its hard to get credit when you pay with cash for 99% of everything. But when I went to my bank to investigate on a car loan for a used vehicle 5/3rd only finances vehicles from 2006+. So my question is how can I get a loan for a vehicle that is from 1967 or 2003? Can a Credit Union help? Is there some sort of special loan place? And Fords, Ford Motor Credit can't help me since the 03 has more then 80K miles. Can anyone help me with my problem or point me in the right direction?
Are you trying to buy it from a dealership or a private seller? Many times the finance managers at the dealership can point you in the right direction. Credit Unions usually have specific loan programs depending on which union you bank with.
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Old 09-07-2010, 10:31 PM   #3
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Re: Credit Union?

yeah it would be from a dealer.
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Old 09-07-2010, 10:34 PM   #4
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Re: Credit Union?

I was also looking to put nothing down since I have come across family issues.
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Old 09-07-2010, 10:48 PM   #5
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Re: Credit Union?

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I was also looking to put nothing down since I have come across family issues.
ooh. That's what's going to screw you. Being a former car salesman I know this. With having no previous credit history and no money down on a vehicle most dealers won't even try to get you a loan. Unless you have a co signer with a credit of godly proportions. I don't mean to be a "Negative Nate".. just telling from my experience.
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Old 09-08-2010, 08:10 AM   #6
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Re: Credit Union?

some have to take out personal loans for items the bank wont finance~
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Old 09-08-2010, 09:02 AM   #7
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Re: Credit Union?

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Originally Posted by 02Nate281 View Post
ooh. That's what's going to screw you. Being a former car salesman I know this. With having no previous credit history and no money down on a vehicle most dealers won't even try to get you a loan. Unless you have a co signer with a credit of godly proportions. I don't mean to be a "Negative Nate".. just telling from my experience.
He's right especially now when the banks are afraid to lend thanks to a few politicians.

I had to jump through hoops to get mine financed for the first time. I got denied 3 times. I had no credit history just a shell fuel card, but since I got the loan my available credit has gone way up.

Look at Ally bank formally GMAC, and Bank Of America. USAA, or Navy Federal if you have access. A credit union will help you more than a mega bank. The more money you put down is the less the bank has to cover out of their pockets. It also helps with a lower payment.
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Old 09-08-2010, 09:29 AM   #8
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Re: Credit Union?

Not everyone can join a credit union. I'm pretty sure your employer/union has to be associated one... teachers, military, nurses, etc.

You may have to shop around for someone to lend to you, but beware, if you have bad credit, reputable lenders are going to give you an insane interest rate because you are considered risky. Also, you should be wary of lenders preying on you. It might just be best if you save up and pay in cash, or try to improve your credit and try again in a couple months.

Here are some tips - they might be applicable to you if you want to improve your score (I'm not a professional so don't take this is gospel):

-Get a credit card as soon as possible. People think credit cards are scary and bad for them. They aren't... just use them intelligently. It doesn't have to be a real one and you don't even have to use it often. Get it for gas, a department store, or one advertised for college students (they are easier to get). The key is to get some debt and pay some bills for some credit history, credit limit, and on time payments (all of which improve your score).

-Use credit sparingly. Just because you have it doesn't mean you should abuse it. Try to carry no more than 10% of your credit limit on the card (having a 0 balance, while good for you, isn't that great for credit). If this means buying a case of beer twice a month and paying it off when the bill comes, perfect. Its better than nothing.

-Cosign stuff with your parents or someone with good credit. This actually "borrows" their credit score. So, if you get put on your parent's car loan and they have good credit, you get good credit as well. The problem is, you won't have credit history, but it might make things somewhat easier.

-Have bills and pay them on time. NEVER be late. This includes loan payments, credit card payments, cell phone payments, rent, mortgages, etc. In other words, make sure your at least on the account for your cell phone if its a family plan, on cable bill, utilities, etc. Just make sure bills are paid on time.

-Make more money than you spend. Take your gross monthly pay before taxes. Make sure your debts don't exceed about 35-40% of your gross income. A lot of places check this and won't lend to you if you have debt that exceeds about 40%ish of your pay. For example, if your gross pay is 5000/month. Lenders will be iffy lending something that will exceed your debt payments of 2000/month (rent, loans, etc - they omit stuff like cell phones, cable, etc).
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Old 09-08-2010, 12:39 PM   #9
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Re: Credit Union?

Quote:
Originally Posted by wiarumas View Post
Not everyone can join a credit union. I'm pretty sure your employer/union has to be associated one... teachers, military, nurses, etc.

You may have to shop around for someone to lend to you, but beware, if you have bad credit, reputable lenders are going to give you an insane interest rate because you are considered risky. Also, you should be wary of lenders preying on you. It might just be best if you save up and pay in cash, or try to improve your credit and try again in a couple months.

Here are some tips - they might be applicable to you if you want to improve your score (I'm not a professional so don't take this is gospel):

-Get a credit card as soon as possible. People think credit cards are scary and bad for them. They aren't... just use them intelligently. It doesn't have to be a real one and you don't even have to use it often. Get it for gas, a department store, or one advertised for college students (they are easier to get). The key is to get some debt and pay some bills for some credit history, credit limit, and on time payments (all of which improve your score).

-Use credit sparingly. Just because you have it doesn't mean you should abuse it. Try to carry no more than 10% of your credit limit on the card (having a 0 balance, while good for you, isn't that great for credit). If this means buying a case of beer twice a month and paying it off when the bill comes, perfect. Its better than nothing.

-Cosign stuff with your parents or someone with good credit. This actually "borrows" their credit score. So, if you get put on your parent's car loan and they have good credit, you get good credit as well. The problem is, you won't have credit history, but it might make things somewhat easier.

-Have bills and pay them on time. NEVER be late. This includes loan payments, credit card payments, cell phone payments, rent, mortgages, etc. In other words, make sure your at least on the account for your cell phone if its a family plan, on cable bill, utilities, etc. Just make sure bills are paid on time.

-Make more money than you spend. Take your gross monthly pay before taxes. Make sure your debts don't exceed about 35-40% of your gross income. A lot of places check this and won't lend to you if you have debt that exceeds about 40%ish of your pay. For example, if your gross pay is 5000/month. Lenders will be iffy lending something that will exceed your debt payments of 2000/month (rent, loans, etc - they omit stuff like cell phones, cable, etc).
Ive had a Credit card for about a year now and have always paid on time or in advance. Most of my cash (I have enough to buy the vehicle in cash but a better credit score is goal) is all over the place via investments in Ford (F) and Briggs & Stratton (BGG). Maybe Ill keep shopping around and see what happens.
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Old 09-08-2010, 12:41 PM   #10
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Re: Credit Union?

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Originally Posted by 02Nate281 View Post
ooh. That's what's going to screw you. Being a former car salesman I know this. With having no previous credit history and no money down on a vehicle most dealers won't even try to get you a loan. Unless you have a co signer with a credit of godly proportions. I don't mean to be a "Negative Nate".. just telling from my experience.
Now the price of the vehicle is very small 6K to be exact and at is with out chewing the dealer down on a 100500K mile car. So does that still have an effect on the dealer?
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Old 09-08-2010, 03:26 PM   #11
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Re: Credit Union?

Quote:
Originally Posted by wiarumas View Post
Not everyone can join a credit union. I'm pretty sure your employer/union has to be associated one... teachers, military, nurses, etc.

You may have to shop around for someone to lend to you, but beware, if you have bad credit, reputable lenders are going to give you an insane interest rate because you are considered risky. Also, you should be wary of lenders preying on you. It might just be best if you save up and pay in cash, or try to improve your credit and try again in a couple months.

Here are some tips - they might be applicable to you if you want to improve your score (I'm not a professional so don't take this is gospel):

-Get a credit card as soon as possible. People think credit cards are scary and bad for them. They aren't... just use them intelligently. It doesn't have to be a real one and you don't even have to use it often. Get it for gas, a department store, or one advertised for college students (they are easier to get). The key is to get some debt and pay some bills for some credit history, credit limit, and on time payments (all of which improve your score).

-Use credit sparingly. Just because you have it doesn't mean you should abuse it. Try to carry no more than 10% of your credit limit on the card (having a 0 balance, while good for you, isn't that great for credit). If this means buying a case of beer twice a month and paying it off when the bill comes, perfect. Its better than nothing.

-Cosign stuff with your parents or someone with good credit. This actually "borrows" their credit score. So, if you get put on your parent's car loan and they have good credit, you get good credit as well. The problem is, you won't have credit history, but it might make things somewhat easier.

-Have bills and pay them on time. NEVER be late. This includes loan payments, credit card payments, cell phone payments, rent, mortgages, etc. In other words, make sure your at least on the account for your cell phone if its a family plan, on cable bill, utilities, etc. Just make sure bills are paid on time.

-Make more money than you spend. Take your gross monthly pay before taxes. Make sure your debts don't exceed about 35-40% of your gross income. A lot of places check this and won't lend to you if you have debt that exceeds about 40%ish of your pay. For example, if your gross pay is 5000/month. Lenders will be iffy lending something that will exceed your debt payments of 2000/month (rent, loans, etc - they omit stuff like cell phones, cable, etc).
You can join a credit union without any special connection. I think it just depends on the branch. My CU takes anyone.
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Old 09-08-2010, 10:08 PM   #12
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Re: Credit Union?

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You can join a credit union without any special connection. I think it just depends on the branch. My CU takes anyone.
Mine is that way. The only stipulation being that you live, work, or go to school in a county in which they have real-estate.

The dealer should be able to help you finance the car. Don't take money from your investments unless you have to. Someone should be able to finance you. It would be better if you could save up some more and put 10- 20% down.
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Old 09-08-2010, 11:17 PM   #13
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Re: Credit Union?

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Mine is that way. The only stipulation being that you live, work, or go to school in a county in which they have real-estate.

The dealer should be able to help you finance the car. Don't take money from your investments unless you have to. Someone should be able to finance you. It would be better if you could save up some more and put 10- 20% down.
If you walked in there and said you wanted to put half down and finance for like 3 years the salesman would cream his pants.
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Old 09-09-2010, 08:59 AM   #14
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Re: Credit Union?

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If you walked in there and said you wanted to put half down and finance for like 3 years the salesman would cream his pants.
Oh god. It depends on what dealer some of these 2nd chance finance guys feed on that. cough--Drive Time, JD Byrider.
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Old 09-09-2010, 03:03 PM   #15
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Re: Credit Union?

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Oh god. It depends on what dealer some of these 2nd chance finance guys feed on that. cough--Drive Time, JD Byrider.
You said it best right there my friend.
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Old 09-09-2010, 06:22 PM   #16
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Re: Credit Union?

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If you walked in there and said you wanted to put half down and finance for like 3 years the salesman would cream his pants.
They actually don't know what to do when you do that...

And try telling a salesman you want to pay cash. They still ask for your SSN so they can run your credit...stupid people. They make more money off each finance opportunity and get bonuses when they meet certain numbers.


Best thing I can tell you is finance through the dealership and pay the increased interest...sometimes it costs money to build credit. Exactly why we're paying 148.98 a month on the focus right now.

It also throws the credit company off when you pay over your normal amount. We got our statement the other day and the next payment is due Feb 2012...
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Old 09-09-2010, 07:20 PM   #17
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Re: Credit Union?

Based on what you've said in this thread, only way to get this done is with a co-signer that has a great score. Be prepared to pay a max interest rate, unless your co-signer has a great relation with a local bank/credit union.
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Old 09-09-2010, 08:09 PM   #18
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Re: Credit Union?

Parents credit sucks. But if they Cosign can their Credit be positively effected. One thing I don't do is be late on ANYTHING.
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Old 09-09-2010, 08:32 PM   #19
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Re: Credit Union?

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Parents credit sucks. But if they Cosign can their Credit be positively effected. One thing I don't do is be late on ANYTHING.
By a small amount, yes. Their actual credit history will remain the same, though. But most finance companies won't let someone with bad credit be a co-signer. If you default on the loan, it falls back them and if they don't pay the payments, the finance company doesn't get their money, then you're ****ed. Then YOU get bad credit on your history, and the car gets repo'd. And in some cases they still slap you with a monthly payment on something you no longer own.
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Old 09-09-2010, 10:49 PM   #20
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Re: Credit Union?

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You said it best right there my friend.
I almost applied at Drive Time, but realized sales people do less selling and more collecting.
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