So scion tried to screw me today (SoCal)

[ZDan]

Originally Posted by Braxton...

Damn you got lucky with that 2.4% ! the down payment has a huge effect on the apr. when I bought my 2013 Ninja 300 from the dealership I only put 500 down on the 5500$ bike and I got a 10%apr and ended up financing 7500, damn dealer "assembly" fees -_-

Wait a minute, you put $500 down and financed $7500 for a $5500 bike, and are paying 10% APR? Why in the world would you do that?!

[Mad1723]

Originally Posted by ZDan

Wait a minute, you put $500 down and financed $7500 for a $5500 bike, and are paying 10% APR? Why in the world would you do that?!

I think he meant that he paid 7500 in the end for the 5500$ bike with the 10% APR

[Braxton...]

Originally Posted by ZDan

Wait a minute, you put $500 down and financed $7500 for a $5500 bike, and are paying 10% APR? Why in the world would you do that?!

Haha no that was with the 10% added in, my bad. 5500 was msrp. After all the fees and taxes it was 6500 and then after 10% apr it was 7500 at the bank.

[Braxton...]

Originally Posted by Mad1723

I think he meant that he paid 7500 in the end for the 5500$ bike with the 10% APR

You are correct. Lol I should have specified.

[Tien]

With a cosigner that has at least 670-690 credit score and about $2,000-$3,000 down you should be able to get into a new FRS. A 5 year loan at 5%-%7 would get you in the low $500 payment. You can have your payment in the mid $400 if you do 72 months. The banks right now are willing to take more risk to earn your business. Go to one dealer and find out where you and your cosigner credit is at and use that for your game plan. Even if you don't buy from them us what you know about both credit for the next dealer ship. Why I'm telling this is because each time you go make a deal they run your credit and each time they run your credit and it is denied it looks bad. Just use what you know and tell them to get you a quote based on what you told them and if it is what you like then they can run both credit for finalizing your buy. Do your homework before you go don't settle until you get what you're worth. Also cash money is your ultimate power the more money you put down especially first time buyers the more the banks will play ball with you. For an example if you put $3,000 down on $25,500 %7 tax and fees bring it to (%7 interest rate) $27,820 -$3,000 down =$24,820. At %7 interest rate of $24,820 that brings $1,737.40 interest charged. So as you can see imo $3,000 more then covers declined value of the vehicile and the interest. Try try don't get discouraged. Sorry if I got carried away or if I made any mistakes to my guesstimate, please all members chim in.

[strat61caster]

They usually discount the APR for a large down payment, I believe the threshold is 1/3 the value of the object being financed, or thereabouts.

[hanabie]

wait for 2015 while building up your credit? I waited 2 years and got 1.5%

[feldy]

I have a 740 credit rating. I put 4k cash down. my apr is 2.7 percent with a payment of 460 a month. I had some negative cash from my last loan transfer over.

the loan before that I had 650 credit rating 5.9 percent apr and my payments were 490 only put 1200 down on that loan.

I have to stop taking money from the last loans and transferring them over.


never needed a co signer

[fistpoint]

Originally Posted by Tien

You can have your payment in the mid $400 if you do 72 months.

If you HAVE to extend the loan past 5 years, you're buying too much car...

[Tien]

Yes he'll pay a little more interest but extending the loan will help with his payments. I see the FRS holding its value very well. In 3 years if he decides to trade or sale he is in good shape. You are right most will go for 60 not 72 it just makes more since.

[Tien]

Originally Posted by feldy

I have a 740 credit rating. I put 4k cash down. my apr is 2.7 percent with a payment of 460 a month. I had some negative cash from my last loan transfer over.

the loan before that I had 650 credit rating 5.9 percent apr and my payments were 490 only put 1200 down on that loan.

I have to stop taking money from the last loans and transferring them over.


never needed a co signer

Yes it is possible to do it yourself with experienced in negotiating and few thou down. And I'm refuring to first time buyers. Please understand job time and income has big roll too. You sir did very well for yourself. With good credit anything is possible lol.

[Kakawate]

Read about trade lines and look at co signing someone else's account/trade line that might help. For example is mom or dad have a credit card ask them to put you on the account.

This might help with increasing your credit and chances for a loan