Financing help

[Steel]

Hey guys. I need some advice in terms of money for a new(er) car.

My situation is that my current car is really not suited for trips more than aobut 10 miles. It's got some issues and it's really a toy. I've been looking for a good commuter car, and i've pretty much set my targets for a Jetta TDI.

Now, the older ones are between 7,500-10,000. My problem is my current job sucks, and they pay me peanuts and there's no way I can afford one here, so i'm getting a job about 25 miles away. My credit is decent (i think) but my CURRENT income isnt great. I know I'd get paid much better at the new place, but the problem is that i'lll be changing jobs. But the bigger problem is that i can't get to the new job without a new car! So... what should I do? I've been thinking a loan from CapitalOne Finance, where they send you a blank check, but I don't know if that will work out or not. How liberal are banks when it comes to giving out car loans, to a 21 year old fresh outta college worker?

Thanks for any advice.

[timinkc]

i was a finance guy (f&i) for 5 years... if your credits good (i would suggest you check it out yourself first) then when they ask what you make tell them an inflated number... that is never checked when the customer has moderate to good credit.

[curtis73]

Yup. Dealers will bend over backwards to get you credit because they want money. Because of that, they often shoot for high interest rates for guaranteed approval (and maximum profit) Most customers are so worried about monthly payments they don't take the time to add up the months and see what they're actually paying for the car. Once they see that the payments have come down to meet their budget of $300 a month, they sign the contract. Take a calculator. We dealers HATE that

For the most part, we run your SSN and get a credit score. If you have a really low number, we look at what caused it. If it was because of late car payments its different than if you just had a little trouble with a student loan or a landlord dispute. If you have really high credit, we don't care.

The payment thing is sorta up to you. If your score comes back over 600, the car is yours. If you are confident enough that you will absolutely get this job and it will be enough to cover your payments, go for it. But dealers won't base the sale on how much money you might or might not make. Its all about the credit report; the income and payment is up to you.

I wouldn't count eggs until they're hatched. Buying a more reliable car in order to get a job is like counting on money that isn't there yet.

I might consider making a lateral change to a car that is the same value as your current ride but more reliable. That will get you started at the new job, then once you have the income, look for your TDI.

[fredjacksonsan]

All good, but to have the financing taken care of when you get to the lot doesn't hurt, either. Check out:

www.capitaloneautofinance.com

You can do everything over the net, and they'll send you a blank check to fill out for the dealer. Or so I've heard.

[Steel]

Yeah i've heard the same thing too. But they denied me. So... I guess i just gotta start saving up to buy one the old fashioned way; cold hard greenbacks.

[fredjacksonsan]

Nobody can turn down cash.....yet.