The bad thing is I have absoloutly no Credit. I did buy a car from Hub City Ford in 1996 and Ford Motor Credit financed me, the car was only $4,000 and I paid it off in 9 months. I found a car and they ran my credit and the lady said my purchase from Ford Motor Credit didn't show up so I would need a $3000 down payment, so there goes that chance. Then I found a 2000 Mustang in Baton Rouge (60) miles from me for $8995 and called the guy and told him I had no credit at all, I did buy a car already but it doesn't show anymore cause it purged off, I have only $1,000 for down payment, I been at my job for 10 years, I can only afford my notes to be no more than $300 a month, I gross $1600 a month but only take home $1100 due to taxes and child support. He sent me a fax of an application I filled it out and faxed it back, I called him back and he asked me a few more questions and said he would call me Monday. What do you guys think my chances are? I really need another car soon I can't take driving what I have now, no AC, windows don't go down, well let's just say it's a Hyundai..........nuff said. I hope he doesn't say I need more money down cuz I can't take another 2 weeks in my car. Experts in this field let me know my chances please.

 

Yea, I was in your shoes last year. My car was breaking down, no A/C the list goes on.

My suggestion to you is "screw the dealer," and go to the bank. The bank will give you half of the interest the dealer wants to give you. You may not have credit, but the bank knows what kind of flow goes in and out of your account.

The bank is more reliable, and if you finance through any dealer......the power is in the dealer's hands. The dealer says, "With only a $1000 payment I can't get you a lower rate."

Also do your research, I can't stress this enough. I looked at cars everyday finding and comparing prices(Autotrader, Classified, Thrifty Nickel, see if there any Louisiana Stang sites with a classified section). Whether you decide to go with a dealer or not, here are a few sites for negotiating purposes.

www.kbb.com
www.nadaguide.com

If they have the car at $8995, check what the sites say, and "low ball" the dealer. Then come back with, this is way over "kelley blue book" or "nada guides" price. Never tell the dealer what you want to pay or what you can pay, always say lower.

I was looking at a dealer and went with a private seller, and couldn't be happier(original owner private seller).

I know 2 weeks might be a long time, but just make sure you do the right thing. Because if you get screwed for 2-3 yrs on payments, rather than sweating for 2 wks it ain't worth it.

I know you're in Louisiana so I imagine it's not a whole lot better than the Texas heat with y'alls humidity. Best of luck man!

 

Thanks Mestizo but now it gets worst. My car broke yesterday. Transmission went out on me, oh the bad luck. The thing is I am not used to buying cars cause the one I bought from Ford in 1996 I kept it for 8 years and my Hyundai I got it when my dad died. So needles to say I am kinda desperate right now, I need a car and need one soon. I have to go to work plus I have to get my Daughter every other weekend. I am sure things will work out but I just hate being a bum and bothering other people for a ride here and there.

I dunno if the bank will loan me, I am with Teche Federal and I have never ever made any type of loan from a bank before. The future days ahead of me will be stressful. At least I live only 5 minutes from work, but my Daughter lives on the other side of town. Anyboday wanna buy a whole computer set up for $500???

 

i agree w/ mestizo. try the bank. the worst they can say is no. and you are still where you currently are so it wont change things too much. most banks can process everything and give you a decision w/i the same day. and definitely check on the true value of the car. b/c the dealer definitely paid alot less for the car then what they are selling it for. according to kbb the car would be sold for around 9600 i dont know the exact options. so i put auto w/ 80k. good luck

 

Best way to get credit. Get a credit card. Put only gas on there. Put the cash aside so when you get the bill, you can pay your card off totally. Or you could just buy candy bars on a credit card thats works too.

 

Does a Debit Card help? I usually buy things using Debit.

 

Debit is a plastic check. Doesn't do jack for a credit rating AFAIK.

 

Well after getting denied time after time I have decided not to put any money at all into my Hyundai and I bought me a Bike. I only live about 7 miles away from work so it isn't too bad. The money I would spend on gas, insurance, and upkeep on my car will now be saved. I have $1000 and will save until I have at least $3500 and will try getting me a Mustang Conv. Having no credit at all sure makes it hard to buy a car now days. They keep telling me to get a co-signer but I refuse to ask anybody to co-sign for me. I wanna earn it myself, even though it does take riding a bike to and from work. I also refuse to invest money in a car that I don't want, I have always wanted a Mustang Convertible and a Mustang Convertible is what I will get sooner or later.

Also I didn't know that financing a car and paying it off in less than a year was a bad thing to do. Ford Motor Credit has no records of me financing a car through them at all because I payed it off too quick, bet I wont make that mistake again!

Here is my ride for now:

 

So lessons learned are:
Get a credit card.....for energy(not candy) bars for that bike.
Save up for a big down payment.
Do your research.....find the ABSOLUTE best price possible. Don't just find a ride and say "Eh...looks good." Try finding a 1 owner no accident car.

 

Kenny,

Good decision, it'll feel all the better sriving the car when you know that you have earned it yourself

Good luck and hopefully you will have your car before you know it!

J

 

Dude havin a co-signer doesnt mean you didn't work hard for your car, its just someone whos there to help you build up credit.

 

Having a co-signer is someone else taking a HUGE chance. What if something happends to me then the co-signer is stuck with what I owe. I want to take care of my own responsibilties without having to put someone else at risk is what I mean. Would you like someone asking you "Hey will you pay the $10,000 I owe for my car because I lost my job?" If you don't pay it than your credit will be affected. I just don't want to put someone in that position. Cause you never know what can happend. I mean banks don't trust me cause I have no credit and they have tons of money, why would my brother or friend trust me?

 

thats way too much for a v6 vert anyways. Just buy from a private owner who will take payments or save up and then get a down payment or a co signer for a loan

 

Did you try calling one of the credit bereau companies or Ford Credit. If the loan is not showing up then it is a mistake that you can have corrected. Ford Credit should have reported the loan and it should be on your report. At the very least, Ford credit should have record of the loan in their own files and should consider you for a new one as long as you do not have a lot of other bad credit. I sold Ford's for 4 years and have a little expereince with this. Good luck.

 

aaron95stang I called Hub City Ford where I bought the car and Ford Motor Credit where I financed it and neither place has any records at all. Gave them my name SS#, Address where I was when I bought the car, everything and it doesn't show up. The lady @ Ford Motor Credit said the reason it isn't showing up is because I didn't go a full year, I paid it off too fast, and she also let me know that they are a Billion Dollar Company they don't keep peoples records for ever (She was very rude when she said this). I give up on the Ford Credit thing. I was just continiue riding my bike to work and saving my money.

 

hmm...it may be worth it to waste another ten minutes or so calling ford credit up again. theres no reason for a rep to be that rude (especially if you were a previous customer and want to buy another ford). they should be working with you and trying to help.

always ask for a manager. they probably ARE responsible for keeping those records. you probably just ran into a rep who was too lazy to really look into it.

trust me...i have an internship this summer on the phones in customer assistance with a banking company.

*EDIT- also..and this is important for everyone to know...BE AS NICE AS POSSIBLE TO THESE PEOPLE WHEN YOU CALL THEM! not saying you werent...but youd be surprised at how many people think they will get their way by bullying a rep. if you are really nice to the rep you get then they are more likely to go the extra mile for you. BUT if the rep still wont help after youve been nice then go ahead and ask for a manager

 

StangFan that is excatly what I did a day later. I called back and the SAME lady answered and I asked to speak with the
mananger or the highest person in charge. She did all she could to not let me talk to a manager, however she was much nicer this call. She kept asking what it was concerning and I told her and she basically told me the same thing as the day before but with a much better attitude. I accept the fact that I payed the car off too fast and that I will never get any imformation to show I actually bought the car through Ford Motor Credit. I will get my Mustang sooner or later trust me!

 

I TOTALLY know how you feel my man! I have some horrible credit problems right now with every thing thats happened in the last two years.

I know it sucks to think about it but maybe you should find a more financially reasonable car. Here lately I've even considered a Hyundai Accent. You can grab a new one for under 10k with bumper to bumper. Plus they get 40 mpg.

Just some thing to think about. I'm driving a 97 Ford Escort wagon with no A/C and the clutch is so bad the car jabs back and forth. It's a POS but at least I'm not making $450 car payments on a Stang now.

Just some thing to think about you know.

 

Ballz actually my last car (the one that just broke) is a Hyundai Accent I got from when my dad died. My car before that one was a 91 Geo Metro Convertible. I am tired of these cheap cars lol, I am 34 years old and I am ready for a Mustang!! It wont take me too long to save up enough for a good Down Payment to get one without trouble.

 

Group: Members
Posts: 11
Joined: 7/29/05
Member No.: 9,172
Car: 21 Speed Mongoose Convertible Bike
Name: Kenny

Thats great!

Yeah I understand that too! I went through some clunkers for a while. I'm just back at the clunker thing (again) for now.