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Audrey
New User
| Posts: 4
| Joined: 03/10
Posted: 03/18/10
03:53 PM
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My Info
Looking to buy my first car (currently driving one given to me for free 6 years ago by a family member).
Credit Score: 708
Current Loans: ~$27,000 (Government issued student loans)
- 100% on time payment history
Credit Cards: $700/$2,500 (9 month history) and $1,800/$2,000 (3yr+ history)
- 100% on time payment history for both
Annual Income (pre-tax): $39,000 ($3,250/mo.)
- Have held current job for 16 months and it is with a reputable business (private university established in 1840s).
Available Down-payment: $2,000
Ideal Loan Price: $15,000 or less
My Situation
My credit union does hard hits to your credit for car loan pre-approvals, but I don't want to go to a dealership and negotiate a car then get denied at the credit check.
Question
Will I be able to qualify for a $15,000 auto loan?
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Posted: 03/24/10
10:57 AM
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Can't say for sure of course, but with this information you should easily qualify for the loan you are seeking. The interest rate currently should run somewhere in the the 4-7% range, depending on the vehicle and length of loan.
Hope this helps.
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Audrey
New User
| Posts: 4
| Joined: 03/10
Posted: 03/25/10
09:44 AM
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Yes it does. I am thinking a $13500-$15000 loan over 60mo. Hoping for the special 1.9% financing, but since I'm not buying until June I don't know if they'll have that offer available.
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Posted: 03/25/10
11:03 AM
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Which car(s) do you have in mind?
Depending on several factors, you may find that using the special financing rate isn't the best option if you have to forego other incentives such as rebates. It's pretty simple to work out which option is best for you and I'm happy to help show you what to consider.
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Audrey
New User
| Posts: 4
| Joined: 03/10
Posted: 03/25/10
01:18 PM
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Civic LX 2010 model. I plan to buy in June and current deals have an end date of May 31st, so it is hard to say. Honda doesn't usually offer a lot of rebates from what I understand.
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Posted: 03/25/10
05:10 PM
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Yes, Honda is much more likely to offer a financing incentive than a cash rebate. Unfortunately, there is no way to accurately predict whether or not they will extend the offer through a later date as these incentive offers are based on several factors including current inventories and sales forecasts.
I also sent you a p.m. with some more thoughts.
Good luck!
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