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Thread: auto loan, proof of employment

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    Mind Blowing auto loan, proof of employment

    i need a new car. im planning on getting an auto loan. i was wondering,

    1. i dont have a co-signer, and i have NO credit history, and i just switched banks abt 4 months ago. can i still qualify?

    2. do i tell them i am a dancer? they need proof of employment anyway, but does my manager need to confirm that?

    i wish i could just save up and pay in cash, but i need a new car asap.

  2. #2
    Featured Member keira0304's Avatar
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    Default Re: auto loan, proof of employment

    I got my car loan with zero credit history, a brand new bank account and no co-signer.

    I traded in my old car (worth 4K), and put 5K down, so I gave the dealership 9,000 on a 22,000 car, about a 41% down payment. Having a big down payment definitely helped me, but I read that anything 25% and up is good.

    I got my bank account statements from my old bank, and the ones from my new bank, and highlighted all the deposits - which added up to about 4K a month. I also gave them the number of my manager and 3 references to verify my work. Telling them I was a dancer definitely helped, it also helped that I went in dressed really cute and was flirty with the sales guys.

    Since you have no credit history, you'll probably have a high interest rate (mine was 12%) but after 6 months of consistent payments (or making double payments )you should be eligible to refinance through your bank (credit unions are best) and get a lower rate, anywhere from 5-7 percent would be acceptable.

    Depending on how expensive the car is, you could just save it all up and pay by check, wouldn't suggest doing that though, especially if it's expensive and you don't pay your taxes correctly. It's best to pay it off gradually.
    "Life and death, energy and peace. If I stop today it was still worth it. Even the terrible mistakes that I made and would have unmade if I could. The pains that have burned me and scarred my soul, it was worth it, for having been allowed to walk where I've walked, which was to hell on earth, heaven on earth, back again, into, under, far in between, through it, in it, and above."

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    God/dess Zofia's Avatar
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    Default Re: auto loan, proof of employment

    It just depends on the bank that is offering the financing. For sure, a good dealer will search high and low to find a bank that will finance the sale. Beware of the buy here pay here places. They are often looking to rip you off.

    Here is how I do a car transaction. I check Edmunds.com, and KBB.com to see what they think my car is worth. I check Craig's List to see what similar cars are selling for. I advertise my car on craig's list and a couple of other places. I sold my beetle in about a week on craig's list for just $100 less than what I was asking. (Since I was without a car, I made my BF drive me around in his pickup.)

    Next, I research cars. Consumers Reports and Edmunds.com. I find out what new/used versions of what I want are costing. I normally buy slightly used, but I can be talked into new if the price is right. Once I have an idea of what car prices should be, I look at Craig's List and the classies to see if anyone is selling what I want. I contact my bank and my credit union for car loan rates and pre-approvals. (I have a high enough credit limit on my credit cards to buy a new car that way if need be, and right now my credit card is running a 0% for a year on new purchases. So, a new car, or used from a dealer or Craig's Lister who can take a credit card payment is extra attractive. Of course, my credit card's interest rate beyond a year is a fairly steep 11% APY.) Knowing what my bank, credit union and credit card have to offer and knowing how much they will finance along with the cash from the sale of my existing car pretty much determines my price range for a new car.

    Next, it's time to make appointments with the Craig's List people and maybe a car dealer or two. I normally do a little pre-bargaining via email/TXT messages to see if a seller is serious. After a round of appointments and test drives, I've usually narrowed my list to one or two cars.

    Now it's time for serious bargaining. I run a carfax to make sure the seller has title and the car isn't wrecked. I email or TXT a price. Usually at the low end of the Edmunds scale. I also email a link to the Edmunds value for the car I'm looking at. That lets the seller know I'm serious. I'll bargain that way up to my personal maximum, usually the Edmunds private sale amount. I always say the deal is subject to my mechanic doing a pre-purchase inspection. Some sellers bargain by email, or TXT, some don't. I ignore the ones who won't bargain by email or TXT, they aren't serious.

    Once the price is set, I make an appointment for the seller to meet me with the car at my mechanic's for the inspection. I will have a cashiers check, or my credit card if that's the way we are going to do the deal. (New car/used car dealer is different as they want to close the deal on their lot.) Assuming the inspection goes well, I take the seller to the DMV where we finish the deal and I get plates and a title, or the bank gets a title if I'm financing.

    Buying and selling cars is work, but worth doing for a good deal.

    HTH
    Z

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