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Consolidating debt? Good business tips? Buying stock? How's our economy doing? Discuss and share advice and tools on everyday banking, investing, wealth management and insurance. |
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09-25-2009, 07:50 AM
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#1 | | I contribute to threads in the offtopic forum
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| If I was rejected on a credit check
at the dealership, does the person selling the car still have the power to give me a financing option if I put a large down payment?
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09-25-2009, 08:05 AM
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#2 | | 14 dolla balla aint got nothing on me!
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as far as I know, the answer is no. It is not the dealership itself financing you, its the financing company, and it is them that decides whether or not to approve your loan. With that said, a larger down payment could help offset whatever it is that is preventing you from getting approved.
There are however non-prime/sub-prime loans, those are for people with no credit history or people with a low credit score. If you don't get approved for a prime loan, ask the dealership if they can submit it for a non-prime loan (interest rates are quite a bit higher though)
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09-26-2009, 11:02 AM
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#3 | | ninja edits your posts without your knowledge
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i think this would be better placed in the Business/financial part of the forum....
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09-26-2009, 01:19 PM
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#4 | | Banned By Establishment
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^ +1
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09-27-2009, 01:41 AM
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#5 | | Ready to be Man handled by RS!
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If you were turned down you can have them try to send another app with a large down payment. Sometimes finance companies will go for this because there will be some equity in the car if it were to be repossessed.
Your best bet would be to get a co signor. But it all depends on why you were declined. If it's due to credit, then a co signor would help. If you were declined due to your ratios (pmt/inc or DSR) then a co signor won't help but a co applicant should help you.
Last resort, try having them submit an application to sub prime lenders. You're going to be offered rates between 10.9-29.9 depending on your credit. If you go for this option, make sure you don't buy something expensive. Buy a cheap car at first, build your credit, then trade in and buy what you want at a much better interest rate.
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09-28-2009, 03:19 PM
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#6 | | Banned (ABWS)
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If you were rejected on a credit check, you shouldn't be buying a car.
Ah, those stretching themselves into luxuries... and me with tons of $$$ in bank waiting for the eventual collapse to buy these luxuries for pennies on the dollar.
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09-29-2009, 01:35 AM
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#7 | | Banned By Establishment
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09-29-2009, 03:05 AM
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#8 | | Banned By Establishment
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| Quote:
Originally Posted by taylor192  If you were rejected on a credit check, you shouldn't be buying a car.
Ah, those stretching themselves into luxuries... and me with tons of $$$ in bank waiting for the eventual collapse to buy these luxuries for pennies on the dollar. | or he's making money under the table.
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09-29-2009, 09:35 AM
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#9 | | Banned (ABWS)
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Originally Posted by MajinHurricane or he's making money under the table. | That's easy to solve, declare it as a income, build credit, and pay your fair share of taxes.
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10-04-2009, 10:33 PM
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#10 | | 14 dolla balla aint got nothing on me!
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Was it rejected actually on the credit score or on the debt servicing side (income versus repayment amount)?
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10-13-2009, 10:44 AM
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#11 | | I contribute to threads in the offtopic forum
Join Date: Dec 2003 Location: Vancouver
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how much will your score decrease by everytime you get rejected for a credit check?
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