Today I found a 2005 White NSRT-4 w/ 42k miles on it. It is completely stock with brand new Kumho Ecsta tires. The car is very clean, the cleanest I have seen by far here. The man that has the car currently, bought it from an aution as it was a REPO vehicle. He is asking 13,995 but I think I can bring him down a bit.

My question here is that I applied for a loan for 9k from my bank which is a federal credit union (if that makes any difference). I am 21 yrs old, with a 722 credit score. What do you guys think my chances are of getting approved? Any help is greatly appreciated.

 

honestly, my philosophy is if you don't have the money don't buy it.... unless you really need to. and you have to ask yourself is it something you really need and need to take a loan on. i have no idea if you will get the loan or not, but that is just something to think about

 

do you have the ability to pay it back and is the car worth the amount of the loan or more? that is what the bank will look at, because your credit score is well above average.

 

Sounds like a good deal the srt4 and white is pretty rare and with somewhat low miles and stock is good means they didnt beat it do death. New tires is a nice thing also. If you can swing getting it and paying the somewhat high insurance payments a month than good luck. When you already have a really nice ride and insurance is low and probably almost got it payed off. Your 21 and you can always get a fast ride later on when your older .

 

I dbout youll get the loan like that. Your gonna need the bank to buy the car from you. You do have good credit though, have you been the in the credit union since you were 18??? Also do you have any other debts like your car?? Most time small credit cards wont matter that much.

 

I agree with Saw... see if you can work with your bank on purchasing the car and just make the payments... Are you thinking of use the SRT as your main transportation or are you going to keep the 03 you have right now?

 

the 03 is goin to my gf, her parents are buying it from me for 5k. I am asking for a 9k loan at my bank which is a federal credit union, I have been banking there for a really long time (if having your savings account there when your a kid counts lol).

neonon19s- what do you mean by that? I am going through my bank and will be making payments. The srt will be my main mode of transportation, of course I am with my gf most of the time so I'll still be driving the 03.

 

He means the bank buys the car and you pay the bank back for the car. Your asking to borrow money from the bank and pay them back for that. The bank would rather buy a car with low mileage and or one that is going to keep its worth. So when you dont make your payments then they can come take the car and sell it and get most of their money back.

 

Pics of said GF with red neon??

 

Your bank will most likely loan you 80% of the bluebook value of the car. The other 20% you will need in cash at closing. You credit score looks great, so as long as your debt-to-income ratio isn't out of line, you should haveany problems. The bank will pull your credit history and check this ratio, as well as check for flags like bankruptcy. Each bank has it's own ratio It's very important to have a good relationship with your bank (although Credit Unions are very conservative with lending,)so when your looking for a house, a second house, or big toy, you will have history. Borrow money when your don't need it, so you have available when you do.