Ive known people who own their own business and "pay themselves" very little since they are the tops of their company, and it effects your ability to get loans. regardless of how good or bad your credit is, when they see that you only make say, 30,000 a year, even if youre the CEO of a million dollar company, they are hesitant to give you a loan..ridiculous, but ive seen it first hand.

 

Ya know...this credit thing just blows me away. We have honest hard working people who established good credit, were faithful in their loan repay and can't get a loan. We have people with poor credit living in very...and I say, very expensive homes that they can not afford, looking for a bail out and getting it. No wonder our economy is in shambles!

I say call the dealer and see what you can do! I would not give up on this deal...too sweet to me!

 

when i did some work handling ponies last summer, i was SHOCKED to see some of the inner city dee-troit trash driving BRAND new vehicles..making jokes about how "unca sam bought they new ca!"

 

I fail to see why losing one buyer for his current truck forces him to cancel the order for his '09 Ram right away. Are there no other buyers that can be found while waiting for his new truck to be built and shipped to his dealer? It takes eight weeks to build the truck, or something like that. Hells sake man, I've put vehicles on ebay before, and moved them in a week. And what ever happened to trading in the truck he has on a new one? A good dealer should pay him "average trade in value" from Kelly Blue Book, which is likely within a few thousand dollars of what he was getting out of it.

 

The other dealer I was talking to ran my credit and wanted to give me a 13% interest rate. Sorry, not for me and a 28K truck. They said I could not use my credit union.

The dealer I actually bought my truck from let me go through my credit union, gave me the discount anyway, and that dealer ended up giving me a better deal anyway. I have a 7% rate now, not perfect, but livable.

 

im in the process of hunting for a decent rate around here, and a few dealerships ive spoken to specifically told me to go to a credit union...but im looking to buy a truck for the business, and buying through the business from the credit union seems to be a headache, thus far..but wed rather not pay cash for it..

 

One thing to remember is that you have to have documented income. For a car loan they will go over the 50% debt-to-income ratio, but if you only have 30k in documented income (2,500/month) and you have a 1,500 mortgage, some credit cards, etc, they're not going to approve you for a loan that puts you at 80% or 110% of your income even if you have a 790. The days of no doc loans are gone and they're gone for good reason.

Another thing to consider is that your credit score that you pull from a credit website is different from the credit score a dealer or bank pulls for a car loan, which is different then the score a lender gets for a mortgage, etc. They have different risk factors for different types of loans and therefore scores come out differently. One big key factor into having a strong score for a vehicle loan is owning a home/condo.

Lastly, the credit is still out there for those with income and strong scores. I got 75 months with 0 down, no payments for 90 days and a 5.0% rate. Yeah, I know that's really long, etc. etc. but I like to finance things and I have better ways to invest my money than to pay cash for a truck if the rate is that low. Each person and situation is different.

 

Man, I know Ed Zachary what you mean! I work in Montgomery, AL, and you ought to see the entitlement "gimme gimme gimme" work ethnic we have going on here. It would blow many people's minds that haven't seen stuff like what you have.