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I am looking to get a 99 Civic SI.. so i will need a loan for 10k... anyone know wheres the best chance i have of qualifying? My fico is 646 and i have been at my job for one year, and my debt is around 700 (but will pay off within a month or two) any ideas guys? I am seriously debating a new car, like WRX or RSX-S but I think i'd rather go cheap since I'm in college.. I make $1,350/mo.

thanks for your advice.

 
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Local Credit union. They approve more people, and generally have a lower interest rate. I believe because there is no huge corporate ladder, its locally based. in May of 01, i got 6.5% on my 4 year loan on my car, the best I found anywhere.

 
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Sweet beavis!

 
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i got 5.4% at fifth third bank, in january 03

 
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any bank. interest rates are so low right now that anyone would help you finance a car. i wouldnt finance through the dealer, id go to a bank.

but i would def. go used if i were you. 1350/mo isnt that much, and if you decide to move out and you have a new car payment weighing you down, that kind of sux.

 
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Most banks will only finance a car sold from a dealer. Here's an alternative...


If you have an Ebay account go here:

http://www.financing-center.com/legal_successHAF.shtml

This will let you buy any car from a private party as long as it's sold through ebay. Worst case scenario: You do a "buy it now" auction for the agreed upon price. The interest rate is competitive, and they pre-approve you for up to a given amount so you know what you can afford.

 
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Definately try y our local credit unions and banks. They will work with you and offer a decent rate.

There are lots of choices out there, shop around til you find what works for you.

There's a formula that they use to determine your monthly value and payment ability... anyone know it? It would help you decide how much you can afford a month to pay.

 
Rep Power: 368

local credit union and banks yeah.

national ones aren't as competitive in the local sense.

dont forget to read the car buying tip thread to avoid the bs from dealers or use car dealers. heh.

once in awhile, financing from the dealer will actually be cheaper and without bs. but eh. thats rare

 
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i went to a little bank (not the ones that have one all over town) just those that have one here and there. they always want business. i got the car in my own name (no co-signer) and have like 10.something percent interest rate. i think thats pretty good for me not having any credit established yet.