Coli financial experts.... car question?

[beenz]

I bet she wants it bc it’s an Infiniti

and that isn't even a big deal. (not that I got a luxury car or anything myself)

 

[beenz]

Of course this makes sense but those with poorer credit usually don't have a choice. Especially starting out in the hole from not being educated on it.

My freshman year at Georgia Tech in Navy ROTC we had a VP from USAA come in and give us a talk and presentation on credit, loans, etc. One of the best and most valuable things ever for me learning how the game works with all that shyt. Especially since our people aren't normally taught this info and we learn unfortunately through fukkin up not knowing better

instead of all the useless things they teach you in high school, something I believe should be MANDATORY are classes in personal finance. simple shyt like handling your bank account, paying bills, learning about credit could have saved an entire generation billions of dollars even if just a small percentage paid attention.

the ONLY reason I know the little bit I know about finance is cuz my pops taught me when I was a kid, and he's an accountant and financial planner by trade.

and you'd be surprised at the number of people I encounter even at my age that are pretty clueless about money and finance.

 

[beenz]

Telling Customers they can refinance is the oldest trick in the sub prime car sales book. Financial institutions have certain guidelines when it comes to refinancing a car. Some institutions won't refinance a car over 5 years old or a car over a certain amount of miles.
She should check the refinancing terms with her bank/credit union first.

my homie was talking about refinancing his whip and I believe his shyt is like a 2019 with 30K miles. and I think he will have trouble even with that. cars are not easy to refinance cuz they depreciate.

 

[Taco]

Telling Customers they can refinance is the oldest trick in the sub prime car sales book. Financial institutions have certain guidelines when it comes to refinancing a car. Some institutions won't refinance a car over 5 years old or a car over a certain amount of miles.
She should check the refinancing terms with her bank/credit union first.

Try 10 years and 100k miles. I get crazy good loans for people just as long as the credit right and it’s under the 10 year 100k mile mark. At the end of the day these banks are about making money. Are there guidelines that are followed? Yes, but if a person has immaculate credit i.e. house and multiple cars paid off these banks are willing to bend.

 

[Htrb-nvr-blk-&-ug-as-evr]

Try 10 years and 100k miles. I get crazy good loans for people just as long as the credit right and it’s under the 10 year 100k mile mark. At the end of the day these banks are about making money. Are there guidelines that are followed? Yes, but if a person has immaculate credit i.e. house and multiple cars paid off these banks are willing to bend.

These banks also look at the fact that most people will put their car payment as priority among their bills and will usually make every effort to make that payment. Unless you just a complete fuk up anyway concerning making any kind of payments on time, everybody prioritizes a car. There are stories on Reddit of Ford Credit and Chrysler Credit giving folks 1-2% financing when their credit is fukin low 500s. Why? Cause they didn’t make an on time payment in life on anything but their Ford/Chrysler past loans.

 

[TripleAgent]

Score in the lower to mid 600s. Also to be fair, she makes great money. Poor financial decisions in the past.


She does operate a profitable business.

Sounds like she should buy a cheap A to B car cash, get her credit right, THEN get a nice car.

 

[Ethnic Vagina Finder]

Might as well lease for 36 months.

 

[Taco]

These banks also look at the fact that most people will put their car payment as priority among their bills and will usually make every effort to make that payment. Unless you just a complete fuk up anyway concerning making any kind of payments on time, everybody prioritizes a car. There are stories on Reddit of Ford Credit and Chrysler Credit giving folks 1-2% financing when their credit is fukin low 500s. Why? Cause they didn’t make an on time payment in life on anything but their Ford/Chrysler past loans.

Correct. That's also another factor. As long as there are no reoccurring patterns of delinquency they will give out a loan to someone who has not missed a car payment. Just did one the other day. 598 credit score but the man had 3 paid off cars. I run a smaller dealership, and tbh it's rare to see someone with bad credit w/ successful auto loans, but it's probably different for the bigger dealers.

 

[FaTaL]

If that’s your sister. Do your dad or mom got good credit and will be willing to co-sign. I understand some people got bad credit or no credit but need transportation so they gotta bite that bullet. The only way a bank or credit union will give you a decent rate if you got bad credit or no credit if you willing put like 30% to 50% worth of the car down. Her best bet is to lease probably got to be a wack car but it is what it is. Save up for that down payment and shop around.

Ain’t nobody co-signing with that sh!tty credit score

 

[Apollo Creed]

Man she better get a 2020 used Rav4 and call it a day