I'm looking to buy an IS 350. So ive been talking with the dealership here about buying one. I dont have any credit so I am trying to finance through the dealership. However, I am putting $26,000 down. But the salesman told me that in order to get the nav and other options I have to put $3,000 more down because I can only finance a certain percentage of my income. Is this true or this guy full of bs?

 

he's full of crap... i drove it out of the lot w/o any financing.. they let me slide for a week.... i went with capital one.... i only had 10k down... and i'm sure they'll finance more. I only asked for 30k. I've never made a big purchase in my life, no loans, no nothing.

The best thing to do is hit everyone up on email and bargain with several dealers. I talked to 6 dealiship locally a got a great deal... good luck.. he's full of crap

 

Usually that's what lenders do, they let you finance up to a certain percentage of your income. Did you try another lender, maybe your bank? Or I would think with a co-signer he could get that approved. If those are not options for you then do away with some options and look at the bright side, you'll have credit.

 

No, he's not full of crap. There IS a limit to how much you can finance depending on several factors. One is how much money you make, the other is your credit score and history and I'm sure there are other factors as well.

 

His situation isn't that he can not get approved, he just can not get the loan amount he needs with the options he wants because of his annual income. If I am understanding him, he could walk out the door now with a car if he settles on less options.

 

did you try capital one... they give you a quote in 15 mins.. that way you dont' have to finance with them... btw is your income below 30k?

 

They also never checked up on my income... you could round up... 25k --> 30k... 32k--> 40k

I mean rounding is subjective right??? There's also truncation, but that help you... you're not lying.. you're jus rounding

 

there's a radio ad for a nissan dealer around here and they always say... "your job is your credit!"

 

Yes my income is slightly below 30k....but im only a college student

 

He's full of crap. Any lender will finance you with all that cash your putting down. There is a reason why the salesguy is "selling" and the finance guys are "financing". As they say in the car business...."Cash is King".......

 

so your a first time buyer, try a credit union usually theyll get u finance, and with 26k down, it should be a peice of cake. credit unions usually have a first time buyer program. by the way do u know what is your credit score. tell them to lower the price too you can get one now for about a 1k over invoice

 

Capital One is great but is mainly based on your credit score, if you have limited credit they might have limited options. Try bankrate.com, a friend with bad credit was able to get quite a few good loans by using their shopping service. Also depending on which school you go to, many universities will have an onsite credit union which should be able to offer you great rates on the difference between your down and the car.

 

capital one is great for the consumer. Most people get approved quickly. Though myself I hate capital one cause i'm on the receiving end. Capital one requires a lot of paper work from the dealer for them to be funded. Just a pain in the ***.

Generally dealerships ask for more down generally because of your credit history and the bank needs a certain amount. If they had it their way they would like you to finance as much as possible. Cash is hardly what it used to be. The finance charges is that extra cash we are looking for in the back end. If you have 730+ credit score a rate of around 6.75% is pretty good right now. Average rate is around 9%. Credit unions may have better rates depending on who you go to or you may suggest asking your finance manager to look into further bank options to find what will best suit your needs. Anyway goodluck with the purchase.

 

yea with 26k down..you're in damn good shape... just apply to credit union..you don't have to use their check once you're approved... you can still turn it down...

 

Not true. I just financed my TL with Capital One Auto Finance. And let me tell you, its the easiest car purchase I have ever done. You do the approval process online and if your approved (which I was with a low interest rate), they MAIL YOU A CHECK!!! Yes!!! You write the check to the dealer for the amount of the car and its yours. That's it. All you do is fill in the check like any, put the VIN on the check and that is it. Its just like paying cash for the car. All the dealer has to do is have paperwork for the plates, etc.