12000 Loan Needed No Credit Check

MY VIEW: Wisconsin can't afford the Mustang

Unfortunately you have crashed your beloved Mustang that you drove for a number of years and it is a total loss.

You need a car to get to work tomorrow so go to the Ford dealership.

Gleaming in the sunlight is a new Mustang that seems to move without the ignition being turned on. Just beyond the Mustang is a smart-looking Taurus. Then there is the point A to point B Focus. Oh the choices you have!

It is time to check the prices. The Mustang is $30,000. The Taurus is $20,000. The Fiesta is $10,000. Your bank statement says you have $12,000 to spend. Your heart is set on that heartthrob of a Mustang and how cool you would look driving it around town. You just have to have it!

So you wave to the salesman lurking by to let him know it is OK to approach you. You tell him that you are looking at these three cars and decided you want the Mustang. Eager to sell you what you want, both of you sit down and begin filling out the paperwork.

He asks you how you would like to pay for your new car and you proudly tell him that you will use your $12,000. He then asks you about the remaining $18,000. You tell him that you cannot get a loan for $18,000 because your credit is maxed out and that you believe the $12,000 is fair. He looks at you and simply says the price is $30,000 and if it is sold below that the dealership will go insolvent.

Upon hearing the bad news, you tell him that you understand, because after all, he has to make ends meet as well. Suddenly you realize that your money will only buy you the Fiesta.

Then you think of a brilliant idea. You tell the salesman that this isn’t a problem because you can both give and take and compromise. You want the Mustang but he can only afford to sell you the Fiesta, so you propose to meet in the middle with the Taurus. This way you get some of what you want and he only loses $7,000 instead of $18,000. By doing this you tell him that you have saved him $11,000!

The salesman then says that the matter is simple. He doesn’t have to compromise and that your money can only get you the Fiesta, period.

Downtrodden, you agree to the Fiesta. And miraculously you still are able to drive to work, which was the purpose of the car in the first place.

This analogy is comparable to the situation in Wisconsin with Gov. Scott Walker’s “Budget Repair Bill.” The state will have a $3.6 billion deficit in its next biannual budget and cannot afford gold-plated health plans and pensions nearly free of charge to public workers anymore. There is no money and none can be borrowed.

How easy is dealer financing? | Credits Chase

Just wondering what are the chances of existence approved by a car moneyman for financing. I’m currently hunting to get a 2007 car. My most desirable is a 2007 person (no conversation most how bad the car is k?) Ones I’m hunting at are 10000-12000. My credit score is around 725, still it is restricted to around a assemblage and a half. I hit digit credit cards as well. Applied for moneyman financing coupla life ago, and they titled back today, still I was at work and they mitt a communication to call back, they had a coupla questions. Think its doable to direction or is this exclusive wishful thinking??? Oh yeah btw I’m 20.

OK here is the story on credit, financing, and your score as it applies to car loans.

As a dealer, there are 2 scores we look at. One is the overall FICO score – that is your 725. The other is called a Fair-Isaak auto score. It is a credit score that reflects only your history with car loans.

If someone has no FI score, then we look at the FICO and run some numbers. The problem that most consumers run into is that they only look at the FICO number, but there is more to it than that.

A person can have a FICO of 725 – as you do – and no ‘high credit’. Which is a concern to most banks. You cna get a 725 by having good debt/income ratio, and paying your bills on time. BUT if the highest line of credit you have is a $1000 store charge, then there is still a hurdle.

Bankers will look at this and say “OK, this person has paid her three bills on time, but there is no significant debt” That is good – cause you don’t owe much. But its bad because you have not “proven” you can handle the financial responibility of a car.

Your FICO can reflect payments totaling (est) $150 a month . Now you are looking for a single loan that with triple your monthly debt load. So, there is a potential red flag.

A GOOD finance manager can make this happen for you. It is his job to sell your loan to a bank. So give him a little time to work this. He gets paid when loans get bought, so it is in his best interest to work for you. When they have questions, answer them as best you can. They are trying to get a loan on your behalf.

Now, even with a 725, because of the limited history, they may still ask for a co-signer. Again, its because so for you have not had a major purchase on credit. It’s not to insult you or say you are not worthy. Keep that in mind in case they do ask.