I am eligible for financing?
03-27-2004, 11:38 PM
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I am eligible for financing?
Hi, I am 21 years old and college student and I just wanted to know if I would be eligible to get financing at a decent rate through mazdausa or a bank? My experian credit score is a 692 and I currently own a business and make about 60-70k a year, I am worried because of my age and that my credit score isn't the best. Can anyone familiar with the process give me some insight?
thanks cgrx
03-28-2004, 01:05 AM
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It should be fine. I'm in the same boat as you. My score is higher but my income is a little lower. My previous "High" loan was my last car- 22k. The loan I have now easily tops that. ( added $ to currrent loan due to trade in) and I got a little over 5%.
Good luck
Good luck
03-29-2004, 10:33 AM
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Well, you're definitely lying about your income, and banks are able to verify that, and don't like that too much....
If you were making $60-70K, then you would not have the time for college buddy, especially at 21....
Just be honest.....
If you were making $60-70K, then you would not have the time for college buddy, especially at 21....
Just be honest.....
03-30-2004, 11:30 AM
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The reason i got turned down is because i'm self employed and they could not verify my income (or would not), I'm getting tired of comments like yours, email me at chris@hailmicro.com and I'll send you snapshots of my credit report if you'd like.
03-30-2004, 11:42 AM
#16
Don't be discouraged, ChrisOh.
There are plenty of lazy "haters" out there.
I am in a similar situation in that the vast majority of my income is "undocumented".
Try buying a house that way. It is difficult.
If your income is 1099 or cash-basis, the banks want you to just go and use cash.
At your income level, I recommend that you buy some property as soon as you can.
Not only is it a good investment, but it immediately jacks your credit potential to the sky.
There are plenty of lazy "haters" out there.
I am in a similar situation in that the vast majority of my income is "undocumented".
Try buying a house that way. It is difficult.
If your income is 1099 or cash-basis, the banks want you to just go and use cash.
At your income level, I recommend that you buy some property as soon as you can.
Not only is it a good investment, but it immediately jacks your credit potential to the sky.
03-30-2004, 07:10 PM
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Originally posted by ChrisOh
The reason i got turned down is because i'm self employed and they could not verify my income (or would not), I'm getting tired of comments like yours, email me at chris@hailmicro.com and I'll send you snapshots of my credit report if you'd like.
The reason i got turned down is because i'm self employed and they could not verify my income (or would not), I'm getting tired of comments like yours, email me at chris@hailmicro.com and I'll send you snapshots of my credit report if you'd like.
That is F#$% lame !
Save up and throw down a huge downpayment - or pay off the other car. I only have 2.5 years of credit history ..... But My income is very provable.....
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