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Old 12-09-2016, 10:14 PM
 
4 posts, read 2,410 times
Reputation: 10

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Anyone know of a Credit Union or another third party lender that will approve anyone in any situation for an auto loan in Houston or Sugar Land? I can't find a co-signer and my situation is I have entry level credit andam getting a 40k car with about an additional 8-10k in negative equity rolled over from a trade in. Providing proof of stable income and putting down a big down payment won't be an issue.


I know for sure the dealership won't approve me without a co-signer and even if they do, they'll probably offer some outrageous APR. Especially since it's from a new legit dealership and not a shady junkyard dealership.

Last edited by jamestx99; 12-09-2016 at 11:34 PM..
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Old 12-10-2016, 07:44 AM
 
Location: Houston Metro
1,133 posts, read 2,020,839 times
Reputation: 1659
I'm not sure what legitimate financial institution will see giving a 50k loan to someone with entry level credit as a sound investment. You say a big down payment, but what's your end LTV going to be?
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Old 12-10-2016, 07:58 AM
 
958 posts, read 2,574,120 times
Reputation: 827
If you buy that car you're making a very poor decision considering your current situation and likely financial situation as well.

You're buying a $50,000 car when your overall net worth is likely around 0.

BEST decision would be to pay off your current car and drive it for many more years until your financial situation imrpvoes.

Debt is bad and will drag you down a deep hole if you do not control it.
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Old 12-10-2016, 01:13 PM
 
153 posts, read 144,891 times
Reputation: 216
Own a house or some real estate as collateral? I'll give you that loan.....
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Old 12-10-2016, 01:27 PM
 
1,743 posts, read 3,821,369 times
Reputation: 2430
Buy a Honda Accord or Civic Cash Love, Dave Ramsey.
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Old 12-12-2016, 02:14 PM
 
360 posts, read 665,635 times
Reputation: 482
Sounds like you'd be better off selling your current car or keeping it. What you're trying to do makes zero financial sense and I'd be wary of any institution willing to give you that loan.


If you absolutely must have another car, you should go down significantly in price. I purchased a vehicle I "had to have" for half the price by buying an older model. It was only three years old.
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