Contour Enthusiasts Group Archives Forums Branches Northeast McCarville Financing?

Thanks Mamisano, appreciate it.

I can look at the Car on Monday.I live 5 Miles away.

Where is McCarville? I think im getting it confused with this foolish dealer I called in upstate NY hwen my SVT search began.....

Anyway, as far as a loan goes, online websites are useless. Case in point. I have over a year of PERFECT credit history, on not one, but two cards. In fact, they just jacked my line $1200 on one, and $1000 on the other. Eloan, and anyone else don't care. They state "insufficient history." Ok, whatever. I went to my bank, and several other local banks. No Dice. Basically, if you walk into a bank, and tell them you want to buy "A" car, they're not going to give you a loan. They haven't seen the car, they have no guarantee the car is sound, especially if being bought from a private seller. They don't want something to happen, where you can't make your payments. HOWEVER, if you go to a dealer, it's much much easier to get a loan. They work with local banks adn such, and the banks have people who can vouch for the car. They might recommend you get a cosigner (like i did) however, you're most likely going to get a loan from the dealer. I'd say interest rates now are between 8 and 11%. I think I got 9.something....but I don't remember. If they really want the car off their lot (which im sure they do...fools...) they'll help you out. Good luck

Coming from where you are now, I think I can shed some "light" on this subject. It is going to sound stupid, but this is how things work.

There are various things that "make up" a Credit Profile. Your Credit Profile starts on your 18th Birthday, unless you were involved in some sort of financial fiasco in your teenage years, which by law, is prohibited. Your Credit Profile contains your history. e.g. Address, Birthdate, SSN, Employment information, etc. It even has information about your last known address, and when it changed, as well as your last employer, and when that changed. It has much more information on it than most people will give out freely. You should get a copy of your own, once your denied credit from someone. Once you are denied credit, a copy of your report is FREE. You need to review it for errors, incorrect accounts, and omissions. Bad Credit is just as important as Good credit. Going from Bad to Good, is MORE important than only Good or only Bad.

Most banks will NOT issue loans unless you have about 10 years of credit history. Student loans are DIFFERENT and they are also EXEMPT from this rule. Student Loans also do not REFLECT MUCH on your Credit Profile, unless thay have been DEFAULTED on. In this case, if you defaulted on a Student Loan, you will be Blacklisted by the Student Loan issuing agency and you will never be eligible for a Car loan, or a Home Mortgage. This is what you agree to when you take out a student loan. Read it in the FINE PRINT.

Insufficient credit history, is when YOUR HISTORY is less than 10 years old. It doesn't mean that you are not credit worthy, the bank just doesn't have enough information to forecast what your habits are. The only way you will get a Car Loan/Lease, in this case, is to have a parent, or an older brother or sister, co-sign on a Car Loan/Lease with you. Make sure that their credit is well established, or you won't get approved with them either.

The BEST and fastest way to establish credit, is to get at least ONE, secured Credit Card. Use it for a couple years. When the credit card company refunds your security, and it becomes a REAL credit card, this gives you the BEST CHANCE of getting any loan for anything.

I found out about Credit Agencies the HARD WAY, on my 18th Birthday. I have been blessed with, unfortunately, the same name as my father. My father had a loan in his name for $25k. When he passed away, the loan naturally defaulted, and the credit agencies put it on MY credit profile. When I asked them "WHY?", it was because the name and the address matched. When I asked them about the birthdays and social security numbers being different, they told me that so many people use STOLEN SS numbers that they aren't as reliable as addresses.

I also found this out at the exact same time I was sitting in the Finance Office of a Mitsubishi Dealer. My Mom and I were trying to purchase a Mirage for $8,000. Every bank would not give me a loan for nothing. Even if my mother had co-signed with me. When the Finance Officer told me that there was a $25k judgement in my name, I almost fell off my chair. He knew it was a mistake and explained it to the bank. Without his help, the bank would have never given me a loan at all.

It took me 18 months to get that sh!t cleared off my Credit Profile. I can't tell you how many CERTIFIED copies of my Father's Death Certificate I had to make and mail to these idiots.

And the BEST indicator of your credit, is whether or not you can get a SEARS Credit Card. Sears has the most stringent standards for approval. I didn't get one of these until I was almmost 30 years old, and I'm not going to tell you my age either.

If you need help or have questions, I'll be happy to answer them as best as I can. Dealing with Credit Reporting Agnecies is WORSE then trying to explain you problems to a 4 year old. You have to S-P-E-L-L everything out, so that they COMPLETELY understand your point and SEE the mistakes in your Profile.

Pete...

Thanks for the info Roadrunner. I'm about to turn 24 in Nov. Actually a Sears card was the first card I got along with a Mobil card when I was 19, if I remember. I charged up the Sears and paid it off. Because of the high interest rate, I canceled it. I've gotten several copies of my credit report in the past and cleared up any discrepancies. I also made sure all closed accounts on my credit report are listed as closed at the request of the customer. This way it doesn't appear that the accounts were closed on me. I'm already getting the impression that I'll have to get my parents to cosign for me. They have impecable credit. My cousin bought an Eclipse 2 years ago. Her APR was 14% but with my parents cosigning for her, they dropped it to 10%. I know my credit is much better than hers. I can definitely get single digit interest rate w/ my parents. Just wanted to do this on my own. I guess whatever it takes to get into the car seat.

Great One, McCarville is on LI.

Kool Aid, I'd really be grateful if you could take a look at the car. Please don't go out of your way. I'm going to be calling them on Monday to have them check my credit and see what they can offer me. If it's bad I'll have to use my parent's credit. I know I've got to move quick.

It sucks being young and trying to take out a car loan. Luckily for me I am a member of a credit union and got my loan for 8.25%. When I went to the dealer to pick it up, he went through his usual banks and nobody would approve me. He gave me Ford credit at a whopping 19%. But that didn't matter to me cause I was already pre-approved by my credit union and I simply transferred the loan.

If I didn't have the credit union, I could have never afforded the car.

BTW, I've heard that canceling a credit card isn't necessarily a good thing, even if it was closed by you and not the credit card company. How long you've held a credit card really increases your overall credit scores. Getting rid of a card is not always a good thing.

I guess having to pay tons of school loans helps here. I have been paying my loans, like clockwork, for the past few years and I've had a credit card since I was 18. When I purchased my 'tour, 1.5yrs ago, FMC gave me a 9% and the local bank gave me 8.5%. This is for a 60 month term...

Oh yeah, I got 3.9% from Ford for 60 months when I purchased back in June of 98

I'm going to know about financing from McCarville tomorrow. Already secured the car. Had to go with joint financing w/ my dad. So far Eloan gave me up to 23000 for 60 months at 7.13%. Waiting for the rest of offers to come in. I'll likely be down at McCarville tomorrow so they can appraise my 95 gl (not sure if I'll sell it or give it to my brother) and test drive the svt. I can't wait to drive it, though not as fun because I don't know the area. Thanks everyone for your help and input.