trouble with car loan

forcefedcobra

forcefedcobra

born 2 be blown
Hey guys I need some input here. I have a buyer for my truck but I just found out that I cant get a loan on the new car due to my debt to income ratio being high. This is due to my school loans from my undergraduate and now my graduate schooling. Should I go ahead and sell my truck use that money to pay off some loans and then try to get the car or should I say to heck with selling it and keep the gas guzzler until I start this new federal job. The bad thing is I can afford to keep it and buy a new car when I start this federal job but at the same time the earliest I will be doing that will be this coming September or so. I am stuck now becuase I was thinking selling my truck would help reduce this problem because I could get a 60 mo. loan and put 10k down on the car.

Its not like I will be taking out a larger note than what my truck was to begin with. Actually it will end up dropping my payments from what they are now so it would be even easier to budget my income.

I dont understand lenders!!!!!!:hh:

Thanks for the input guys.

B
 
What I would do is keep the truck and just wait till september and buy a new car.....if you sell the truck now you will miss it!!......but you need to do what is best for you
 
That would be great but the big trouble is I already comitted to selling the truck before I found out about not being able to get the car loan later that day. Other problems include getting engaged last month $$$$$$$:hh: and having the chance that I this new job may not come about. I go to OKC for testing and interview on it tomorrow and then will find out if I go through the next round in a few months.

Now I am really stuck because I cant back out of selling it but dont know if taking the money after paying off the note and paying off some debt will make it where I can get the loan on a new car. If I have to I will save my $800 a month from not having a car payment and not having some credit card debt and use that to put down on the cobra I am wanting. The main thing is I am not going to just settle and buy a car that in the long run I will not want because of the fact that I am going to miss my lightning and will kick myself forever if I just end up buying something else.

Thanks for the input but I think no matter what I am stuck for a little while now!;c

B
 
I've got a clean 92 Mustang 5.0 coupe that will be a great car to hold you over til September that I'm selling. That way you can sell the truck now pay down some bills and buy a Cobra come Sept. It goes in AutoTrader next week for $4250, but I'll let it go for $4,000. Its already detailed and just sittin in the garage. By the way I was glad to see you got what you wanted for your truck, especially with all the negativity in the classifieds! Just an idea bro, good luck, Aaron
 
Thanks for the props Aaron. I too was getting ticked ;c with all the jerks on there. It was just nice to post on there to show the fools that they had no clue what a good condition truck should sell for instead of idiots trying to buy it for less than the trade in value. They all think that a selling price is relative and has nothing to do with condition, miles, and location. Send me some pics of the coupe and some info on it. I may think about doing that instead of driving the beater mazda that I have. I used to have a 92 GT before my SVT passion kicked in.

B
 
Hook me up with your email and I'll send you some info and pics of the coupe. I hear you about the SVT passion, aside from this coupe thats what my last 3 rides have been. Take it easy, Aaron
 
What I would do is ask your loan officer to see where you would be with your ratio AFTER you sold the truck and what amount you could afford to finance after getting rid of your truck. This will give you a good idea of where you are financially. If you aren't where you'd like to be, pay on on your school loans half of the profit from your truck. See if that will help you. If that doesn't help, then keep the truck.
 
Keeping the truck would have been great but I already gave my word that it was sold an hour before finding out about the car loan. Right now I am waiting for my next run of bills to come in. Since my credit cards are higher interest and cout as revolving debt (counts against you more than student loans) I am going to pay off a few cards and then head back to the dealership. Right now I am looking at an STI. I will be sad not getting another COBRA but if the STI doesnt work I am going to look into an SVT focus to buy for a daily driver and then get a new cobra or another lightning here around 2006 or so when I should have all my debt paid off.

Thanks for the input.

How are you liking your 99?

B
 
I think I can help you. :tu: I am a Finance Mgr for my dealership, I can tell you what to do and I know it will work. You can call me 757-420-2800 work or the cell 757-285-5709. I would use the cash down as down paymnet on the one your buying, Hell with 10k cash down I could get satan himself approved! :D

forcefedcobra said:
Hey guys I need some input here. I have a buyer for my truck but I just found out that I cant get a loan on the new car due to my debt to income ratio being high. This is due to my school loans from my undergraduate and now my graduate schooling. Should I go ahead and sell my truck use that money to pay off some loans and then try to get the car or should I say to heck with selling it and keep the gas guzzler until I start this new federal job. The bad thing is I can afford to keep it and buy a new car when I start this federal job but at the same time the earliest I will be doing that will be this coming September or so. I am stuck now becuase I was thinking selling my truck would help reduce this problem because I could get a 60 mo. loan and put 10k down on the car.

Its not like I will be taking out a larger note than what my truck was to begin with. Actually it will end up dropping my payments from what they are now so it would be even easier to budget my income.

I dont understand lenders!!!!!!:hh:

Thanks for the input guys.

B [/QUOTE
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That would be great but I cant afford to travel to Virginia or have the car shipped. I will just keep with my plan to get rid of some high interest credit card debt and then go looking to purchase a car. Thanks for the help though.
 
Well you can get a priceline.com coat 2 coast for 2-300 but anyway, My thought was I could get you approved, you then go to any mega dealer that uses CFC and they will have to honer my call back.

Good Luck

forcefedcobra said:
That would be great but I cant afford to travel to Virginia or have the car shipped. I will just keep with my plan to get rid of some high interest credit card debt and then go looking to purchase a car. Thanks for the help though.
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