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Need help with a decision on my purchase.

418 Views 10 Replies 9 Participants Last post by  EddieNel, 
94mk4
I'm looking at a R35 GT-R, and my only issue at the moment is that my credit is really low, just 12 months ago I was barely being able to make ends meet, pay check to pay check, but with my business I started making $15K-20K month for the last 7 months. I paid off $30K worth of debt, have well over 6 figures saved up and I've really wanted a GT-R.

My credit is 680 right now, and I have the funds to buy a GT-R in cash. I found a 2012 I like for $70k. I want to increase my credit and I was thinking of putting $40,000 down payment and paying it off over the course of a year, but the bank wouldn't allow me to take a loan below 48 months. They were also not really taking me seriously and told me to come back once my credit is 700+

Need some advice, I really just want to go get into a GT-R right now. Tired of driving this G35 when I have the money to afford a GT-R.
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Gdzilla_
Three options as I see it;

Try one or two other banks if your dead set on financing for 12 months.

Or go back to your bank and finance it for 48 months and on the 12th month - pay it off outright. Just make sure you have that option in your financing without penalty, which most banks do. Pretty standard stuff.
Then a month later you can write a f&*k you letter to your bank :cool:

Or, just pay cash for it
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94mk4
Gdzilla_ said:
Three options as I see it;

Try one or two other banks if your dead set on financing for 12 months.

Or go back to your bank and finance it for 48 months and on the 12th month - pay it off outright. Just make sure you have that option in your financing without penalty, which most banks do. Pretty standard stuff.
Then a month later you can write a f&*k you letter to your bank :cool:

Or, just pay cash for it
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I should have mentioned I'm also worried if they might not approve me lol, even though my down payment is over 50% of the car's value. If I don't get approved I'm afraid they might even dent my credit even more.
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L.L.
Is the loan going to be with the bank where the savings are deposited and where there is already an existing relationship?

If so, might be easier to get an approval there.
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gtrbillet
Just buy it if you have the cash.
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crepr12
You have a business making 15-20k a month and cant figure out how to buy a car?...OK...happy hunting OP
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TGHaworth
Pay cash.

PS: Buy mine 😂
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Gdzilla_
94mk4 said:
If I don't get approved I'm afraid they might even dent my credit even more.
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I wouldn’t worry about that too much. The hard credit check for the loan application pretty much gets distinguished in about 6 months.

But if you are… just pay cash.

Easiest way to build your credit is to obtain at least 2 credit cards, use them both responsibly and pay them off every month.
With your current business running the way it is, that shouldn’t be hard to do.

Best of luck…
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IndecisivPanda
What business are you in bringing home that kind of money? I’m a plant manager and only bring in 10.2k a month before taxes lol

I’d say just get the 48 month loan, and just pay it off after 12 months anyway. Or finance a lower car for about 6-8 months, pay it off, sell it/trade it in then get the bigger loan.
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DR23
If you are making that much a month go for a MY17 or newer.
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E
I would contact Equifax and Trans Union and see why your score is what it is. There may be an unpaid bill they are showing that you paid. You can show proof and they will fix your score. If you’re catching this much flax from the bank you are making these deposits at each month then you may want to find another bank. Most creditable banks will work with you and coach you to help your score. If they aren’t taking the time to help you then maybe they just don’t want your business. There’s a bank on every corner. Find one that wants you to be part of its family.
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