Financing

AshburnZ · 05-05-2009, 04:43 PM

I am going to try PenFed but before I do make a payment I have a few quick questions for anyone that knows. Is PenFed the right choice for someone with no credit? Do I have to enter my current job info? Say I don't have one currently will that matter for a quote or to get approved? Do i need to enter 2 years of job information to get approved?

Just wondering a few Q's and what to expect because I'm not trying to pay 25$ and not have a chance of getting a loan.

Thanks again in advance.

theDreamer · 05-05-2009, 04:50 PM

Current job & past job information shows stability which helps in getting a loan. Not having any credit is going to be very difficult with your first auto loan.

imag · 05-05-2009, 06:09 PM

I got declined with PenFed because for lack of credit history (I've just gotten a PWC since a bankruptcy 6 years ago).

The problem with PenFed is that you either qualify for the 3.99% rate or you don't. You're more likely to get newbie credit with a company that will give you a higher rate (because you're a higher risk). I'm putting together an $8k down payment to help out.

arcticreaver · 05-05-2009, 06:49 PM

that's why normally a parent co-signs for you to help you with your first car and helps you establish some credit.

not sure if you can enter in bank information but if the credit union see how much you have in the bank, then MAYBE you can get approved. but otherwise, no past job experiences and no credit normally means a very high interest rate unless you decide to just pay off your car all at once.

can you not get one of your parenst of guardians to help you out with a loan by co-signing?

also by co-signing with a parent it might help you with your insurance costs as well.

zero · 05-05-2009, 10:00 PM

I am putting down 50% and financed the rest with 3.99% APR.

Unicorn_blood · 05-22-2009, 09:55 PM

Does PenFed have a co-sign program? What do you guys recommend for someone with bad credit? Like someone who just got out of a short sale?

ChrisSlicks · 05-22-2009, 10:00 PM

Quote:

Originally Posted by darklocust

Does PenFed have a co-sign program? What do you guys recommend for someone with bad credit? Like someone who just got out of a short sale?

If you have bad credit you need to make sure you have a significant amount to put down as cash. The financier needs to know that they won't get screwed if you default. If you don't have any cash it's not a good idea to buy new.

05-05-2009, 04:43 PM	#1 (permalink)
AshburnZ Base Member Join Date: May 2009 Location: Virginia Posts: 13 Drives: wanting a 370z Rep Power: 17	Financing I am going to try PenFed but before I do make a payment I have a few quick questions for anyone that knows. Is PenFed the right choice for someone with no credit? Do I have to enter my current job info? Say I don't have one currently will that matter for a quote or to get approved? Do i need to enter 2 years of job information to get approved? Just wondering a few Q's and what to expect because I'm not trying to pay 25$ and not have a chance of getting a loan. Thanks again in advance.

05-05-2009, 04:50 PM	#2 (permalink)
theDreamer A True Z Fanatic Join Date: Feb 2009 Location: Texas Posts: 30,879 Drives: 370z Rep Power: 4211	Current job & past job information shows stability which helps in getting a loan. Not having any credit is going to be very difficult with your first auto loan. __________________ theDreamer's Z // Fast Intentions // Uprev // GTM // HKS // TEIN theDreamer's Silvia // URAS // GREDDY Houston Zs // Facebook // Twitter // Instagram

05-05-2009, 06:49 PM	#4 (permalink)
arcticreaver Track Member Join Date: Feb 2009 Location: Arcadia, CA Posts: 769 Drives: 2009 Z34 7AT PG Rep Power: 925	that's why normally a parent co-signs for you to help you with your first car and helps you establish some credit. not sure if you can enter in bank information but if the credit union see how much you have in the bank, then MAYBE you can get approved. but otherwise, no past job experiences and no credit normally means a very high interest rate unless you decide to just pay off your car all at once. can you not get one of your parenst of guardians to help you out with a loan by co-signing? also by co-signing with a parent it might help you with your insurance costs as well. __________________ http://www.facebook.com/arcticreaver - FaceBook http://www.linkedin.com/pub/sam-yang/a/832/325 - LinkedIn Profile

05-05-2009, 10:00 PM	#5 (permalink)
zero A True Z Fanatic Join Date: Dec 2008 Location: Southern California Posts: 1,259 Drives: MK 7.5 Golf R Rep Power: 23	I am putting down 50% and financed the rest with 3.99% APR. __________________

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05-05-2009, 06:09 PM	#3 (permalink)
imag Enthusiast Member Join Date: Mar 2009 Location: Oakland, CA Posts: 446 Drives: up the wall Rep Power: 17	I got declined with PenFed because for lack of credit history (I've just gotten a PWC since a bankruptcy 6 years ago). The problem with PenFed is that you either qualify for the 3.99% rate or you don't. You're more likely to get newbie credit with a company that will give you a higher rate (because you're a higher risk). I'm putting together an $8k down payment to help out.

05-22-2009, 09:55 PM	#6 (permalink)
Unicorn_blood Base Member Join Date: May 2009 Location: Milky Way Posts: 40 Drives: Enzo Rep Power: 17	Does PenFed have a co-sign program? What do you guys recommend for someone with bad credit? Like someone who just got out of a short sale?