Credit Union and Financing

TripleBlkZ · 03-21-2013, 08:47 AM

Most lenders will base their approval on 3 things;

-debt service = income to bills (monthy payments)
-credit (0 in this case)
-equality (security)

In you case I presume since you have no credit you will have very little bills and hopefully a job so you total debt servicing would be low, you have ~50% down payment so the lenders risk would be low case they could always repo and have room to get their money back if they sold the car.

The third is credit, prior to he big credit melt down you wouldn't have a problem with 2/3 now days I think in your case you will still be fine but don't be surpised if your rate is a bit higher then you expect or they ask for a cosigner.

Keep in mind lets say you get a rate of 13% instead of 8% that's only 5% more a year which is only ~$750 more interest a year or $65/mth more interest. Also then carrier the loan for a year to build your credit and have the bank rewrite it next year with established credit into a lower rate loan.

*sent from my IPhone pardon the spelling errors.

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03-21-2013, 08:47 AM	#1 (permalink)
TripleBlkZ Enthusiast Member Join Date: May 2010 Location: Kelowna, BC Posts: 333 Drives: 2014 QX50 Rep Power: 17	Most lenders will base their approval on 3 things; -debt service = income to bills (monthy payments) -credit (0 in this case) -equality (security) In you case I presume since you have no credit you will have very little bills and hopefully a job so you total debt servicing would be low, you have ~50% down payment so the lenders risk would be low case they could always repo and have room to get their money back if they sold the car. The third is credit, prior to he big credit melt down you wouldn't have a problem with 2/3 now days I think in your case you will still be fine but don't be surpised if your rate is a bit higher then you expect or they ask for a cosigner. Keep in mind lets say you get a rate of 13% instead of 8% that's only 5% more a year which is only ~$750 more interest a year or $65/mth more interest. Also then carrier the loan for a year to build your credit and have the bank rewrite it next year with established credit into a lower rate loan. *sent from my IPhone pardon the spelling errors.