The Business and Financial Forum THIS SPACE OPEN FOR ADVERTISEMENT. YOU SHOULD BE ADVERTISING HERE!
Revscene Wall Street.
Consolidating debt? Good business tips? Buying stock? How's our economy doing? Discuss and share advice and tools on everyday banking, investing, wealth management and insurance. |
 | 
09-25-2009, 06:50 AM
|
#1 | | I contribute to threads in the offtopic forum
Join Date: Dec 2003 Location: Vancouver
Posts: 2,777
Thanked 1,045 Times in 419 Posts
| If I was rejected on a credit check
at the dealership, does the person selling the car still have the power to give me a financing option if I put a large down payment?
| 
|  | |
09-25-2009, 07:05 AM
|
#2 | | 14 dolla balla aint got nothing on me!
Join Date: Jul 2004 Location: Richmond
Posts: 696
Thanked 16 Times in 11 Posts
|
as far as I know, the answer is no. It is not the dealership itself financing you, its the financing company, and it is them that decides whether or not to approve your loan. With that said, a larger down payment could help offset whatever it is that is preventing you from getting approved.
There are however non-prime/sub-prime loans, those are for people with no credit history or people with a low credit score. If you don't get approved for a prime loan, ask the dealership if they can submit it for a non-prime loan (interest rates are quite a bit higher though)
| |
| | |
09-26-2009, 10:02 AM
|
#3 | | ninja edits your posts without your knowledge
Join Date: Jan 2004 Location: Vancouver
Posts: 14,957
Thanked 6,309 Times in 1,777 Posts
|
i think this would be better placed in the Business/financial part of the forum....
| 
| | |
09-26-2009, 12:19 PM
|
#4 | | Banned By Establishment
Join Date: Mar 2009 Location: Burnaby
Posts: 1,171
Thanked 398 Times in 71 Posts
|
^ +1
| |
| | |
09-27-2009, 12:41 AM
|
#5 | | Ready to be Man handled by RS!
Join Date: Sep 2004 Location: Nanaimo
Posts: 89
Thanked 2 Times in 2 Posts
|
If you were turned down you can have them try to send another app with a large down payment. Sometimes finance companies will go for this because there will be some equity in the car if it were to be repossessed.
Your best bet would be to get a co signor. But it all depends on why you were declined. If it's due to credit, then a co signor would help. If you were declined due to your ratios (pmt/inc or DSR) then a co signor won't help but a co applicant should help you.
Last resort, try having them submit an application to sub prime lenders. You're going to be offered rates between 10.9-29.9 depending on your credit. If you go for this option, make sure you don't buy something expensive. Buy a cheap car at first, build your credit, then trade in and buy what you want at a much better interest rate.
| |
| | |
09-28-2009, 02:19 PM
|
#6 | | Banned (ABWS)
Join Date: Feb 2009 Location: Kits/Richmond
Posts: 4,409
Thanked 1,105 Times in 540 Posts
|
If you were rejected on a credit check, you shouldn't be buying a car.
Ah, those stretching themselves into luxuries... and me with tons of $$$ in bank waiting for the eventual collapse to buy these luxuries for pennies on the dollar.
| |
| | |
09-29-2009, 12:35 AM
|
#7 | | Banned By Establishment
Join Date: Dec 2001 Location: GB
Posts: 4,407
Thanked 472 Times in 49 Posts
| | |
| | |
09-29-2009, 02:05 AM
|
#8 | | Banned By Establishment
Join Date: Mar 2006 Location: Richmond
Posts: 12,484
Thanked 2,091 Times in 773 Posts
| Quote:
Originally Posted by taylor192  If you were rejected on a credit check, you shouldn't be buying a car.
Ah, those stretching themselves into luxuries... and me with tons of $$$ in bank waiting for the eventual collapse to buy these luxuries for pennies on the dollar. | or he's making money under the table.
| |
| | |
09-29-2009, 08:35 AM
|
#9 | | Banned (ABWS)
Join Date: Feb 2009 Location: Kits/Richmond
Posts: 4,409
Thanked 1,105 Times in 540 Posts
| Quote:
Originally Posted by MajinHurricane or he's making money under the table. | That's easy to solve, declare it as a income, build credit, and pay your fair share of taxes.
| |
| | |
10-04-2009, 09:33 PM
|
#10 | | 14 dolla balla aint got nothing on me!
Join Date: Feb 2005 Location: 604
Posts: 682
Thanked 8 Times in 4 Posts
|
Was it rejected actually on the credit score or on the debt servicing side (income versus repayment amount)?
__________________
1967 Chevrolet Camaro Blue on Black
2008 Infinti G37S Coupe 6-Speed Blue Slate on Stone
2012 Suzuki SFV-650 White/Black
| |
| | |
10-13-2009, 09:44 AM
|
#11 | | I contribute to threads in the offtopic forum
Join Date: Dec 2003 Location: Vancouver
Posts: 2,777
Thanked 1,045 Times in 419 Posts
|
how much will your score decrease by everytime you get rejected for a credit check?
| |
| | |
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts
HTML code is Off
| | |
All times are GMT -8. The time now is 02:37 PM.
|
You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today!
The banners on the left side and below do not show for registered users!
