Wednesday, May 26, 2010

2000 Chevy Monte Carlo financing???

This car is beautiful!! It's a red official pace car with the ss trim package. It has 69,489 miles ( thats about average.. I think ). The dealership is asking $9,995.00 for this car. Unfortunately I have poor credit that also includes a bankruptcy. I applied for a auto loan through Capital One and was turned down and I know that my bank will not approve me. My only option is to do the financing through the dealership. My question is...because I have poor credit does that mean that I have to pay the asking price for this car or am I still able to talk them down in price. I have about $4000 to put as a down payment. What would be a fair asking price for this car?? I was thinking maybe $8,875. Any kind of info you can give me would be awesome.. thx!!!



2000 Chevy Monte Carlo financing???

I'd check with a bank you do business with, they should be willing to finance you with a$4000k down payment. They will also tell you its value, or appraised value. You'll get a much better rate at a bank, call a couple, you can apply over the phone.They won't finance much more than it's worth. P.S we own a 2001 it's a good car my wife mainly drives it as far as gas mileage it gets 25.4 highway city and about 30 strictly highway. GOOD LUCK with every thing.



2000 Chevy Monte Carlo financing???

go to kbb.com for pricing info.



with 25-30% down, you should be ok getting financing (the bankruptcy may cause a lot of trouble, though). with that in mind, don't expect the best deals around. maybe you can get 9% or maybe a little higher financing with proof of employment (ability to repay) and some references. if all else fails, you'll need a co-signer. auto expenses should be about 25-30% of your total income.



you can always bargain and deal for the car; remember it is your money.



2000 Chevy Monte Carlo financing???

Okay---I work at a dealership so I feel well qualified to answer this question.



Your credit will not determine what the asking price will be. There may be room to move on the price. Two things you need to know however is what the dealership has invested in the vehicle. They may of had to offer the customer that traded it in...$9500 to put the car deal together. This is one reason why consumers shouldn't use KBB as a guide. It doesn't matter what KBB say's a vehicle is worth or what it should sell for. KBB won't write you a check for your car...and they don't sell cars either.



Another thing to consider...if you're credit is as poor as you say it is, there will most likely be an acquisition fee from the bank they obtain financing through. Say they finance through Bank of America...BOA may charge the dealership $1295 for them to approve the loan. This happens all the time on car deals that have sub-prime credit customers. Fees vary. Now it's illegal for a dealership to charge you the fee on top of the cost of the car, however...if they are asking $9995 for the car and they own it for $8500...and they know they have a $1295 bank fee to pay...they may not budge on the price...becuase the bank fee may eat up the entire profit margin. That is not illegal.



Chances are...with about 40% of the vehicle as a down payment, most dealers should have at least 1-2 sub prime lenders that will finance that car despite your credit. If your bankruptcy has been discharged, make sure you communicate that to the dealership.



Also keep in mind that a 2000 Monre Carlo SS with that mileage .....is not a car that is out there everywhere. Definitely more demand than supply....so the dealer holds leverage with their pricing based on that....which is another reason why KBB is worthless.....they don't determine simple economics into their values. My best bet is they won't budge much on the price...because if you turn down the car deal due to the asking price, there is someone else out there that will.



Lastly...many banks don't want to finance an 8 year old vehicle...but due to the low mileage and your down payment, again...most dealerships will have 1-2 banks that will do that deal. It may take them 3-5 days (maybe shorter, maybe longer) to get it 100% approved so be patient. Keep in mind also that because of the age of the car, you should be prepared to get at most only 36 month financing at a high interest rate....if you're lucky--42 months-48 months. Expect to pay 17.95% or higher on your APR.



If anything else...if you can get this car financed, it's a great opportunity to get your credit re-established.



I hope this helps.

No comments:

Post a Comment