Why can't i get a vehicle?
I work 40 hours mon-fri making $14/hour, plus 10 hours of overtime at time and a half. Plus on wknds i cater for a restaurant making roughly 2-300 a day depending on the event. At a minimum i make $4000/month before taxes, which is what they look at. So why do i always walk out of the dealership driving my beat up, 13 year old truck. My credit is in the mid 700s. Just yesterday i tried getting a 2012 ford f150, price was 20,990. But like usual, i drove home in my old truck leaving that one behind. I can't even get a newer used vehicle, much less a brand new one. How do i see so many brand new vehicles being driven. I doubt EVERYONE i see with a new vehicle makes more then i do, so what am i doing wrong
Income isn't the ONLY thing the banks look at.
Also, your spending, and saving history. Earning $4,000 means nothing if you already spend $3,995.
Try this.
Save $500 a month for a year. If you can't do this, you can't afford a $20K truck anyway.
After a year you have 2 things. You have a $6,000 deposit, and you have proved to the bank that you earn more than you spend each month. And you now only have to now borrow $14K to buy a $20K truck. (higher equity = easier to get loan)
All those things combine to make your loan a lower risk, so you get approved.
If you can't save that sort of money, how are you going to make payments on this loan anyway?
You haven't said WHY you are being turned down. Your income seems good enough, as long as it's verifiable (pay stubs, tax returns, etc) and not "under the table", and your credit seems good enough. If you have a lot of debt (student loans, etc.) that could be a problem. You should go to a couple of banks or credit unions and apply for a pre-approved auto loan and forget dealer financing.
Save up, pay cash. Done
- Can i get out of a ford lease early? Or get a new car early? After my 2004 GTO broke down, i was forced to lease a 2014 Focus, for 3 years and had to get extended miles. Its been about 5 months since i've had the car and so far i hate it. Slow, cheaply made, stereo is terrible, no traction in winter, i don't like it at all. Is there any chance of getting out of the lease early or turning it in without hurting my credit, or even turning it in to lease a different car. Possibly a truck or taurus. Has anyone else been in this situation?
- Should Sears and Ford HIRE Dotard McTiny as their CEO and get profitable again! If he can get Foreign Diplomats and American Lobbyists to? Pay $350.00/night to sleep in a tiny room in an old Post Office and keep it FULL and VERY PROFITABLE, don't you think that he could come up with an idea to save 40+ thousand American jobs?
- What is a good and reliable 4x4 vehicle that i would be able to get for around 3 to 3500 dollars? Something preferably kind of well knwon, like how ford had the 4.9 i6, the 7.3 diesel, the i4 they put in rangers for example I'm selling my two vehicles i have and want to put money in the bank and buy one cheap vehicle because i'm moving, where i will be living will be cold so fuel injected gasoline will be a must
- Is it possible to get a vehicle without a key fob or remote and program one to it? I'm curious because I'm unsure. Is it possible of I have a 2003 Ford Ranger that has 2 keys only to be programmed and have a key fob or remote to lock and unlock the truck? Is it possible to get a remote that locks and unlocks the truck like most new vehicles have?