' 06 GS300 financing
07-22-06, 02:09 PM
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' 06 GS300 financing
Hi all,
it's been a while since i posted in here. i have a few questions to ask, I sold my is300 a while back and now im in the market for a new lexus, most likely GS300. I need some info from those who finance their GS. I'm not sure i'll get approved since my credit score is not that high, i just graduated college and now that i have a job with the biggest player, secure and promising, in the industry and i'm thinking maybe i can afford a new car now and fix my credit at the same time. My debt / income ratio is very good. I only have $ 6,xxx debt. That's it nothing else. no student loan either but my credit score is low. I'm planning to put down 60 % of the sale price and finance the rest. will they approve me ?
Thanks for the input
it's been a while since i posted in here. i have a few questions to ask, I sold my is300 a while back and now im in the market for a new lexus, most likely GS300. I need some info from those who finance their GS. I'm not sure i'll get approved since my credit score is not that high, i just graduated college and now that i have a job with the biggest player, secure and promising, in the industry and i'm thinking maybe i can afford a new car now and fix my credit at the same time. My debt / income ratio is very good. I only have $ 6,xxx debt. That's it nothing else. no student loan either but my credit score is low. I'm planning to put down 60 % of the sale price and finance the rest. will they approve me ?
Thanks for the input
07-22-06, 02:31 PM
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My guess is yes. With a down payment that high, you should have no problem financing the car because the lender would have very little risk. If they have to repo the car, they odds are good that it will be worth more than the 40% they have into it.
I'd pay off the $6K (but don't close accounts), and make a smaller down payment on the car. Start with 20% and work up from there as necessary until you're approved. Put whatever cash you have left in a savings account and don't touch it. That way you'll have something to fall back on in the event of the unexpected. Make investments from newly earned income - leave the savings alone. Then make car payments that are about 20% higher than the minimum. Pay off your cc balances each month. If you have to carry a balance, make sure your payments are about 20% higher than minimum there too.
P.S. - No job is secure. Unless maybe you work for the government.
I'd pay off the $6K (but don't close accounts), and make a smaller down payment on the car. Start with 20% and work up from there as necessary until you're approved. Put whatever cash you have left in a savings account and don't touch it. That way you'll have something to fall back on in the event of the unexpected. Make investments from newly earned income - leave the savings alone. Then make car payments that are about 20% higher than the minimum. Pay off your cc balances each month. If you have to carry a balance, make sure your payments are about 20% higher than minimum there too.
P.S. - No job is secure. Unless maybe you work for the government.
07-22-06, 04:28 PM
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Originally Posted by xSnert
My guess is yes. With a down payment that high, you should have no problem financing the car because the lender would have very little risk. If they have to repo the car, they odds are good that it will be worth more than the 40% they have into it.
I'd pay off the $6K (but don't close accounts), and make a smaller down payment on the car. Start with 20% and work up from there as necessary until you're approved. Put whatever cash you have left in a savings account and don't touch it. That way you'll have something to fall back on in the event of the unexpected. Make investments from newly earned income - leave the savings alone. Then make car payments that are about 20% higher than the minimum. Pay off your cc balances each month. If you have to carry a balance, make sure your payments are about 20% higher than minimum there too.
P.S. - No job is secure. Unless maybe you work for the government.
I'd pay off the $6K (but don't close accounts), and make a smaller down payment on the car. Start with 20% and work up from there as necessary until you're approved. Put whatever cash you have left in a savings account and don't touch it. That way you'll have something to fall back on in the event of the unexpected. Make investments from newly earned income - leave the savings alone. Then make car payments that are about 20% higher than the minimum. Pay off your cc balances each month. If you have to carry a balance, make sure your payments are about 20% higher than minimum there too.
P.S. - No job is secure. Unless maybe you work for the government.
. I work for one of the big 4 and sometime i think it scares me when when we are talking about budget. I have to commute between client and my house and comp. pays me per mile i drive, it's about 45 miles each way so i figure i can easily pay the mos. payment. Thanks once again
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