So the other day I went to the dealer and attempted to get financed for an '04 WRX. Well my credit isn't bad it's just that I don't have a long credit history. Just under 600 to be exact. The dealer was going to give me the car for 24,140(700 over invoice) and this included the upgraded security system and rear spoiler. Next it came time to finance me and they said they checked "several" fincancial companies to finance me through and all of them turned me down. I asked what interest rates they turned me down and they told me "any interest rates". So basically they told me that they can't finance me at all. Since when won't a fincancial institution not finance you for even rates as high as something like 11%?(not that I would agree to that) I currently have an open account from a loan I financed in April and I was going to sell my truck to pay it off(because otherwise they can't fincance me with an open account like I have) and then fincance a WRX through the dealer. Anyone have any ideas as to what I should do? Thanks in advance.

 

14% ouch! i didnt have enough credit either but a dealer will do anything to seel you a car. i dunno how he did it but my salesman apparently knew someone in high places cause i didnt have to show proof of my income at all and financed me $18,800 @ 6.8% intrest. i concider myself very lucky to have my 04 silver bullet but ya never know unless you try. Tell the dealer about your predicament with the credit they just may help you out like they did with me, good luck hope ya get one i love my car! ( even tho its still in the shop )

 

btw the dealer will never deny a sale but the bank will, those bastards!

 

Well looks like my credit union won't finance me either because I still have that open loan balance. Well, I guess I'll have to wait untill the end of this year to pay off my loan and then finance through my credit union instead of the sh!thead dealers.(much lower interest rates) Thanks a lot guys for the advice and input!

 

Sub- 600 beacon scores are actually really low. Its just the fact that Subaru is selling the cars well and doesnt have supersubvented rates. You would qualify if you wanted to buy a chevy truck and get even 0%. But thats Chevy paying GMAC to do your deal. You cant try www.peoplefirst.com expect a rate with your beacon score to be about 12.9% but who knows maybe better than that. That website has given loans to friends of mine who dont deserve loans so try them out. Its all in what car you buy to qualify for those subvented rates.. civic 1.9% for you corolla 2.9%... Sunfire 0%... but those are no WRX

 

If You don't mind me asking, what kind of down payment did you have, and what monthly payment did they offer? I've had some credit problems about 6-7 years ago, so I put down a huge down-payment. Didn't have any problems. Collins

 

i wouldnt have my car if it wasnt for my dealer. THANK YOU SUBARU OF WAKEFIELD MASS! (although they need new mechanics, i went in for my first oil change and they shortchanged me 2 and a half quarts!)

 

At first I didn't have a down payment but, I think now I realise if want any luck with the financing whatsoever then I'll have to put something down. The monthly payment that they were telling me was something like $569 a month! As far as no being able to finance me at all at any percent I think is a bunch of utter b.s.

 

Have you tried companies like E Loan or People First? They are usually better then the dealers offers. Getting preapproved makes the car buying much easier since you are only dealing with the final price of the sale and not the monthly payment amount. It also gives you more leverage in haggling since you show up already approved so you can buy a car on the spot.

 

take it from me, a 3yr "veteran" of the car business. it's not the dealer's fault that you can't get financed. they probably begged and pleaded with the lenders to approve you. did you inquire about having a strong cosigner? sometimes that can make all the difference in the world. 600 is a respectable credit score even w/ a relatively short history. my recommendation is try another dealer, scrounge a few more $$ for a down payment and have a strong cosigner.

good luck!

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