I want to start my own business and I need a cargo van. The van would be in the $3k-$5k range. I can get a decent amount of work from other guys I know that can’t handle their workload and I’d make a lot more than I do now, but I have a problem:
I’m doing a short sale (well, trying to) with my house and have missed a payment on my house. My credit was decent (up around the 700 mark) but I’m assuming it went down now.
Am I going to look like a fool going to a dealership asking for them to finance me? Or do I even have a chance since I have a missed payment on my house? I honestly don’t care if my interest rate is 20%+ since I’d be able to pay off my other debt pretty quick.
Although I am no expert, that shouldn’t really stop you. I would just pay of the missed payment as soon as possible. I mean if they deny you, you probably will never see them again. If they do deny you, come with cash to the dealership next door. You should be able to get a decent interest rate.
I was the sales Manager at a car dealer for a while and have been in the biz for years.
Unless there is some massive difference in the US (is that where you are) from Canada…you will have no problem getting financed, but you’re probably going to be taken to the the cleaners on the rate and I only say that because the US car industry places way more emphasis on your credit score. In canada, we’d just tell you to get a co signer (at most), and hit you with a fairly high rate. So many ways to get around this, put a down payment, etc etc etc. This is what car dealers do, it’s their business, if you want a vehicle, there going to do everything in their power to get you in one. One missed payment isn’t going to matter that much, especially on a older vehicle…in rare cases at my store, sometimes we couldn’t get financing because the vehicle was too old. Check out your local craigslist, auto traders etc…cheap work trucks are a dime a dozen.
If all else fails and you got the cash “money talks, bullshit walks”
See, that is the problem. We moved in with some friends that were in the same boat as us and we had to put money down on that place, so I don’t have any money to put down
My first mortgage never reported that I missed a payment. So my debt on my credit report is about $150k less than what I thought it was at. I guess that is good for me, but not sure how to “phrase” it when I talk to the dealership and they ask if I rent or own a mortgage.
They’re simply asking because it’s on of the many questions that they are required to ask when trying to achieve financing for a customer. In reality, they give two shits weather or not your credit is good, they are only concerned with getting you in the vehicle so that they get a sale and put a “unit” out the door. They could care less if it gets repoed the next day, no harm to them, they’ve made the sale and got the money already. It’s such a game…honestly it doesn’t sound like you;re going to have a problem, but again, I’m not 100% sure about the system in the US. As I said, this is their business, they want you in a car and are going to do everything to make it happen.
