Lena Said:

Student finance question?

We Answered:

It depends on how you wil be receiving your money./

Karen Said:

What are the chances I, as a college student, will be able to successfully finance a new car?

We Answered:

First time buyers are the hardest deals for a dealer to get approved. Ford and GM are known for putting first time buyers in cars just to move units. With the right down payment, job time, and time at residency, just about anybody could qualify for a loan through one of the aboved named banks. Ford Credit owns Mazda Credit also.....so you could look at any Ford, Mazda, or Gm Product and probably find a car/truck at a low rate. Don't think just because your friend got approved on their deal when they were a first time buyer, that your deal will be the same. Markets change all the time and banks become more aggresive during different parts of the year.They will sometimes give you a loan because the dealer has sent them a bunch of excellent credit worthy customers and they can afford to throw in a "high" risk first time buyer. It is actually easier for a dealer to get a bad credit person approved than a first time buyer, unless the first time buyer has a substanial down payment. Any good Finance Manager should have a bank that will buy first time buyers. The problem will be your income though. There are plenty of finance people and dealerships that create ways to get people like you approved. Do you have any other income at all? Do you do any side work? If not, not all banks will require you to prove your income. Another thing is if you take home $500 dollars a month your are grossing probably $750 a month. Banks go by gross numbers. You can also get a co-signer on the deal with you. A friend, family member, or significant other can help get you approved. When it comes to financing a car, your credit score is the single most important thing. If your score is over 700, there are a lot of banks that will give you what is called an "INSTANT APPROVAL". Banks use computer intelligent scoring systems to approve deals automatically. Anytime you are submitted to a bank for approval the computer intelligence tries to make a decision before any human ever looks at it. Sometimes the computer will give you and instant approval and then you can buy anything you want. I am a 14 year Veteran in the Automotive Business and I have seen this happen at countless times. I have had many first time buyers approved by the computer of the bank when I thought there is no way the person could get a loan.

As far as the process goes it is very easy. The best thing is to "Work your deal backwards". Don't go looking all over and driving cars first. First go to a local Credit Union or bank and try to get pre-approved. Then you will know which cars the bank will allow you to buy price wise. If you don't want to do that go directly to the Finance Manager at any given dealerships. They are always happy to pull your credit and advise what they think they can do instead of you spending countless hours with salespeople picking out a car, negotiating the price, and then filling out the application to get approved. Just go directly to the finance person at the dealership of choice and that person will help you. Now is the best time also. As the fall and winter months approach, dealership sell less cars which means less income for their finance people. The finance person will be highly motivated to get your loan approved and usually will try much harder than in a month they don't need the extra income because business is booming. I reallly hope this helps. Good luck and remember you can always get approved with the right co-signer if all else fails.

Hector Said:

What's happening with Student finance?

We Answered:

They are!
They were a week late last year for me! It was soo annoying.
This time I arrange it all in advance and phone them up every-so-often to confirm everything is cool and they haven't ****** up!

Randy Said:

Re Student finance - What happens if I don't get the grades for my firm choice......?

We Answered:

In a word Yes. If you don't get the grades and opt for your insurance choice, student finance is linked with UCAS and it will all be done for you. GL