I am an employee at the credit union I am applying for the loan through, not sure if that makes a difference.
I bought a vehicle from my parents and paid it off, so no previous vehicle financing history. I have two open credit cards which I always pay, and always over the minimum amount.
I make about $1050 a month after taxes, pay $350 for my half of rent, have a second job which brings in about $90 a month extra, and also have student loans. Since I had never financed a vehicle I had my fiancee co-sign with me. He makes about the same amount as me, a little more, and pays the same amount of rent as me. He has a 716 credit score, has financed and paid off three vehicles, and currently has a vehicle, dirt bike and credit card open but which he always pays on time and always more than the minimum.
I am trading my current vehicle in for $1000 which makes my final price on the vehicle $4951 after taxes and fees.
Hope this helps.
http://www.worldbestloans.com/
Thanks.
keep the current vehicle and start putting the "imaginary" car payment in a savings account every month. I can guarantee you that within less than 2 years you have enough saved to buy that $6000 car with cash.
That is how you buy used cars. In cold hard cash. Because when you finance a $5000 car you will still be paying off the loan long after that car has gone to the wrecking yard waiting for the crusher.
And you will end up rolling the old loan into the next loan and the cars you buy will be worth less and less and the loan payment you make will be higher and higher until one day you pay as much for the used clunker you currently drive as you would for a brand new car.
Be smart.... if your current car is still running then start saving for the next used car. That is how it is done. Don't ever finance something that you could not sell for the same amount a week later.