Ive been in auto sales for 10 years now, and a finance manager for the last 6.. With $5k down and looking to spend $13k, you should be able to get financing and not just buy here pay here at a high APR.. CU's will be your best route (most of the anymore have open enrollment so you can just join).. As far as your current car, if it's a salvage or branded title, don't worry about depreciation, because it's worth half of book automatically and won't be worth much less, but it definitely won't fetch much with tons of issues either.. You may want to fix it or see what it brings on trade in and just get out from under it.. Rate wise you may not get a super low rate but if you end up with 10-12% and make payments to establish credit you can always refinance later on.. Just my .02

 

I was in the same situation you were in a few years, i dont have any regrets, however,having a co-signer to lower the intrest would have been nice. idk if you'll get a better or worst deal but this is kinda what you can look forward to..

 

This.

Like anything in life, you usually need to pay your dues before hitting the goods. High interest until you can establish credit.

Credit is nothing more than your proven track record at paying people back what you owe. So 10-12% is high, but not unreasonable.

Couple grand for your old G, $5k in cash (don't run your account to $0 tho) and any CU will cover the rest. A few hoops tho, they'll request you submit the car's VIN and pics to them probably to verify it's worth lending on.

Or, if you can get a pre-approved letter of credit, like "you're authorized to borrow up to $15k at 8.9%" bring that into the dealer and make them beat it. They will try, believe me.

 

^ Credit union is the best way to go. Where did you get your car if your having all these problems?

 

Yeah, do the credit union. at 20%, youre basically using a credit card to pay your car. what in the world is that?!? stay far away from stuff.

 

I was also reading that you said you dont WANT to get a cosigner.. Does that mean you have the option of a cosigner? If you do, jump on that and roll.. You establish the same credit with a co-x, you just can get approved for what they qualify for and not what you qualify for only..And as I said earlier, after established payment history you can refinance with the co-x off the loan..The hard part that may come up , is you are in a commision based job with limited time for proof of income.. If your in auto sales, sit down with your business manager and he/she should be able to come up with something for you

 

I just bought my G and I can tell you from just being in the market that for 11-13k, you're gonna get the same type of G you already have. I would just fix the G you currently have. Spare yourself from being taken out back on financing with limited credit history. Take it from a former banker.

 

There's nothing cheaper to drive than the car you currently have even if it needs some work. Find a independent Nissan mechanic in your area to do the work for a reasonable price. Get her running with the ability to secure her then fix the other issues when you can afford to. Dumping this G and financing another will cost you much, much more!
Gary

 

^ Agreed Gary

 

Like everyone here with the experience in possibly the same scenerio as yourself, keep the G!!
I work for a credit union and yes they are more flexible in approving but they still may require a co-signer depending on your credit history. I have been in baking for 8 years now and for young borrowers it can be tough to get a loan espcially since you have only been with your employer for a short period. They will also take that as a factor. A lot of things will come in play.

Fixing your G that is paid off already is your best bet. They dont seem like major issues. Unless you have a major issue i would say otherwise.

 

There is also the aspect of swallowing ego and getting a much cheaper and reliable car until you actually make decent money.

Stretching your budget to make things work can have serious repercussions later.

Just make sure you aren't digging a hole you can't get out of later.