Financing

[Need1]

I'm finding it EXTREMELY hard to get some financing for my buy! I've tried 2 different credit unions who have turned me down. Does anyone know of a place that maybe specializes in Viper financing, or who is a little more lenient on these loans???

Thanks!

 

[Kelly06]

Why are they dinging you?

 

[Need1]

Age. I'm 19. My score is high enough, my credit is perfect. But what they are saying is for a "car like that" they want more credit history...

 

[Warfang]

For credit unions it's all a mathematical equation. With bad or no credit, it would help if you either have a large down (50% on up), or make +$80k/yr. If not, you will just have to start building your credit. Be above 600 on your credit score helps too. Pay off your bills steadily, and save enough for a good down payment. Unfortunately, if you can't get a loan from a credit union, you probably won't be able to get it anywhere else unless you're willing to pay very high interest. Even then you would be restricted to a smaller amount... probably not enough to pay for the Viper. On top of that, the more loans you apply for (even if not approved) the worse your credit looks.

...all in good time, friend. The Viper is worth the wait.

 

[Need1]

...all in good time, friend. The Viper is worth the wait.

I'm not a patient person! I need it now!

But, ya, I mean my credit score is just below 700, but when I talk to these guys, there like "credit score means nothing" They keep telling me that I don't have enough history on my trade lines. So... I dunno. I really don't want to try and save to either buy it cash, or have a large down payment. Like I said, i'm to impatient for that! lol. But, if its the only way, its the only way...

 

[big-n-italian]

What kind of money are you putting down? Some banks will finance you with little or no credit check with enough money down - I believe 20%+ of purchase price. The interest rate is higher, but it is an option.

 

[29OUTLAW]

Are you trying to finance a 1995 like it says in your signature? Trying to finance a car that old is certainly no help and probably even works against you.

Perhaps you should just go out and lease a new one thru a dealer and not even mess banks. Dealers will even lease slightly used 04's, 05's, etc.

 

[Need1]

Yes you are right Outlaw... Well, my favorite model is the 95' ... My only problem is I have a hard time getting in and out of the SRT's I fit better in the gen I & II's

 

[snampro]

at 19 with a credit score less than 700, all I can say is good luck. save your money and manage it well for another few years and you'll be able to get financing. you need a significant credit history before anyone will take a Viper-sized risk on you...

 

[ViperBite]

Before you get the financing, have you checked the insurance cost/availability for you on the car?

I would think that with a healthy down payment they would not mind the financing. Regardless good luck. I could not even imagine having a Viper at 19.

 

[Need1]

Before you get the financing, have you checked the insurance cost/availability for you on the car?

Yes. With the Viper, plus the two other cars I have, my insurance would be about $460-$480 per month...

I guess what I will end up doing is probably save up the next few months, and put down maybe about 10K and see what they say then... Too bad. I called up the local dealer here and they have 1 05' Mamba in, but I dont think I want to go into leasing one... On top of that, I have a hard time getting in and out of those damn SRT's! They made them to small for the big guys! hehe.

 

[big-n-italian]

<< my insurance would be about $460-$480 per month... >>

I hope you are making some serious money. That is a nice house payment in these parts.

Keep in mind, that you are not just buying a Viper. You are also buying into a vehicle that is quite costly in maintenance, repairs, insurance, etc.

Alot of people don't realize that you are not buying a minivan or a honda that you just startup and "drive". These cars require work and money.

If you can do it now, congrats.

 

[Need1]

<< my insurance would be about $460-$480 per month... >>

I hope you are making some serious money. That is a nice house payment in these parts.

Keep in mind, that you are not just buying a Viper. You are also buying into a vehicle that is quite costly in maintenance, repairs, insurance, etc.

Alot of people don't realize that you are not buying a minivan or a honda that you just startup and "drive". These cars require work and money.

If you can do it now, congrats.

Ya.. I know, I don't want people to think that because of my age, i'm just buying one because its cool, or even something like my parents bought it for me. I've worked hard for everything I got. In fact, when I lived with my parents, they made me pay rent, and i'm only 19! lol. So, ya I fully understand what the Viper is. Like I said, i've wanted a Viper since longer than I can remember. It is the only car i've ever wanted. I would never own a vette! ( Notice i lower case the vette, upper case the Viper ) haha.

Yes, the Viper is my LIFE CALLING!

 

[big-n-italian]

<< I've worked hard for everything I got. In fact, when I lived with my parents, they made me pay rent, and i'm only 19! lol. So, ya I fully understand what the Viper is. Like I said, i've wanted a Viper since longer than I can remember. It is the only car i've ever wanted. >>

I like your attitude. You will be there very soon.

 

[Need1]

Thanks Big-N

Rock On

 

[Sellshomesdrivesviper]

Buy the Viper.....though only after you've bought the house, the wife, the kids, the dog and the white picket fence. Oh HELL, forget it, buy the damn Viper NOW.

 

[danfromohio]

If I were 19, single and could afford a Viper, I would LIVE in the Viper.

 

[Need1]

I would LIVE in the Viper.

I would live in it. I probably will for a while once I get it. I will not be able to leave it. I will just sit in it in the garage all night... lol

 

[Bill Pemberton Woodhouse]

Actually the age of the car is going against you also. Many Banks and Credit Unions have a hard time financing back to a certain point. Have you thought of getting a co-signor, since the remark the C/U has about no time in Credit History is actually a valid measurement that all Financial Institutions will view. Don't give up, but a large down payment, and a co-signor would go a long way to getting your dreams accomplished.


Sincerely,
Bill Pemberton

 

[Need1]

Yes. They have told me if I had a co-signer, they would do it for me. But, I don't have anyone who can do it for me. Plus, with my job, its commission based, so I don't have guaranteed money, so for someone to co-sign, its risky, and I prefer not to have someone do that for me...

They both told me that the reason why, is for a Viper, they need minimum 2 years history on your open lines of credit, I got 1 year

 

[danfromohio]

So that gives you one year to save up some cash. I know that seems like a long way off, but it isn't. Everything will work out if you can be a little patient.

 

[big-n-italian]

<< with my job, its commission based, so I don't have guaranteed money, >>

I am guessing that this is working against you too.

Gather a bigger down payment over the next year - it goes fast. You will end up with a smaller monthly loan payment, and if your commissions are low one month, you will be able to handle the payment without getting too far behind. my 0.02.

 

[Leslie]

I used Capital ONE.

you can apply ONLINE, you will have an answer in MINUTES.

I rec'd a check within 24 HOURS to my front door step

the viper dealer I bought my GTS from recommended them, he uses them a lot

 

[Newport Viper]

Yes you are right Outlaw... Well, my favorite model is the 95' ... My only problem is I have a hard time getting in and out of the SRT's I fit better in the gen I & II's

Mine will be for sale when the coupe comes out... Get in touch with me......

Drive it everyday....Make a great first Viper!

If it was good enough for these guys....
http://vca2.viperclub.org/forums/showflat.php?Cat=&Board=genvipdis&Number=492180&Forum=genvipdis&Words=meguiars&Match=Entire%20Phrase&Searchpage=0&Limit=25&Old=allposts&Main=492180&Search=true#Post492180

 

[Need1]

Newport Viper you have a PM

 

[cobramadness]

Need1, I was surprised to see your post. We are in the exact same boat. I'm trying to get a 97 GTS right now.

I too have worked for everything I own/owned since I was about 13. Clothes, car, insurance, everything. I'm 20, credit score around 700, and I make mid 40's. I know you said you were commision, but how much are you putting down on the loans as your salary? And how much do you have saved up?

I was turned down by JJBest and Capital one for "unsufficient credit history". Although I have 2 other options that I am going to pursure, but higher interest rates will more than likely follow. I will let you know what works out for me which may help you.

Kevin

 

[Need1]

Kevin you have a PM

 

[REDSLED]

Yes.
They both told me that the reason why, is for a Viper, they need minimum 2 years history on your open lines of credit, I got 1 year

Heck, what bank wouldn't be bending over backwards to give a 20 year old with 1 year of credit, who works on commission, a loan on a Viper? What a bunch of idiots! No wonder the banking industry is on the verge.

 

[REDSLED]

Before you get the financing, have you checked the insurance cost/availability for you on the car?

Yes. With the Viper, plus the two other cars I have, my insurance would be about $460-$480 per month...

Are you serious? Spending $5k a year on insurance?

 

[Need1]

Are you serious? Spending $5k a year on insurance?

Yes. Worth it.