I make 90k a year

Then why don't you get a cheap used car off craigslist until you have the money? You can sell it in 2 months for the same price if you know how to negotiate.

yes i can save 14k in 2 months, but i dont want to use cash to buy the car, id rather finance it.
none of these answers how to get a lower apr
>i'm too much of a failure to make that kind of income therefor what this user says must be false

car needs to be 2014-2015
can someone just tell me how the fuck do i get a low apr? do i just fuckin wait 2 years to develop payment history?

eat shit retard, if you make 90k a year and are too stupid to buy a car you deserve to walk

So why the fuck do you care about the interest rate? Get a loan, get the car, pay it off in 2 months. It'll cost you $500 extra boohoo. That's the cost of car when you want it.

You're a real cuck. First of all, you can get a decent car for way cheaper. And it does not have to be so new. 3k is already enough for a good car. Secondly, why would you go into debt willingly? If you got cash, just pay cash. You won't have to worry about it anymore. None of that "credit" stuff really matters, I'd say don't go into debt and don't live above your means. Be happy without the need for expensive things that are almost identical to cheaper alternatives.
Cuck

i own 3 already you fuckin nigger. hows life being a wage slave? hows life knowing you will never be much more than a wageslave?

Someone please send me like 3.50$ in bitcoins.
16VhPNvjEtxDwxaSE4NuKKJZRSrLW84Tx7

holy fuck this board is fuckin useless. enjoy being wageslaves you fuckin niggers.

>buying a liability on credit
Not even once

>t. retarded drug dealer who can't get a loan under 20%

Stay mad faggot.

>wasting money on cars
>can't get a decent loan
>calling other people niggers

the only nigger here is you

Going into debt makes you a wage slave by definition lmao cuck.
If you got debt you rely on your job to make those payments.
If you pay cash you don't rely on your job to make payments for debt, ergo you are not wageslave.

The 3 your dad gave you don't count. Otherwise you would understand how to purchase a fucking corolla

kek
>because then you have to rely on your job and
i run a business

dad didnt buy me cars nigger, bought them myself in cash. no one answered any question. can you atleast answer me what its like being a wage slave?

I've never had a job

>I run a business
>I only have 3 months of credit history
Hmmmm

>i run a business
so what type of business is it? S-corp? C-corp? LLC?

Do not encourage role playing faggots, you're just making this board worse.

>implying it could be any worse
Veeky Forums is probably the shittiest board. the vast majority of ppl here probably make less than 50k a year and they think they have answers, when all they have is just a few minutes out of their day to tell someone they've never seen or will see how they must be lying because they can't imagine a 90k salary. Is that supposed to be impressive to you guys? thats literally fuckin nothing and the fact that anyone thinks im lying (for what possible fuckin reason i have no idea) really just shows what they're standards are. hoo my gosh this board is truely the cancer of Veeky Forums. back to /pol/ for me.
llc nigger

>calls others wage slaves
>can't get decent apr

shut up your baby ass credit history, faggot.

rather have young credit history than poor income.
credit history requires patience, good income requires good decision making.

>rather have young credit history than poor income.

okay homie.

>credit history requires patience, good income requires good decision making.

three months of credit history isn't shit.

>toyota camry

so how much did your dad give you to start this business?

you seem to be the one who thinks 90k is impressive given your only response is to call peopl wage slaves and niggers. also you really shouldn't call people niggers when your own credit is nigger tier

im surprised you want a corrolla and not something more niggery

nothing desu

>doesnt have a single car
kek this purchase is not for personal needs you fuckin nigger. my credit is baby tier, not nigger tier.

>Not just getting a 3 year lease for $150 per month to help further build your credit

going back to my advice. get the loan, pay it off in two months since you can afford that. You'll pay like 400 in interest and build your credit a bit. Then get a credit card with a sign on bonus like airline miles and pay it off every month.

Your credit will look like a white person's then.

It's not uncommon for people to have really high credit scores with limited credit history. I used to see it all the time. Anyone looking at your credit application will see this and treat as if you have no credit. No history means no predictability. Without being able to predict you have assume the worst. Once you pay for your first car and if your other credit is still good you'll see a huge reduction in the rate.

>was a credit analyst for 2 years

The dealer is the WORST place to seek financing. Go to bankrate.com and look up the banks with the best rates for auto loans and apply to a handful. I got a 1.99% APR for a five-year loan through lightstream/suntrust two years ago. If you can't do that, get a cheaper car. When I graduated from college I bought a $7k Honda Accord, ran like a fucking dream for five years.

the most useful post in this bread, thanks senpai.

how long does it usually take for that apr to go down? 6 months, a year, 2 years of consistent payments?

Age of oldest line has one of the largest impacts on your credit..3 months history isnt long enough

how long was your credit history before you applied for that loan?

This is not a good idea.

When you enter a loan agreement there will be a repayment period in which the lender makes money from you as you repay the debt.

If you repay the loan faster than the agreed rate, you are effectively reducing the money the lender makes. Consequently you will be charged early exit fees.

I work for an auto lender and I can tell you what happened.

When underwriting an auto loan, three months of authorized user history is a laugh at best. Certain pieces of credit hold values over others. Three months of revolving credit history with no history of paying an installment loan is risky for the lender. Also you were buying used, which generally will have higher interest rates than new cars, which often times will get the rate bought down through subvention from the manufacturer.

I don't know how you make 90k a year, but if you can verify this income I would think it helps towards dropping your APR. Keep in mind that most lenders don't just go off of your bureau score anymore. Most of us have internal scoring models that we use to determine how risky you will be. It's possible for someone's bureau to be "prime" but their internal score can cause them to be priced at subprime. If you put enough pressure to make the sale in the finance office they might go back to the lender to buy down the rate. I would suggest coming in with a nice down payment. Cash on hand always lubricates the transaction. I've seen some shitty fucking deals get funded and my company eat some bad losses because the fucker buyer had a decent down payment.

Also, I would advise using a bank of your choosing for financing instead of whoever the dealer tries to hook you up with. Get preapproved for the loan and then go shopping.

and finally

If you already have three cars why is it so important that you get a toyota camry right fucking now?

i did verify this. I brought 3 months of bank statements and the dealer himself told me i average $7,500 a month and have a score of 750.

i took out an auto loan 3 months ago for 8k at 15% to build my credit history, im guessing this is an installment loan. is my best bet to just wait and keep making ontime payments? how much should i expect to wait before it goes down to 4%?

i dont need a camry right now, was hoping id get one today but at that rate its literally not profitable for me. I use it for my business. I have no problem with waiting for my credit history to grow, i was just shocked that the dealer told me "your income is great, your credit score is great, we can only give you a 22% rate however." i always thought income and credit score were the deciding factors.

also, i've heard credit unions offer better rates than banks.

there's your problem
buy a new car
problem solved

>hows life being a wage slave?
you are the one who is working. you tell us.

I would say a couple of years. You just have to build up some good history so lenders see you as profitable instead risky. Once you get your credit built up you're golden as long as you maintain it.
Don't miss any payments and don't get into too much credit card debt.

This guy knows what he's talking about. Good advice here but DO NOT go into a dealership with a large amount of cash. 1k or 2k is the highest I would go. The finance guys will shuffle around the paperwork and they'll take the money. They'll mark up stuff and you'll never know unless you've been in the business. Most of them really are thieves.

I'm NEET and my credit score is 770. Haven't made more than $25k a year ever

Op making 90k and wanting to buy a nearly new car from a car dealer shows how patheticly easy it is to make good money if you have the right daddy or right connections with no brains

Imagine all the women in this economy doing make pretend work and getting paid a fortune

Add in some poo in loos, plenty of spics, and you have.....
.

.

Wait for it...

President Trump

3 months of auto payment isn't enough time, but yes this is an installment loan. If the 90k/yr you're claiming is self employed income you might need one of those tax forms(I forget what the exact document is called, I don't underwrite). Also of course the dealer will tell you that shit. You could go in making $1200/month and have a 550 bureau score and he'd say that to your face without even flinching. Don't ever trust a car dealer.

I can't tell you how long you need to wait for that kind of pricing from where you are. It's really hard to say. The best price a lender can give you isn't just determined by your credit score/credit hsitory but by market conditions as well as their own portfolio performance. Most people don't think of borrowing money for the service it is, but the price of money is very much reflexive to various conditions just like the price of anything else.

I can tell you for sure, the longer you build credit, the better rate you can get. If you pay that other car loan on time for the next 6 months to a year I imagine your pricing will drastically change the next time you walk into a dealership. Also if you're rate shopping, buying a new car with a subvented deal will really buy down the rate. Some manufacturers are even providing down payment assistance now on top of subvention(Ford and General Motors).

As for credit union vs. bank, I don't know. You will need to do some shopping around on this. I do know that Credit Union/Bank vs. Auto Financing company that the Credit Union or Bank will win almost every time as far as rate is concerned.

>if you have the right daddy or have the right connections
my dad doesn't know jack shit about how my business functions, he would never be able to give me advice im not already aware about. try working 70-80 hour weeks and maybe you'll understand what people mean when they say hard work pays off you fuckin entitled jack-shit about life knowing faggot.
the right connections yes, thats your responsibility to create from the moment your born. life teaches you how to, not someone else. who the fuck bred you? dont pollute the genepool more than it already is. you have literally proved to everyone that you neither have the right daddy, made terrible connections, and have no brains because if all you've achieved in america is a 25k a year salary YOU AINT GOT DA ANSWERS SWAY, kys

I've never had a loan with early exit fees, though I've never had a car loan either. Do all car lenders write that in their agreements?

>tool to get you to and from destinations including work faster, saving time to be potentially more productive
>liability

It's a depreciating asset, like many assets, retard.

I'm not surprised. Alot of dealers have crazy rates that they hope poorfags will fall for. Consequently they end up selling and repossessing the same car a dozen times. Go to a bank and ask to be pre-approved for an auto loan. If you really can prove your income I'm sure they'll offer you south of 6%.

you really know your stuff user, i hope you spread your genes.
its been 3 months so far, will try again in 4-5, for now ill just stick to saving and pay cash from private parties. will having too many inquiries be a deciding factor as well? or will banks/credit unions/dealers shrug it off if they see someone with a year long credit history, good income, and a good credit score?

>i run a business
>doesn't own a business
you have a job. even if you own, it's a job you rely on, moron.

Go on lending club and borrow money you nigger. Even 12-15% would be lower than for your lying ass

Hard pulls on your credit(inquiries) do impact your score, I don't know by how much but as a general rule I try to avoid having to have my credit pulled unless it's for something I know I will be approved for and will utilize. Too many is kind of subjective I think. It really depends on what the inquiries are for. Once again, I don't underwrite, but if I did, if I saw you had 10 auto inquiries in the past month or something I would start asking questions about why nobody funded you or if there is some auto debt you are hiding that's not reporting to the bureau(some credit transactions can take up to 60 days to report to a credit bureau).

As far as knowing my stuff, I got hired into this business about two years ago straight out of college and just soaked up what knowledge I could.

my own bank wont grant me one because of the lack of credit history, income has never been a reason for denial. I dont even see why a 3k/month salary vs a 7k/month salary or even a 10k/month would differ in getting an auto loan for 14k. The payments would literally be around $300 a month depending on the term, if you can afford to pay it you can afford to pay it, why would they care about lets say if you could afford 4x this monthly payment if thats not what your payment would be?
is it seriously that hard to believe that someone can earn 90k a year. ive never listened to someone i barely know say they make 6 figures and thought to myself "wow what a fuckin liar" i the first two inquiries that would pass through your head would be "i wonder what he does" and "can i do it aswell" anything else is just showing others what a loser you are, especially denial.
>inb4 wtf im a millionaire now
went to lending club, got denied for lack of credit history.

>makes 25k/year
>admits he's a NEET
>people make more money than me because of connections and birthright
>NEET
>Doesn't realize education or training garners higher wages
>NEET
I'll say it again. NEET. You're fucking retarded. Why are you even on this board?

Open an account at a credit union and put the $100 into the account (or whatever they require). They'll give you close to what the going market rate is for an auto loan.

Car dealers business is to rape people on rates. I had some child (18/19) try to give me a 16% loan when I have a 745 credit score with 60+ months of credit history. He then fucked up the paper work and I didn't notice when I took it to my credit union. After all of that, I went somewhere else and got a different car. Told him I'd be in on Monday and he should have the paper work ready. I hope he wasted hours of his retarded time like he wasted of mine.

why open an account at a credit union just to have one open?
>i'll be in monday
kek you did good, bout to tell the same to the guy who tried to fuck me today and convince me why its a good idea to take out a 14k loan at 22%
>"sometimes user, you just gotta bite the bullet, it teaches you to be responsible"
fuckin hell i wish i was making this up

The person at the car dealership isn't deciding the rate for you. The dealership itself has lenders that it will do business with for various reasons.

There are the captive lenders, who will be available at franchise stores. These are your Toyota Financial Services, GM Financial, Ford Motor Credit, etc.

Then there are other lenders/banks who have pretty fleshed out auto lending programs that will offer incentives to dealers for funding with them. These are brands like AmeriCredit(actually a part of the GM family), SunTrust, Ally Financial(formerly GMAC but no longer has exclusivity to GM business) , Santander, Exeter, etc.

And then there are banks/credit unions that an individual can shop with beforehand and get preapproved. You can get preapproved with most of the major banks like BoA, Wells Fargo, Chase, etc. You can also go to your local credit union but I'm honestly a little less familiar with that.

Dealerships will send your application first to their captive if they are a franchise and then to one of the lenders in the second category if you get declined. Since the dealership probably has some sort of incentives program going on with somebody in the first two categories, they will likely send your app there first. This results in you not getting the best rate possible, but the dealer is able to make a nice bonus or get points towards a trip to hawaii or something(yes this happens).

I've only ever checked my credit score once once and it was 820

This was when I made ~25-30k

I applied for credit cards several times when I worked part time in high school. Always denied. Didn't realize that this impacted my credit. Held off for a year or two, started working minimum wage full time. Finally got approved for a credit card. Since then, I have always and forever used my credit card for every single transaction I can. I treat my credit card as a debit card. Eventually I started making a whole whopping $13/hr, and at that time I decided to check my credit score, and it was 820

I rent, and have only paid for cars in cash (~$5k, they last for 8 years anyway), so I haven't checked it in years

> Thinking credit scores matter
> Getting a loan for a car
> Spending more than 5k on a car
Stay poor, idiot. Obviously you don't give a fuck about our opinions anyway.

> not buying a car in cash

You can buy a very reliable and good car for $6k/$7k.

You should pay outright.

Financing a car is bananas.

> tfw you go to 3 dealershits
> tfw you has 780 credit score
> tfw your highest offered APR is 8%
> tfw you had enough of Tyrone n' his sales game
> tfw you settle at the last dealershit
> tfw you get used 2012 toyota camery v6 for $12k
> tfw you go with their 7% offer
> tfw you scum your way into a military bank
> tfw you're approved for a 3% auto loan

You're just doing it wrong. First, you've only had a credit history for 3 months. Second, you're a huge moronic dick that obviously isn't that intelligent. I mean you come to an anime board for car loan advice. The same information that can literally be Googled.

100% credit history bro.

Find a title or payday loan place if you have to. Or maybe rent a car and save a couple months.

Why u need a camry right this second for?

>have a credit score of 750
Car dealerships don't use FICO and never have.

blog.mint.com/credit/why-are-the-credit-scores-used-by-auto-lenders-different-and-unavailable-0513/

>but i dont want to use cash to buy the car, id rather finance it.
I really don't understand this mentality. Why do you prefer taking out a loan, paying interest on it, and running the risk of not being able to make payments which will set you back even more or make you lose your car, over directly paying for it and not paying interest or dealing with any sort of risk?

used cars don't have single digit apr

OP isn't good enough at roleplaying.

I guess I'll go ahead and give real advice.

From an underwriting perspective, which is my most recent job prior to going into business myself, prior to that, for over 11 ears, I was a finance director for a major automotive group. Now thy credentials are out of the way, here's a quick 'splanation.

While you are an authorized user on a high-ishimit credit card and make $90k/year, your score of 750 is "fake". You have not demonstrated an ability to pay installments and or revolving advances over time.

You are probably young (I believe age may have been mentioned, but after reason down, I lost the plot a bit). Being that you are young and have never had a major installment loan, suck as a car, home or other set purchase amount with set rates locked in over a period of time, you are what's considered a First Time Buyer. In my opinion, the highest risk demographic out there. (Opinion based on experience).

Being that you are a high risk demographic, young, no resale credit if your own, zero history and probably short job time, you are going to be treated as such.

There is a way to buy your credit, and that's called equity. You have ability, buy you are mission the other two legs of the credit stool, which are stability and willingness. So to make a bank buy your loan at a lower rate, you need to lower the advance. 80% is a good starting point. Not by way of JUST discount and rebates if on a new car or discount alone on a used car. But by putting real cash as a way to make he loan more attractive to a lender.

If you're a recent college grad or about to graduate, then there are banks, like BB&T, who have a cool program for people like you. First time buyers with a degree and a job or at least an offer.

You still have to lay out cash, just not as much.

Otherwise, whatever your states max usury law is, that's pretty much what you are going to get.

On a side note, as long as aforementioned Camry is not a high mileage unit, good collateral helps

How the fuck do you get a $22000 credit limit with 3 months credit history? I got my first card back in November and only got a $2500 credit limit which was raised to $3500 a few weeks ago.

>makes 90k a year
>can't save money for 2 fucking months and buy it for cash

What is insurance? Maintenance? Parking? Fines & the 1000 ways to get financially fucked by the patrolling jew?

>Work for an auto lender and states that income has an effect on rate...

Fucktard

Kek I don't underwrite. I'm just a codemonkey.

Loan officer/banker here.
Been in finance for 12 years
First off, your lucky they gave you a poor rate, most banks wouldn't approve you on such little credit history. Any schmuck can make good income but if you lose your job you have no expierience managing debts which is a risk to a lender. Second of all the other axons are right, if you have such a high income you should have been smart enough to save for a vehicle or to build your credit so you don't have to rely on a cosigner the rest of your life. Long story short buy a cheaper car and get a credit card and pay it off each month or be an idiot and ignore this post and keep getting poor rates and wasting money.

>have credit score of 524
>Get 2014 Kia optima for 18% interest and only 1200 down
>Only make 1100 a month

KEK

well it definitely is that

> Spending more than 5k on a car
also please kill this meme
around $12k is a good car that should last a student through high school and college

after that it's time to stop driving around in a shitty econobox

wtf man, i could with zero credit history walk into a car dealership and get an offer for about 11% if i'm stupid. but there are deals for 5-7% tho they have other issues like residual value. and all this without jumping through extra loops.

hell today i saw ads for 3% apr loans on new toyotas.

they never hand out these low APR's unless you spend hours in there haggling arduously with some salesman.

F W D
W
D

Kill yourself

I don't believe that anyone who makes $90k a year could be stupid enough to
1) type like a retard, as OP does, and
2) take loan financing directly from a used car dealer instead of a bank

Nepotism

>I don't believe that anyone who makes $90k a year could be stupid enough to
Welcome to the world, faggot.

no actually you go in and say i would like to buy a car i saw on tv you guys offer at 3%, how would that work? and they will first ask some assistant to give you a blowjob to make it all smooth maybe do your nails until they print the contract. it's possible they would even lick your asshole squeaky clean.

used cars always have shit apr, because the apr is pretty much hidden in the asking price of a new car. that is partly why it loses 30% of it's value as you roll out the dealership with it. basically if some moron would buy a new car with cash he would be the greatest fool on earth.

It seems as though we've triggered the retard who can't figure out how to buy a car

>you fuckin entitled jack-shit about life knowing faggot

says the retarded asshole who thinks he's entitled to free financial advice from strangers.

Lol mad much you call him a wage slave knowing nothing about him at all it might even be a woman. stop getting pissed off like the little cuckold you are ;)

I run a business and only have 3 months credit history while not understanding why I can't get a loan under 20% your stupidity is showing

dudes i have absolutely zero credit history and can get 8-9% free use loans any time i want, no collateral nothing.

something is wonky here.