Im going to look again at a truck i found at a dealer. Its a 2002 ford F-150. I have done research all over the place and this is the best buy i can find. As well i have checked the history. Now the issue is i know what to check for as far as the physical parts of the vehicle. I plan to trade in my car which has negative equity of about 1500 dollars. That is the only downpayment i have. Also i plan to co-sign with my mother. Can i do 90% of the paper work myself and she can just stop in and sign a few papers and be on her way? Or does she have to be there for the whole process. I have good credit but its limited. Is there a chance i will not get this vehicle? Do i need any papers before i go?
2007-07-17T13:04:13Z
I dont want any smart *** comments like big d's
MARIO R2007-07-17T13:16:28Z
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i am a car dealer i work with ford , Chevy and a lot others, you should be fine. the only thing that has me worried is why don't you just bring you mom in, in the beginning and finalize everything. the dealer will be able to contract and register right then and there for you, you score and your income are also important factors to think about. hear are the rules....
the bank can give you upwards of 150% of the vehicle value as long as your debt to income doesnt exceed 20% if you are in those peramiters you should be fine.
it also depends on the finance manager , how strong he is and does he have a good working relation with the lender giving you the loan. i wish i was he, i would have no problem getting the loan done.
good luck and i hope that helps.
p.s. bring yous and your mothers paystubs, and if you have a phone bill(cell or landline)in your name at your address bring that as well. that would be all you would need even with a bad credit score....
If you have negative equity, you have no down payment. It's even worse than that. Now you will have to convince a bank to tack on your fifteen hundred dollars worth of negative equity onto the new loan for a truck that may not be worth that much. Afterall, the bank that has the loan on your trade in is going to want to be paid right? Now you will really have some negative equity. Be careful trading around like this. You can end up with a car or truck that you can never pay off if you keep financing like this.
Under the Road Traffic Act 2008, Section 75 (1) "subject to the provisions of this section no person shall supply a motor vehicle or trailer in unroadworthy condition." Read sections 75 (1) to Section 75 (3), or seek legal advice from either a solicitor or the Citizens Advice Bureau if you can regarding this if applicable. On a MOT Certificate, which is now in receipt style. I believe it states "A test certificate relates only to the condition of the components examined at the time of the test. It does not confirm the vehicle will remain roadworthy for the validity of the certificate."and the advisory notes are for information only. Further, if I were you I would read Section 3 of The Consumer Protection From Unfair Trading Regulations 2008, this talks of commercial practices that are unfair. Not sure if not providing 'Advisory Notes' is considered unfair but perhaps not advising the purchaser of the advisory notes might be?? The answer is to get professional legal advice or advice from the Citizens Advice Bureau. I am not a lawyer so good luck!
I'd recommend getting quotes from a couple banks on the loan to see what they would approve. That way if the dealer says they are having trouble, or give you a high APR %financing the deal you can use your own approved application to fall back on.
you will need driver,s license,social security,job reference,s,residence proof,etc. .....your mother may have to be there for a credit check & all the proof that you gave.....your old vehicle will sufice....they will simply inflate the value of it so it will look like a decent down payment......before you sign anything ask the salesman if the price stated is the very best he can do......they may take you as an easy target...because of your credit situation....don,t feel bad about giving them a hard time....they are not the only dealer around......good luck!