Finance Questions

Archive for the ‘Auto Finance’ Category

Question: can i afford this car? yes or no?

i make a little over 2000 dollars a month. I want to finance a 2010 Camaro SS. I really want this car, but can i afford to make the monthly payments??

Answer: No.
Rule of thumb is to buy a car that costs no more than the equivalent to 1/2 a years salary.
You make $24K a year, your car should cost no more than $12K.

Buying a car that costs more than your yearly salary will leave you with financing issues. If you manage to get financed, you are a good candidate for an eventual repo.
You have to think about things like insurance, as well. It's going to be high for that car.

Yes car credit

Question: Has anyone ever applied for the Capital One Auto Loan and How Much where you approved for?

I was thinking about applying for the Auto Finance blank check thing, but i wanted to know if its a good idea and how much some of you guys where approved for?

Answer: I used work for Capital One Auto Finance and have my current auto loan through them. If you have good credit they are very liberal with the amount they will lend you. I would ask for $5000 more than what you plan to spend on a vehicle. The loan is only for the amount you write the check for.

I applied for $30000 but only ended up using $28000 of it. I had it Fedexed to me for a $15 fee and the dealer was paid the next day.

Captial One also does the financing for Costco's Auto Loan program. If you're a Costco member and apply through the Costco website, you will get the same Capital One check but for a lower intrest rate.

GE Capital President of Corporate Lending Talks About Q4, December 12, 2008