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Old 08-12-2012, 09:53 PM   #1609
imccrea
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Join Date: Apr 2011
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Location: Aurora, CO
What I Drive: 2013 Ford Focus hatch SGM

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Quote:
Originally Posted by clarence boddicker View Post
Hello good people. I have a question for the salesman (imccrea)

I live in southern los angeles, I have "cool" credit from a wells fargo credit card, I have a part time job at the mall (this is my 3rd week working there). I am a 23 yr. old full time college student who gets good financial aid, and I have around 6.5k cash..
Can I finance without my parents??? I am looking for a focus se w/ S.P, 5sp.
Yes, my mom cosigning with me would make things a heck of a lot better, right?
But, I would like to do this one on my own (if possible)

Can this be done?.. thanks

p.s I am also thinking of going through credit union of southern california, I have good history and a savings acct with them.. Can you or someone please educate me with this, I thought it would be cool to ask you guys before I go see a dealer or a banker.

best,

C. Boddicker
Okay so Ford offers a first time car buyer rebate where it matches your down payment up to $500 for a Focus. If you are a first time buyer there is a big list of musts for qualifying.
Short list
-NO derogatory credit (late payments, collections, etc)
-Debt:Income cannot exceed 30% I believe. In other words don't have debt
-Payment cannot exceed $375/mo (typically)

Most likely you are more likely to get qualified with your mom co-signing. Based on your part time job you won't get qualified, you have to have $1,800/mo income for almost every bank to qualify for a loan despite putting $6,500 down.
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