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Can You get approved for a srt of any kind with a 650 credit score asking for a friend
 

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2019 Challenger Widebody Redeye
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Why isn't your friend asking their financial institution instead of asking a friend who will post the question on a forum they've never been on.....
 

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2020 Challenger Hellcat Redeye Wide Body
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Of course.
 

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Tell your friend that if they have a 650 they shouldn't be buying a hellcat. Fix the credit with better decisions then get one. They will thank me later.
 

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You can get approved for anything with any credit score as long as you have the income to back it up. You’ll get a higher interest rate with a 650, obviously.
 

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2020 M6 HC
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I have often said, if all the money in the world was confiscated and then divided evenly between every person, in 20 years the same people would be rich once again and the same people would be poor again. Here is a perfect example.
 

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I'm a pretty good example of how to buy a car without the world's best credit rating. My credit "was" good, 770 or so up until May of 2020. I bought a house. I did the right thing and bought the house before I bought the Hellcat. 30 some-odd credit referrals later and a new house payment dropped my credit score a pretty good bit. I think it went to around 710 or so. I had been eyeing this Hellcat for the better part of 2 years. I could not comfortably afford the payment on the car I wanted (this car, but it used it to have a sticker price of around 100k with the options I wanted). I'm a stickler for details, and I'd rather not have the car than be forced to settle for something less. Of course, COVID happened and all the problems with factory supply surplus, work shortage, etc., and on a whim, I reached out to Dodge and said, "Hey, no bullshitting. What's your best price on (this car with all it's options)?" The dealer knows me fairly well. He basically said for the next 2-3 months until the supply surplus is worked out, he could get this car about $22k under what it cost pre Covid-19, but with the factory shutdown, I might have to wait 4-5 months to get my car.

So, I put the order in BEFORE I closed on my house and took delivery of the car 2 weeks before (but after I had my loan pre-approval). I got the price I wanted, and due to the house thing, I ended up paying 3.5% interest on a 7 year loan with no money down. There's a reason why I do it this way.

First, I make good money. I won't regale you all with just how much, but it's probably less than the average Hellcat buyer. It's north of 6 figures, but less than 150k ;) My wife makes about the same. So, our debt-to-income ratio is quite good, although our debt is currently higher than what I'd like (thank you Hellcat). I took the long term / low interest loan because I qualified with no money down and the payments were within my comfort range. However, my goal is to pay it off within 3 years. Thus, as I'm a new homeowner, we all know that things come up. I didn't want to be saddled with a 3k/mo payment trying to pay it off in 36/mo. However, making those sort of payments is doable. So, for the first year or two, I'll pay what I can and fix stuff around the house as needed. Then, when I get my savings back where it needs to be, I'll start chunking down on the car. I am fairly certain I'll have it paid off before the 48/mo mark. Hopefully by the 36 month mark.

I'm the type of person who does get random injections of money from my projects that I work on (part time auto broker, author, etc). So, as book royalties and sales commissions come in, those mostly go straight to paying off the house and car. I use my 9-5 + military disability as the revenue sources that I use for our household budget.

I recognize that what I did was borderline madness. The smart thing would have been to wait until 2023-2024 to buy the Hellcat when my credit is back up to or over 800. However, the way the timing presented itself, I saved an enormous amount and got the car I wanted for less than any other time in the Hellcat's production history. Which, given the current state of regulations and the political environment, this decision looks better and better each day. I got "my" car when I could afford it, potentially at the only time I could have gotten it for the price, and also possibly right before Dodge kills them forever. If I would have been smart and waited, there's a very good chance this car would have become one of those, "Man, I sure wish I would have popped on that deal... now I can't even get one."

And that's my biggest flaw. I will not drive a used sports car. Period. I don't trust you people, so I did what I had to do. No regrets.
 

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2020 M6 HC
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Oh Lord, won't you buy me, a Mercedes-Benz...
 
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I got my car with a 620s credit score. I also saved up $15,000 to put as a down payment. My score wasn't low because bad life decisions it just took me until my 30s to realize to get anywhere financially you can't pay for everything in cash like I had. Never had a credit card until I was 34. So though it's rare bad financial decisions have nothing to do with bad credit. Now I have a car and truck financed and a $500 credit card after a few years my score is in the 700s
 

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My score wasn't low because bad life decisions it just took me until my 30s to realize to get anywhere financially you can't pay for everything in cash like I had. Never had a credit card until I was 34. So though it's rare bad financial decisions have nothing to do with bad credit.

No disrespect at all intended but that's actually part of the bad financial decisions that can be made to hinder decent credit. You are 100% right that poor pay history is bad and what most people attribute towards a poor credit score but not developing your credit as soon as possible is also part of those financial decisions that cost a lot of people a lot of extra money early on in life.

The other thing people also lose sight of is debt to income ratios which also play a factor in it.

To much credit is a bad thing as is having no (or little) credit history.

I suffered the same fate as you but not so late in life. Fortunately for me I got into finance into my early 20's and saw first hand how credit would effect people and learned how to build better credit as part of my job. My father raised me as it sounds like you were raised (Never owe $ to anyone) but times changed which requires a new train of though. I still wish it was better to have no debt as I hate oweing anyone money but that's just the world now. I do as you. I have my home, a single car note and one CC that I keep open. Rest is paid in cash (plus the CC is paid in full at the end of the month always).
 

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I have been teaching my kids about savings, credit, and stocks. I have also placed them as authorized card uses on my CCs. This way by the time they are 18 they will both have perfect credit.
 

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No disrespect at all intended but that's actually part of the bad financial decisions that can be made to hinder decent credit. You are 100% right that poor pay history is bad and what most people attribute towards a poor credit score but not developing your credit as soon as possible is also part of those financial decisions that cost a lot of people a lot of extra money early on in life.

The other thing people also lose sight of is debt to income ratios which also play a factor in it.

To much credit is a bad thing as is having no (or little) credit history.

I suffered the same fate as you but not so late in life. Fortunately for me I got into finance into my early 20's and saw first hand how credit would effect people and learned how to build better credit as part of my job. My father raised me as it sounds like you were raised (Never owe $ to anyone) but times changed which requires a new train of though. I still wish it was better to have no debt as I hate oweing anyone money but that's just the world now. I do as you. I have my home, a single car note and one CC that I keep open. Rest is paid in cash (plus the CC is paid in full at the end of the month always).
It was beat in my head by my grandparents on both sides of my family and my parents that cash is king and if you can't afford to pay for it in cash then you don't need it or save longer and buy it then. That was such a hard habit to break and I still kind of hold on to cash and such but I've done a lot to help my credit situation in the past few years
 

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Never lose sight of the fact that credit scores exist to help creditors minimize their risk while maximizing your debt. There is nothing wrong with paying cash, especially on durables like cars. One of the few good reasons to have good credit is to get a mortgage at a decent rate. A loan on something that a) substitutes a outward cash flow such as rent, and b) is likely to appreciate in value is a wise move. Cash on everything else is an excellent idea.

If you want to get ahead, stop buying crap you don't need and use the money for good investments. Spending $1k on a phone plus $120/mo is frivolous. Dining out is 10x more expensive (and way more unhealthy) than making your own food. (Don't even start on vacations!) If you want to get ahead, you need to make good decisions every minute. If you do these things, next thing you know is your good decisions and good investments just paid for a new HC!

Edit: When I say "cash" that includes using a cc and paying the full balance every cycle.

20210426_172707[1].jpg
 
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ill be the 19th response and still no reply from the OP.....

@2ndAmend What did you buy @ that 812 dip?
 
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