[Onthefence]

I am at a bit of a loss. My cat has been ordered. Just a basic one with none of the extras. "I dont see the need to have all the gadgets when I just want to evoke the old challengers while having the sound and power of a big block. I have my invoice from one of the great dealers on this site. The issue is I want to finance the purchase after putting at least 15k down. What I have ran into is my local bank and credit union have stated that my credit score means nothing. I have been checking it weekly and its improved to 790 from 762. The issue is I have only had 1 loan in my life which I paid off in 4 months for my first car out of college. I own my house with no debt or mortgage. Otherwise I always paid cash or used my single credit card I have had since I was 18. Since I only show 1 single line of credit I am a high risk even with a big down payment. 48 months at 12.9% is the best they could do. Should I expect this at the dealer as well or should I just cut my loses and walk away? It would be a shame to give up on my dream car I hope to have and enjoy for decades to come.

 

[775Cat]

Find a different bank FTGs

 

[Xylander]

Hard to say. Low or no credit is an issue for sure. Chrysler Capital does good deals though. If your DTI is stellar, they may be able to do better than your bank.

 

[18WIDECAT]

sounds like you simply dont have enough debt / credit history..ie: history showing you acquired debt and paid/made good on payments.
Cant speculate on what all else could be the issue, but holy crap 12.9% is atrocious, especially with a 790 CS, thats beyond atrocious...
even directly thru FCA is in/ around 3.11% last I looked...
You may simply need more down and begin getting credit line and using it/paying it. jmho.

 

[Onthefence]

I make ~4500 a month after taxes 401k contributions and a chunk taken out to invest in the stock market. Being single with 0 debt and a bill cost of ~600-700 a month for food, utilities, insurance, etc. I think I am in a good spot DTI wise but then again since I never financed much in my life I am not that great at this.

 

[Onthefence]

The only other fun thing is my car will be in at on the 28th. So I am trying to get this all figured out.

 

[MJS73]

I know this sounds crazy but have you tried talking to the dealer?

 

[Onthefence]

I am debating that. I was always told to never talk finance with the dealership or sales/general managers who will not come out of their office to make a car deal, but this is different times we are living in. Lesson learned cash is no longer king and debt is a good thing.

 

[GOING TO HELL 19]

I am debating that. I was always told to never talk finance with the dealership or sales/general managers who will not come out of their office to make a car deal, but this is different times we are living in. Lesson learned cash is no longer king and debt is a good thing.

If you finance thru the dealer don't tell them the best you could do is 12.9% If you do they won't try and get you the best rate, only a better rate. Never give a dealer more info than you have to. Like "what's your payoff" or "where do you want your payments to be".

 

[FN_COBRA]

I don’t see why you would have to cancel the order unless you’re tied up with a deposit. Keep the order and when the car gets there, see what finance rate they offer you. Worst case scenario you walk away, unless you risk losing a deposit.

 

[Blickie]

Hard to say. Low or no credit is an issue for sure. Chrysler Capital does good deals though. If your DTI is stellar, they may be able to do better than your bank.

Yes, talk to your Dealer Finance Person about Chrysler Capital to either buy or lease.

 

[2ndAmend]

Chrysler financing/lease sounds like the best bet. You might be able to refinance your home with a cash out enough for the car, but that might not be a smart idea. There is a reason creditors don't hand out $. And sometimes they are doing you a favor my not doing the loan.

Stupid things like how are you going to feed your family and pay the loan if you lose your job and don't have $100k in liquid assets. You might just be better off building a portfolio than buying a frivolous toy, sorry. Down the road, the well invested portfolio will pay for the car and you will not need financing.

 

[Slowpoke387]

I wouldnt let the interest stop me from getting a soon to be unobtainable car. I’d take the best rate I could and after this new line of credit shows up and there is history of payments you can re-finance at a lower rate.
You are going to need to let a financial institution hit you at some point if you want to establish a more solid credit history anyway. Why not let a Hellcat be the reason? As long as your income supports an extra $100/month or so. Is it financially smart? Nope. But new Hellcats are going away and you have no mortgage or rent. And I’m sure you’ll find a better rate anyway.

 

[Onthefence]

Chrysler financing/lease sounds like the best bet. You might be able to refinance your home with a cash out enough for the car, but that might not be a smart idea. There is a reason creditors don't hand out $. And sometimes they are doing you a favor my not doing the loan.

Stupid things like how are you going to feed your family and pay the loan if you lose your job and don't have $100k in liquid assets. You might just be better off building a portfolio than buying a frivolous toy, sorry. Down the road, the well invested portfolio will pay for the car and you will not need financing.

Yep. The home is out of the question since its been in my family for generations. Liquid asset wise I have enough cash reserves to last for over a year with no changes. I also have land I can farm as a fall back. I figured the loan would be a better idea just to spread things out for 2-3 years and if it hit the fan pay it off instantly and be done with it. Ill see what the dealer says, and if its not to crazy then do it. Worst case I walk away and have my credit card company pull back the deposit if the dealer give me any fuss. If an 18 year old on youtube can get a hellcat with 0 credit then I should be able to get a fair deal.

 

[Skrelnik]

I am at a bit of a loss. My cat has been ordered. Just a basic one with none of the extras. "I dont see the need to have all the gadgets when I just want to evoke the old challengers while having the sound and power of a big block. I have my invoice from one of the great dealers on this site. The issue is I want to finance the purchase after putting at least 15k down. What I have ran into is my local bank and credit union have stated that my credit score means nothing. I have been checking it weekly and its improved to 790 from 762. The issue is I have only had 1 loan in my life which I paid off in 4 months for my first car out of college. I own my house with no debt or mortgage. Otherwise I always paid cash or used my single credit card I have had since I was 18. Since I only show 1 single line of credit I am a high risk even with a big down payment. 48 months at 12.9% is the best they could do. Should I expect this at the dealer as well or should I just cut my loses and walk away? It would be a shame to give up on my dream car I hope to have and enjoy for decades to come.

Take a HELOC on your house, rates are in the 2% area. This way you can pay for the Hellcat while building up credit.

Having no credit hurts your credit score. You need debt, and such debt to paid on time. A HELOC could be a good start for you.

 

[~el~jefe~]

Having no debt on one's home is not that great. A mortgage is great to have or the similar thing. I agree with others and use the house for cash and a cheap self loan. As you noticed, credit is more important than a few percent paid on a house borrow and paying it off. I wonder also if you have multiple credit cards and if you keep a small balance across them. You should have 3+ cards, all pushing yearly their limits and keeping a tiny balance on each of them rotating. This is what the banks want to see mostly if you are young and have "no long history". 12.x% is someone f---ing with you hardcore. The mafia is 15%. think of that.

 

[Mr.Plow]

I am at a bit of a loss. My cat has been ordered. Just a basic one with none of the extras. "I dont see the need to have all the gadgets when I just want to evoke the old challengers while having the sound and power of a big block. I have my invoice from one of the great dealers on this site. The issue is I want to finance the purchase after putting at least 15k down. What I have ran into is my local bank and credit union have stated that my credit score means nothing. I have been checking it weekly and its improved to 790 from 762. The issue is I have only had 1 loan in my life which I paid off in 4 months for my first car out of college. I own my house with no debt or mortgage. Otherwise I always paid cash or used my single credit card I have had since I was 18. Since I only show 1 single line of credit I am a high risk even with a big down payment. 48 months at 12.9% is the best they could do. Should I expect this at the dealer as well or should I just cut my loses and walk away? It would be a shame to give up on my dream car I hope to have and enjoy for decades to come.

Try a home equity loan and good luck!

 

[Onthefence]

I agree on the mortgage or HELOC but its off the table since the way I inherited the place has a clause that we never take anything out against the home. Ill just have to see what the dealership says then open some more credit lines after I pay off the car.

 

[Houston713]

Definitely start shopping that loan. Based on what you've shared, you can obtain a lower rather than that. A decent banker who will look at your financial position holistically will immediately assess your ability to pay and offer much better terms.

SHOP IT!

 

[dagrimespdx]

I am at a bit of a loss. My cat has been ordered. Just a basic one with none of the extras. "I dont see the need to have all the gadgets when I just want to evoke the old challengers while having the sound and power of a big block. I have my invoice from one of the great dealers on this site. The issue is I want to finance the purchase after putting at least 15k down. What I have ran into is my local bank and credit union have stated that my credit score means nothing. I have been checking it weekly and its improved to 790 from 762. The issue is I have only had 1 loan in my life which I paid off in 4 months for my first car out of college. I own my house with no debt or mortgage. Otherwise I always paid cash or used my single credit card I have had since I was 18. Since I only show 1 single line of credit I am a high risk even with a big down payment. 48 months at 12.9% is the best they could do. Should I expect this at the dealer as well or should I just cut my loses and walk away? It would be a shame to give up on my dream car I hope to have and enjoy for decades to come.

Like another user posted, I wouldn’t let the rate stop you either. I just brought home my Super Stock and it’s worth every penny. You can overpay the monthly and beat some of the interest and refinance it again at a lower rate later even with the same CU/bank. They’ll want to see a minimum of 6 months (so will you so it “rates” on your bureau). Or, you can shop the loan later. I’d just secure the car!!! Demons that were $85K are selling for $150-160+ 100% in 3 years!!! Production levels are LOW and soon…No more V8 Hellcats!!! Bam instant collector and super badass. I just caught 2” air going up a steep boat launch in my new Super Stock!!! Hellcat? Hell yeah!