Loan question?

Ive already heard the bad chances of all of what im about to say, i only want to hear answers of my good chances with the situation. So i currently have a auto loan with 4700 left on it and im looking to get another car and the seller has it up for 7400 but the market sell price of the car (2007 charger with 74k miles on body and fully modified 5.7 hemi) is 9k-12k according to kelly blue book. Ive been with my bank for 2+ years so they have full access to how much i make and i have a folder with all my financial records like my W2s ect. My monthly payment on my current loan is $150 with a 3% apr (32 month term) with a credit score of 614. Since the car is worth more than what im buying it for i was trying to figure out my chances with this will be, because its either all good or all bad. My income at the end of the month is 1k after taxes and like 800 after bills (i dont have rent) my only concern is that my credit history is very thin, like 3 months thin. Like i said in the beginning be positive, ive already heard the bad of the situation which is how small my history is and my credit score being 614. But im looking at the situation from a business perspective and overall i feel like i would get approved because even if i default, the car is worth way more than what i bought it for (atleast 7k worth of mods and only 635 miles on the built engine).


Seems like people are mad, can i ask why can i feel that your bothered through your words? If you cant ******* read get the **** on, its a credit app from my bank. That ive been with. For 2 years with STEADY income. The facts of my matter that i can pay and support the loan that was the question, if my bank knows i can pay it what are the chances ill get it was the ******* question, theres a reason i started ended my ******* question with positive notes

Update 2:

and my "unrealistic dreams" arent ******* dreams and its not hard todo dont get mad bc you yourself arent happy with your life bringing your negativity to my simple ******* question. Business standpoint not your peasant and broke views. My credit isnt perfect but bet its better than most at 18 years old. LET ME BE CLEAR AGAIN DONT ******* COMMENT WHAT I ALREADY ******* KNOW, I KNOW I HAVE BAD ******* CHANCES OBVIOUSLY I WOULDNT BE ASKING FOR A SENSIBLE ******* ANSWER IF I DIDNT KNOW.

Update 3:

Ive seen the car in person, its in perfect condition. You cant exactly fake 74k miles on a odometer and he has all the paperwork for everything done to the car. So **** off with your "WeLl WhY iS iT pRiCeD tHaT LoW If ItS WoRtH 9k-12k" because some people build cars for fun you simpleton. Not everyone cares about making money believe it or not.

Update 4:

Last update. If you are over 35 dont ******* comment. Your knowledge is useless to me because you think everything is impossible when i do what you cant daily.

3 Answers

  • Eva
    Lv 5
    2 months ago

    The interest rate on a car of that year will be much higher that your current loan. They are not going to loan you more than the sales price of the Charger, and would probably want a significant down payment.  Your income is not sufficient to get a second loan. They will look at your debt to income ratio and turn you down flat.  At your income level, you cannot afford 2 car payments and the insurance on both cars.

  • Anonymous
    2 months ago

    "Since the car is worth more than what im buying it for"

    It isn't worth more than what you are paying.  If someone were willing to pay 12k for the car, the seller would charge 12k for the car.  Why would someone sell a car worth 12k for $7400 especially if they had to fart around with someone with a crappy credit score and no cash?

    "overall i feel like i would get approved because even if i default, the car is worth way more than what i bought it for"    No.  Sellers sell to the person willing to pay the most.  That appears to be you for $7400 even though you can't actually pay.

    The car *might* be worth $7400 if you are able to complete the purchase.  If you can't pay, then the seller will be on the lookout for the next sucker.   Maybe $6000 cash gets it done.

  • Judy
    Lv 7
    2 months ago

    You might not want to hear it, but chances are basically zero, even if you had great credit.  And think about it like the lender will  - if it's easily worth 9-12K, why does he have it for sale for so much less?

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