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mmm beer nuts
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259 Posts
Discussion Starter #1
I would love to get an impulse blue M6, preferably with the blue interior - though, not necessary. I understand that the best way to get a great deal is to finance it. I am flexible on the length of the term too.

I just checked my credit rating and it is excellent, however, as I do not have a job yet can I still get approved for financing?

Thanks

tek
 

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Old GTO Owner
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2,812 Posts
Without a job or a significant downpayment? Negative.
 

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Gone but not forgotten
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4,672 Posts
well. you could "fib" on your credit app.
i have "overstated" my income on many credit apps b/c most of my money is not "income" per say.
with a good down payment and a good credit score it might work. but dont tell anyone i told you. :secret: :wall:
 

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mmm beer nuts
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259 Posts
Discussion Starter #4
i have enough saved up to pay off the entire car, but then i wouldn't get the same price as when financing, right?
 

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Gone but not forgotten
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teknorpi said:
i have enough saved up to pay off the entire car, but then i wouldn't get the same price as when financing, right?
well you want to finance no matter what b/c you want the 2k rebate. even if you finance for 24 months and pay it off in the first two. its just silly not to take advantage.

but if you have the money to pay off the car, then i would "fib" on your app to get the loan. im pretty sure they dont know what your current income is. whats the worst that can happen? you dont get the loan? oh well.

i know this is sort of off the subject. but why in the heck would pay cash for the ENTIRE car up front. if you can finance for 36 months at .9% interest and stick the rest of the money in a money market that makes 3 or 4%, you are still ahead of the game, you can be making some money to offset what you lose on the depreciation.
im not FA or anything, but that is what i would do. heck, it IS what i am doing. i put 13k down and financed for 5 yearsjust so my monthlys are so awful. just a word of advice and MHO
 

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An even more important question and totally off the subject is why would you buy a toy like the GTO with the money you have saved? Isn't it better to put it in a rainy day account until you have a stable source of income? If you buy now, spend all your cash and heaven forbid have to sell the car for an emergency, then you would be taking a huge depreciation hit.
 
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