Chevrolet Cruze Forums banner
1 - 12 of 12 Posts

·
Registered
Joined
·
25 Posts
Discussion Starter · #1 ·
Hi all just got a random question. I live in Canada and just bought my first car last April. It's a 2012 Cruze and I did need a co signer for it as my credit wasn't the greatest. I'm curious if I will have issues buying my next car sometime down the road. I make all payments on time and have decent income as I'm a practical nurse. Will the bank I'm financing with now be more than willing to lend to me again? Even if I trade this car in?
 

·
Premium Member
Joined
·
1,013 Posts
I'm sure after having a car loan your credit will go up from the on time payments. If you're unsure ask your dealer if they report good payment history to the credit companies, I know some will only report if you're missing payments. I know only a couple months after I got mine, I now get endless mail saying I'm pre-approved for everything haha ....Not that I need any more credit cards, but my car loan has definitely raised my score more.
 

·
Premium Member
Joined
·
5,638 Posts
When trying to obtain your next loan shop around and get pre-approved if you can for better terms? When G.M.'s banking partner told me no I went with another lender at a high rate. Recently my little Credit Union wanted my business at a much lower APR & payment, plus extended my terms for another 72 months. The Credit Union even valued my CRUZE equity at around $15,000, retail when I would be lucky to see half of that. Costly little cars
 

·
Premium Member
Joined
·
1,013 Posts
^ Agreed, credit unions usually offer way better rate, that's who my auto loan is through and I bought my first car with no cosigner (and a notsogreat credit history) and at a rate of 4.9%.
 

·
Banned
Joined
·
10,296 Posts
Developing your credit history now, just make your payments on time, well if you don't will hit you with a stiff late payment charge.

Take good care of your Cruze so it lasts a long time, can even make payments to a savings account, but when you learn how long it takes to build it up, makes you a much more careful buyer because it will disappear in a second.

My youngest daughter sure surprises me, purchased her first own new car just four months ago, man, does she take care of that. Never did that with the cars I purchased for her. Got a good job, on her own now, so no problem with her getting her first loan.

Other kids are following their daddy, making payments to a savings account and drawing interest rather than paying for it. And waving hundred dollar bills in a dealers face always gets you a better deal.
 

·
Banned
Joined
·
10,296 Posts
Ha, hear people say you have to buy on time to get a good credit score, haven't done this for years, my current credit score is 832 and have people begging me to take out a loan. Of course they do,want to clean me out on interest. That's how they make their money.
 

·
Super Moderator
Joined
·
5,171 Posts
^ My idea, like Nick, pay cash! I heard the same increase your credit score. I have no idea what mine is but people surely want to give me money. I know it is difficult when you are in school , but if you can't pay cash, just pay your bills on time and life is good. It shows you are responsible.
 

·
Administrator
Joined
·
25,596 Posts
Making all the payments on time for both your existing auto loan and your student loan will make a huge difference. Why did you need a cosigner on your first loan? If it was because it was a first loan then you shouldn't need one now. Also, as Eddy said, shop around for a preapproved loan before even walking into a dealership. Then when you get in to the finance office tell them you are preapproved - it's amazing how fast their rates will drop. If they don't come in at least a quarter percentage below your preapproval stick with the preapproval.

Also, be aware that your current car is very likely underwater so you'll end up having to shell out money to get out of it.
 

·
Banned
Joined
·
10,296 Posts
Daughter liked the Kia base model Soul, 2015 model, her dad added factory to cruise to it, Listed at $16,635, knocked in down to $14,291, then as a first time buyer, knocked off another 500 bucks with 0% financing for 66 months. Also had a 60K B to B warranty.

Not a bad little car for $13,800, looked it over, had a brand new air cleaner, drive belt, brakes, exhaust, and the tires were all brand new. come to think of it, everything was brand new. Test drove it, will go 72 mph on the interstate, power windows, brakes, steering, does have AC, but didn't try it a -10*F. Heater was darn good. Radio is okay, bluetooth for hands free calling and does play MP3's.

She does have electric door locks, but needs the key to get in, asked me about remote entry. For these just need the remotes and the receiver, usually around 20 bucks. Told her I would look into this.

How about a used 2011 Kia Soul with 70K miles on it, out of warranty for $10,500.00? This is kind of used up stuff we are finding around here now, could be different in your area. Not interested in used up stuff anymore.
[h=2][/h]
 

·
Registered
Joined
·
1 Posts
I believe it depends on paying your bills on time. I did not have enough credit score so as to obtain another loan when I purchased my Honda Civic at the beginning of last year. The score has since increased thanks to auto loan rates I received from Aspire FCU ( New Jersey ).
 

·
Registered
Joined
·
4 Posts
As long as your payments are regulated there won't be any other problem.I got mine from Aspire FCU . I had student loans and my credit rating was not that good still I managed to get a 2.99 % APR. The rates they offered me are Loan Rates | Auto, Mortgage & Consumer | Aspire FCU New Jersey, NYC . You also have to talk to your dealer so that he gives a good credit report for you. I think most of the dealers only report the missed payments.
 
1 - 12 of 12 Posts
Top