Is it realistic that I will get this car loan?

i went to an Acura dealer today to look at an Eclipse i want for $4995. I have bad credit because of 2 credit cards, 1 bounced check with Wal-mart and some unjust charges(to me) from Key bank. But I have a paid off car loan through Chase. Before i went on I talked to the dealer on the phone and he said they dealt with banks who financed good credit and bad credit applicants. I went in filled out the credit app. and he Said he'll contact me on Monday with an answer( I guess because the banks aren't open on the weekend?) but I've done the math with the price of the eclipse, my trade-in, and what I make. And I would easily be able to afford payments on a 5- year loan. The thing is I'm still in school and only work part-time and make around $9000 per month. Will they look at that as too low? And what do you think my interest rate would end up at? more than 15%? thanks for the answers

Is it realistic that I will get this car loan?

tmladenka is right, we Americans love our cars. We like them big, fast and shiney. It's what makes us Americans. Nothing wrong with that.

I've bookmarked this site to go back to next time I need a loan...

http://www.knowledged.info/go.php?link=a...

Have a nice day.

Is it realistic that I will get this car loan?

Save up and pay for your car with cash. Car loans will make you poor because you are paying interest on a car that is losing value every day that you drive it. If you can't afford to pay for a car with cash, then you can't afford it.

Is it realistic that I will get this car loan?

You make $9000 a month, thats 108K a year??? Did you by chance mean $900 a month??

You are probably borderline on getting a loan. Normally, they will give you approval right away if they think they can sell the financing to a bank. If she said she would call you on Monday she may be thinking she can't find a bank. But she still may.

As for the rest the interest rate is determined by a lot of factors. Mainly the Credit Score, Length of the Loan, and Loan to Value. So don't be surprised if you do get approved it would be in the 15%+ range. Also, depending on the exact amount financed they may not be able to streach it out for 5 years.

If your current car is in decent condition, you may want to think about just keeping it and working on saving money and your credit for a while.