Can somebody chance me on an auto loan?

get something more reliable, think honda/toyota. you are too tight to able to afford the high maintenance of a jag. what are you driving now? if banks won't approve you there is a reason. how much do you have to put down?

a baby on the way? loans about to enter repayment? your monthly expenses are about to go way up.

Quote from DentalPain : get something more reliable, think honda/toyota. you are too tight to able to afford the high maintenance of a jag. what are you driving now? if banks won't approve you there is a reason. how much do you have to put down? a baby on the way? loans about to enter repayment? your monthly expenses are about to go way up.

This is my main concern for you OP. Forget the Jag and get something cheaper and more reliable.

Thanks for the comments. I'm starting to reconsider.

I actually have a 1996 Jaguar XJ6 that I would get rid of but not trade in (actually will give to a family member). It's got 170k miles on it. My mechanic keeps it running well but as mentioned the cost are somewhat high (though I wouldn't say unreasonable for legacy parts and specialized service). The problem is i've got a few things that I need to do on it but i'd rather put that money towards a newer ride instead of putting more into it. I also take the bus every day to and from work and will continue to do so until I move, so I guess it would be more of a weekend/fun/grocery kind of thing. + I want my kid to ride around in supreme style and comfort .

0 on down payment but I could probably save up $1,000 if I sell off some junk.

Also wanted to mention that the only place that I applied for (a few months ago) was at USAA for a used auto loan, which, according to the credit boards.com database, they are extremely stingy. That's why I mentioned NFCU since I hear they're a bit more generous.

Quote from SlickEnW : I want my kid to ride around in supreme style and comfort .

Comfort, yes. Supreme style? They're not going to care for a long while. This is honestly going to be more a you thing than a them thing. Honestly, I personally recommend a Prius. Its amazing on gas mileage, got solid room and trunk space, and is perfectly reasonable for a family car. It's not stylish to some, not sporty, and certainly not fast or fabulous, but the savings and for practical use, it makes a lot of sense.

I think prii are hideous. I'd maybe get a camry .

Agree with the others about NOT getting a 6-8 year old Jag. The maintenance alone will cost you a ton. For $17k you can get a brand new VW Jetta with 3-years of free maintenance. It's also a top safety pick (which is good with a baby on the way!).

But seriously, spending that much on a car, with an unemployed wife and a baby, seems to me like a bad financial decision. Buy a cheaper used car which is reliable. The baby is going to cost you a ton, and $49k for a family of three is going to probably be hard. Certainly not devastating or impossible, but you will need to be conservative.

I believe you are correct that, based on your numbers, USAA will probably not approve you. Unless you are active military, in which I think they are more lenient. Also, as I'm sure you are aware, a used car loan will have significantly higher interest rates.

Lastly, the amount of your credit card debt, while important, is only part of the picture. A $1,000 balance on a $10,000 card is not that big of a deal. But a $1,000 balance on a $1,000 limit (or even $2,000, etc.) hurts much more.

Stay away from high end used luxury cars. Good luck.

Any dealership new or used will finance you without a doubt no matter what your credit. Banks and S&Ls go by other rules. You can always use the dealers financing. Of course it could be a little higher.

btw: still laughing at "I want a Jag; No, get a Prius!". What a doof.

Quote from DentalPain : get something more reliable, think honda/toyota. you are too tight to able to afford the high maintenance of a jag. what are you driving now? if banks won't approve you there is a reason. how much do you have to put down? a baby on the way? loans about to enter repayment? your monthly expenses are about to go way up.

Quote from PiratesSayARRR : This is my main concern for you OP. Forget the Jag and get something cheaper and more reliable.

I agree w/ these posters. ^

With your current income and expenses, I don't see any way you will be able to afford the payments and high upkeep once that kid comes along. You're going to be a dad very soon so it's time to put your responsibilities before your own wants.

Quote from dealgate : btw: still laughing at "I want a Jag; No, get a Prius!". What a doof.

Its a realistic recommendation. I don't see anything wrong with that. He can go with any car he wants and he certainly can find other cars that fits the bill but for his situation, I see nothing wrong with the recommendation.

Want to keep living paycheck-to-paycheck? Buy a 6+ year old Jaguar. Want to get ahead? Save up $3-5k and buy a reliable Toyota/Honda/Nissan.

Quote from steventruong : Its a realistic recommendation. I don't see anything wrong with that. He can go with any car he wants and he certainly can find other cars that fits the bill but for his situation, I see nothing wrong with the recommendation.

No offense intended but a Prius is pretty much the opposite of a Jaguar.

When I was looking for a commuter car I got all kinds of advice for Prius and Hondas, etc. I got a used Cadillac DeVille and got the "that's a commuter car?" deer in the headlight stare. It cost less then 1/2 the comparable year/mileage "traditional commuter" car, it drips comfort, power and luxury, has options those cars can't dream of, and gets 25mpg. And the last time I rented one of those wheeled coffins I vowed that I would never own a compact car in my life.

Quote from dealgate : No offense intended but a Prius is pretty much the opposite of a Jaguar. When I was looking for a commuter car I got all kinds of advice for Prius and Hondas, etc. I got a used Cadillac DeVille and got the "that's a commuter car?" deer in the headlight stare. It cost less then 1/2 the comparable year/mileage "traditional commuter" car, it drips comfort, power and luxury, has options those cars can't dream of, and gets 25mpg. And the last time I rented one of those wheeled coffins I vowed that I would never own a compact car in my life.

None taken. I never made any claims about it being remotely close to a Jaguar (obviously you're not saying I am either). Clearly there is a huge difference. But that doesn't mean its a bad recommendation even if its not for you (or the OP). He has a kid on the way, thinking about moving to a less expensive place (I assume for saving reasons although that could be a poor assumption), etc. While the Prius certainly does not spell any of those things i.e. sporty, luxury, speed, etc.. it is economical and much more helpful with a baby. Clearly he has every right to ignore my suggestion and go with the Jag or any other car he deems.

Normally in any other situation, I wouldn't even inject such a recommendation if it weren't for the new baby and incoming expenses. Clearly that's just idiotic otherwise.

Thanks all. The $17k was a stretch by all measures in my eyes but I thought the $10k one w/ full service history would be a better buy, but I guess not?

Although like I said I have a 1996 already and it's not too bad maintenance wise. Plus it's got gold plated contacts on the electrical components amongst other things which have made it last a while. Will the 2004 model have such? I would expect it to. It's NOT an x-type which are historically unreliable (and sold dirt cheap around here). Obviously the electronics aren't as complicated on the 1996 but there are some decent options (telescoping wheel, power seats, auto climate control etc)

I just can't go with an econobox, new or used. I can't go with a new one on principal (depreciation hit), and the options get more and more expensive every year. Want a sunroof? 1k. Want air conditioning? 2k. Want security features? bend over. Really? I'd rather buy a used car that has these as standard appointments. I'm not trying to finance a new RX8 or 3 Series BMW lol.

I think i'll just stay in my current car (don't drive it much anyway) and work down the student loans for about a year then reevaluate my income/situation. Or maybe i'll do the full blown dad/family thing and get a minivan....

Quote from phonic : Lastly, the amount of your credit card debt, while important, is only part of the picture. A $1,000 balance on a $10,000 card is not that big of a deal. But a $1,000 balance on a $1,000 limit (or even $2,000, etc.) hurts much more.

My revolving util will be $1k on $6.2k ~16%. Individual util, I don't know at the moment but most of my accounts are zero balance with the exception of 2 w/ low interests.