topic Re: First car loan... in Auto Loans

First car loan...

aj-crognale — Wed, 18 Jan 2012 02:14:07 GMT

Hi everybody!

I'm going for my first auto loan sometime this month and I've been pretty active on making sure everything on my credit reports are correct. I'm 21 and I have 2 years of active credit history, which has me a little uneasy and is what I think could be my undoing when trying to get approved. It's not possible for me to get a co-signer so I'm hoping for the best. My true FICO scores are TU 778 and EQ 710. I don't know where to get the Experian FICO since all I can get are fakos (760, 780). I know Vantage score doesn't mean much, but for all 3 credit bureaus I'm looking at 753 across the board. What does everybody think about my chances? I plan to check credit unions first before any banks, since I want to step onto the dealer lot pre-approved (hopefully).

I've read and searched on the forums for a while and learned a lot of information! This site is full of it! I just wanted to know what some people thought about my situation.

Re: First car loan...

Revelate — Wed, 18 Jan 2012 03:03:59 GMT

Auto-loans are among the easiest of any type to obtain, even easier than a secured credit card in some instances.

For you, it's just going to boil down to how much you can drop for a downpayment, and what your income is currently. If you're at non-zero for either of these two categories, and you're not trying to finance an outrageously expensive vehicle compared to your income, you shouldn't have much trouble.

Re: First car loan...

aj-crognale — Wed, 18 Jan 2012 03:23:23 GMT

I'm looking at $7,000 down, maybe more if I get a good deal for my current car. I'm pulling in around $1,600 a month while in school which I think is fine for a student, and I'm looking at a $25,000 car loan. I guess all the stuff I read online is either really good or really bad stories, so it's got me a little un-easy.

Re: First car loan...

Revelate — Thu, 19 Jan 2012 03:35:22 GMT

I would suggest that a 32kish car is a little much on your income.

Look at spending around 20k on a new or used car and you'll be fine, getting 25k in financing on 1600/month as a first-time buyer may well be tricky.

Re: First car loan...

aj-crognale — Thu, 19 Jan 2012 04:00:15 GMT

I'm planning on a $25,000 car and putting $7,000 down and after taxes and fees I should be right under $20,000 and that's what I'm trying to get in a loan.

Re: First car loan...

Chaos122 — Thu, 19 Jan 2012 08:05:43 GMT

With your credit rating you shouldnt have a problem getting approved at a decent rate. The only concern is your income, they will approve you but will have a harder time giving you that much. I was in the exact same situation you were, my income was around 24k back then and i was putting down 3k. I tried to purchase a 17k vehicle but no bank would allow that. They sent my app to 12 different banks, in the end they all said pretty much the same thing, the most they would finance was 11-12k.

I ended up getting another car that was 13k (10k after my downpayment) and got it financed no problem, i wasnt very happy though because i didnt get what i wanted, but i needed a vehicle asap. Also i would reccomend apping at your CU before you go to the dealarship, dont let the dealership handle financing if you can avoid it, youll get a better rate plus avoid a whole bunch of inquiries( even if they all count as 1)

Re: First car loan...

aj-crognale — Fri, 20 Jan 2012 04:27:04 GMT

I went to a credit union today and I'll find out tomorrow if I was approved. I also went to a dealer today as well and I looked around to see what they could do for me and they pretty much laughed in my face and stopped being helpful when I said no cosign what so ever. They wouldnt even consider putting my app though unless I had $7,000 down (which I knew anyways). I laughed right back at them and said, "I see there's no deal here and you're not interested in selling any cars." They had the same face I did when they laughed at me (surprised).

On a side note I was talking to the manager in his office with the chart of who sold what car and how many and on average each person sold 4 cars this month out of 15 employees. It's pretty slow for a guy claiming they cant keep cars in stock. I'm goning to a few other dealerships, but I can see that dealership wants to play some games brefore they sell anybody a car.

Either way I'm still putting $7,000 down so at this point its all about the finacing deal and the price of the car, which they are adamant on not moving (they will).

Re: First car loan...

aj-crognale — Sat, 21 Jan 2012 03:58:54 GMT

I got approved today at 3.24 percent with $7,000 down. They pulled my lowest credit score (EQ 710) and it's for a 5 year loan. I got the loan though GTE Federal Credit Union. I live right outside of Tampa, Florida if anybody searches this and see's it.

Thanks for the comments everyone.

Re: First car loan...

Shentographer — Sat, 21 Jan 2012 10:17:01 GMT

Congrats!!! I will be pulling the trigger with my second check in February ;) Wish me luck!!

Re: First car loan...

guydiver — Sat, 21 Jan 2012 11:08:47 GMT

aj-crognale wrote:
I got approved today at 3.24 percent with $7,000 down. They pulled my lowest credit score (EQ 710) and it's for a 5 year loan. I got the loan though GTE Federal Credit Union. I live right outside of Tampa, Florida if anybody searches this and see's it.

Thanks for the comments everyone.

Congratulations on your new ride. Hope you enjoy it. What did you get?

Re: First car loan...

aj-crognale — Sat, 21 Jan 2012 14:07:31 GMT

I'm shopping still and everytime I say what I'm getting I just get this look of, "really? thats what your getting?" I'm getting a 2012 Camaro, haha.

Re: First car loan...

FloridaState12 — Mon, 23 Jan 2012 07:44:40 GMT

aj-crognale wrote:
I got approved today at 3.24 percent with $7,000 down. They pulled my lowest credit score (EQ 710) and it's for a 5 year loan. I got the loan though GTE Federal Credit Union. I live right outside of Tampa, Florida if anybody searches this and see's it.

Thanks for the comments everyone.

Congrats, my fellow Floridian!

I'm in Tallahassee for college right now, I was also looking to get a new car sometime in the near future. You've given me a bit of hope! I don't make as much as you, though...but I've been at my job for almost a year here in a few months so I'm hoping to get a decent raise and try and get a loan through the FSU Credit Union (have a pretty good relationship with them). My credit scores are very similar to yours, only with slightly less history.

Enjoy your new wheels!

Re: First car loan...

IowaGuy — Mon, 23 Jan 2012 16:44:55 GMT

Welcome to the camaro gen 5 club! Say high at the camaro5 site. I drive a 2011 LT Auto I got for 21k with 8000 miles on it. CMG color. 22000 out the door. 2.3% Your gona love your ride. Watch out for the left blind spot, and careful cause even the v6 has 323 horse power and gets to 60 in under 6 seconds. Very easy to get in trouble ;)