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since
07-08-2008
10-15-2024
settleordelete
Regular Contributor
199
Posts
41
Kudos
10-13-2024
10:51 AM
6 Kudos
Here's an update, We closed on our new home last Tuesday morning in about 1 hour. So, It took a while longer to get this deal through, dealing with appliance repairmen, realtors, home inspectors, appraisers, roofers, email after email, call after call, tons of documents to sign and print, sign again and print, then of course the highly motivated buyer of our old home which was the easiest part. But because the builder was lagging behind on other homes and we demanded a redo of a few things that didn't pass our inspection or the FHA guidelines, it push our closing from Oct 1, to Oct 8. Best to be prepared for that. We leased our old home from the buyer after we sold it until we closed and moved everything out. Also, we used some of the cash from the sell of our old home to pay off debts. Our rate from the new lender is 3.99 (FHA) 30 year mortgage with PMI that falls off in 2034. The lenders loan from the approval process to the clear to close notification was quite easy even with that amount of CC debt. I can't begin to tell you how skeptical I was about this even working. Thanks.
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08-18-2024
04:05 PM
1 Kudo
Thank you Shane, We appreciate your advice and wisdom on this subject.
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08-17-2024
03:50 PM
We've out grown our current home and want to move to a quieter more suburban area. Our current home value is $303,000 and we owe $165,000 on it and the mortgage is principle and interest only at 831 a month (Property Tax and Insurance is paid separately at the end of the year). Our combined income is $158,000 a year. The only other debt we have is my credit cards which is near 45,000. We checked our mortgage scores here, 703 to 718 for me and 793 to 806 for her. That's because I carry all the debt on my credit. No derogatory, no latest, no car payments, no judgements. The home we want cost $425,000. We want to get preapproved / prequalified on Monday. We will of course sell our home to pay off the current mortgage and CC debt. We have about $27k saved we can use toward the cost or pay off debt. The lender the home builder uses says his rate for FHA is 3.99% and his Conventional rate is 4.75%. We want to go conventional. We want to know what are chances before applying for a mortgage? Or do we need to wait and just payoff debt and save more money? Thanks in advance for any advice on this matter.
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07-26-2019
06:12 AM
To finally answer your question: Ford Credit is easy to deal with and you don't need a perfect or excellent profile to get the best loan /lease rates. I paid my lease thru their mobile website each month or you can set up automatic payments too. However, I would wait until I've made my first mortgage payment before purchasing /leasing a new car. That was advice from my mortgage lender 11 years ago. Good luck to you.
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07-25-2019
01:41 PM
1 Kudo
Credit Unions? Penfed, DCU and Navyfed seems to be the most popular mentioned here in the forums. Be sure and do your research before you apply. I went car shopping in June with loan preapprovals from Toyota Financial, Hyundai Financial, Capital One and BBVA Compass bank. All of which was applied for within 7 days. I was buying two cars so I wasn't taking any chances with my local dealer financing. Good luck.
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07-25-2019
11:55 AM
1 Kudo
Carmax has financing for just about everyone who qualifies. They have a payment calculator on their website that allows you to choose a price, add the taxes and click on an apr based on you credit rating (Excellent to Poor). That being said, I wouldn't go their without a preapproval from another lending institution.
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07-24-2019
03:10 AM
If your credit is tier 1 (720+) or tier 2 (690 -719) with Tu, Eq or Ex then you should get a great lease rate through TFS.
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07-12-2019
04:55 AM
I bought a new Toyota in June using TFS (pulled my Tu and Eq reports here in Texas). TFS appears on all 3 of my bureau reports as an auto loan and not a consumer finance account. Dealers have alot of sales traffic on Fridays and Saturdays. I went in around 10 am on a Saturday and was driving away before 1pm. This was my third time using TFS and the finance department at this dealer was amazing and easy to deal with as always.
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07-11-2019
07:49 AM
I applied through their website and walked in with the printed approval in hand. They pulled my Equifax Auto Fico
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07-08-2019
09:40 AM
It does appear as if your monthly interest charges are going down. The good part is the extra payments are helping you save on future interest but remember the bank will continue charging interest everyday. Also make sure you are applying extra payments between your regular due date payments directly toward the principal (if allowed by your lender). Furthermore you can always call them and have them explain any charges including your amortization schedule for the duration of the loan. Here's a calculator I always use while sitting in the finance office right before I sign any papers. It is found at www.calculator.net (auto loan calculator).
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06-27-2019
09:46 AM
I'm currently leasing a Truck and buying two cars with a DTI at 42%. So anything is possible. Especially at the end of the current model year. Dealers are trying to move their old inventories out. Good luck.
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06-22-2019
08:46 AM
I've gotten the pre-qualification letter in the mail a few times and never used it. I applied using the Auto Nav in January and 2 weeks ago with instantly approvals. If Cap1 denied you they will surely give a reasonable explanation.
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06-22-2019
08:45 AM
I've gotten the pre qualification letter in the mail a few times and never used it. I applied using the Auto Nav in January and 2 weeks ago with instantly approvals. If Cap1 denied you they will surely give a reasonable explanation.
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06-17-2019
03:33 PM
I did call my dealer (finance department)before I arrived to confirm what rates were available to me and my situation. But you know things can change once they get you there. Good Luck.
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06-17-2019
03:30 PM
I was approved by Hyundai (affiliate of KIA) last week. I took a printed copy of the preapproval to my local dealer to do a lease buyout or purchase another Santa Fe. Hyundai offered 8.9% for 60 months for the buyout but offered 0.9% for 60 and cash off for a new one listed at $42,000. I didn't take either offer. Instead, I used my bank financing to purchase my lease. You should be fine if you're buying a new KIA.
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06-16-2019
05:07 PM
Yes you can. I did it on my Ford lease in 2016 where I took what I was quoted over the phone. But it wasn't enough after I chose a higher trim level 😁. So I made the first month's payment with my Chase Freedom Card.
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06-16-2019
12:57 PM
1 Kudo
You can select any dealer on their website and once approved you can take a printed copy of the approval to another one.
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06-15-2019
07:58 PM
2 Kudos
APPROVING BANK: BBVA Compass BUREAU PULLED: Ex and Eq CREDIT SCORE: 692 and 656? SOFT PULL/HARD PULL: Hard CUSTOMER STATE OF RESIDENCE: Texas NEW/USED: Used / Lease Buyout YEAR OF VEHICLE: 2016 MAKE: Hyundai MODEL: Santa Fe Limited MILEAGE: 17400 FINANCE/LEASE: Finance PURCHASE PRICE: 19200 AMOUNT OF LOAN: 21898 TERM CONTRACTED: 72 APR/LEASE RATE: 5.86 MONTHLY PAYMENT: 361 ANNUAL INCOME: 98000 DEBT TO INCOME RATIO: +40% MISCELLANEOUS COMMENTARY: This was my second purchase today. Hyundai had a ton of what seemed to be non-negotiable fees added to the deal. No more leasing for me. Purchased the G.A.P. and No Down Payment.
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06-15-2019
07:38 PM
2 Kudos
APPROVING BANK: Toyota BUREAU PULLED: Tu and Eq CREDIT SCORE: 713 and 656 SOFT PULL/HARD PULL: Hard CUSTOMER STATE OF RESIDENCE: Texas NEW/USED: New YEAR OF VEHICLE: 2019 MAKE: Toyota MODEL: Camry SE MILEAGE: 8 FINANCE/LEASE: F PURCHASE PRICE: 23300 AMOUNT OF LOAN: 26218 TERM CONTRACTED: 72 APR/LEASE RATE: 3.99 MONTHLY PAYMENT: 410 ANNUAL INCOME: 98000 DEBT TO INCOME RATIO: +40% MISCELLANEOUS COMMENTARY: Purchased GAP and Window Tint plus TTL. No money down.
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05-29-2019
01:29 PM
Hopefully you are approved. But remember your local Acura dealer will have several other lenders that may be able to approve you for the lease. Good luck.
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05-28-2019
11:45 AM
Did you mean a minus 1 point on FICO 5, 8 and 9 Auto Equifax models? I think the lowest possible score is 250 for FICO 5 and 8. 300 for FICO 9. Someone else might have more insight into this.
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05-25-2019
08:26 PM
4 Kudos
I recently took my 21 year old nephew to our local Hyundai dealer to purchase his first new car. His income was low ($1300 monthly) but his credit was good (scores in the 700s). He was able to get a well equipped Elantra for $19000 +TTL with no money down and no co-signer. Good luck!
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04-21-2019
04:42 PM
I use Ford Credit online to get my approvals. They use Experian. It was an instant approval both times and they will give you an estimated amount you can borrow. I ended up leasing the last time but the approval was for $55,000 in 2016. I believe a credit score of 660 and up gets the best lease rates.
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03-27-2019
01:27 PM
3 Kudos
I'm in Houston also. Ford Credit pulled Experian in 2011 and 2016. Toyota pulled TU and EQ in 2010. Hyundai Financial pulled Experian, dealer pulled Transunion in 2016.
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03-05-2019
07:13 AM
1 Kudo
The credit union will probably give you the best rates and terms.
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02-18-2019
10:54 AM
Congratulations on your new purchase. You are living proof that stability does matter.
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