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Contributor
Pacman2012
Posts: 298
Registered: ‎08-16-2011
0

603 and approved?!

So i found the car I wanted. 2005 Buick Lacrosse with 70,000. It was on sale for $10,300. I put $5000 down and brought my parents since I knew I'd be financing through them. When the car salesman asked how we'd pay I told him I'd try to finance the remaining even though I was sure I'd be declined with credit scores in the low 600s. To my surprised I was accepted with an 11% interest rate 0.o... I'm ecstatic since my local CU wanted to charge me %18 for an auto loan :smileymad:... Idk why i was approved with that amount but hey! I'm super happy :smileyhappy: Thanks myfico family for helping get up to even that point!


Starting Score 8/16/11: TU:552 EQ:575 EX:480 via State Farm
Current Score: TU:608 EQ:601 EX:580 via AMEX
Goal Score: EQ:650 TU:650


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Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010
0

Re: 603 and approved?!


Pacman2012 wrote:

So i found the car I wanted. 2005 Buick Lacrosse with 70,000. It was on sale for $10,300. I put $5000 down and brought my parents since I knew I'd be financing through them. When the car salesman asked how we'd pay I told him I'd try to finance the remaining even though I was sure I'd be declined with credit scores in the low 600s. To my surprised I was accepted with an 11% interest rate 0.o... I'm ecstatic since my local CU wanted to charge me %18 for an auto loan :smileymad:... Idk why i was approved with that amount but hey! I'm super happy :smileyhappy: Thanks myfico family for helping get up to even that point!


Congrats and enjoy.

 

Keep up the good work and keep on working at it and they will improve more and will be more beneficial to you later on.

Good Luck
May all your dreams and wishes become a reality!
Valued Contributor
John060675
Posts: 1,126
Registered: ‎08-29-2007
0

Re: 603 and approved?!

Congratulations on the approval.  I think lenders are starting to open up a little more with their money.  I was just approved for 0.9% on a 2011 Honda Pilot or a 1.9% on a 2012, and I did not have to put anything down if I choose.  I have a 605 Equifax and a 631 Equifax Auto Enhanced (the auto enhanced was from their pull).  I am debating now whether to get it or wait another year to make sure my finances are in perfect order.

 

Heck, makes me start to want a Harley again.  I know, easy there trigger.


Starting Score: 583 EQ, 612 EX, 569 TU
Current Score: 658 EQ, 648 EX, 618 TU
Goal Score: 720 EQ, 720 EX, 720 TU


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Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011
0

Re: 603 and approved?!


John060675 wrote:

Congratulations on the approval.  I think lenders are starting to open up a little more with their money.  I was just approved for 0.9% on a 2011 Honda Pilot or a 1.9% on a 2012, and I did not have to put anything down if I choose.  I have a 605 Equifax and a 631 Equifax Auto Enhanced (the auto enhanced was from their pull).  I am debating now whether to get it or wait another year to make sure my finances are in perfect order.

 

Heck, makes me start to want a Harley again.  I know, easy there trigger.


Hey John - that's a great deal!  I love Honda Pilots.  I've got the urge for a new car so bad right now.  I know we need to wait, though.  I'm driving a 94 pathfinder - she's a tough old gal - I love no car payment.  But that new car smell.....oohhh it's tempting to see what I can get.  Good luck w/ your decision.  (I'd take the .9 percent for the 2011 but that's just me).  That's pretty motivating to know that with a 631 they will give you such a great rate.  Do you know what the payment would be?

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Valued Contributor
John060675
Posts: 1,126
Registered: ‎08-29-2007
0

Re: 603 and approved?!

The payments could vary widely depending on which model I would like.  They would be anywhere between $500 to $600 depending on what I want.  Sorry to not be able to answer your question more accurately, but there are just too many variables.


Starting Score: 583 EQ, 612 EX, 569 TU
Current Score: 658 EQ, 648 EX, 618 TU
Goal Score: 720 EQ, 720 EX, 720 TU


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Established Contributor
teenastie
Posts: 638
Registered: ‎07-28-2011
0

Re: 603 and approved?!

John thats a great rate! 

Questions...

What state did you get your offer?

Have you financed with Honda in the past?

Was this a pre-approval in the mail or did you fill out an app and they offered that rate in the finance office?

Thanks

 

 




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