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Valued Contributor
tray
Posts: 1,399
Registered: ‎01-29-2008
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ALLIANT CREDIT UNION AUTO LOAN

Hi everyone, spoke with a loan officer today in regards to an auto loan credit was pulled and he stated there was a preapproval for a $25,000 auto loan with apr of 1.74 he then requested 2 pay stubs which I submitted and because there was overtime on my paystubs there was another request for my W-2 which I submitted should I be concerned about this loan going through has anyone else been through this same senerio, thanks for any information...


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Dustink
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Re: ALLIANT CREDIT UNION AUTO LOAN


tray wrote:

Hi everyone, spoke with a loan officer today in regards to an auto loan credit was pulled and he stated there was a preapproval for a $25,000 auto loan with apr of 1.74 he then requested 2 pay stubs which I submitted and because there was overtime on my paystubs there was another request for my W-2 which I submitted should I be concerned about this loan going through has anyone else been through this same senerio, thanks for any information...


Sounds like it is good to go. Congrats, great terms.

 

What kind of car do you have in mind? How much down are you thinking?

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
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tray
Posts: 1,399
Registered: ‎01-29-2008
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Re: ALLIANT CREDIT UNION AUTO LOAN


Dustink wrote:

tray wrote:

Hi everyone, spoke with a loan officer today in regards to an auto loan credit was pulled and he stated there was a preapproval for a $25,000 auto loan with apr of 1.74 he then requested 2 pay stubs which I submitted and because there was overtime on my paystubs there was another request for my W-2 which I submitted should I be concerned about this loan going through has anyone else been through this same senerio, thanks for any information...


Sounds like it is good to go. Congrats, great terms.

 

What kind of car do you have in mind? How much down are you thinking?


Thanks for the reply I will feel more confident once it is actually approved and finalized but I would love to get a toyota venza but I think the price range is just too much now even for the standard I would have to do alot of negotiating and even hope to get exactly 25,000 from alliant after reviewing pay stubs/w-2 but I am going to end up getting toyota se camary I am putting down no more than $2,000 as I own a 2008 toyota corolla in good condition, I am going to test the waters to see how much trade in value I get for my car as the word is toyota's have good resale values.


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Dustink
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Re: ALLIANT CREDIT UNION AUTO LOAN

[ Edited ]

Depending on your negotiating skills and the condition/specs of your corrola. You can probably get around $9k for it.

 

As for the Venza. You are in luck. It isn't selling all that well and again depending on your negotiating skills. You can get it for a good price.

 

Once your approval is ready...

 

I would highly recommend against getting the 2wd model, getting an SUV without AWD kills resale. Step it up and get the AWD model. I think you can get it OTD with $2k down at the $25k you want. That means you will need to get the dealer down to about $5k under MSRP. Talk to a bunch of internet sales managers in your area for toyota and see if any of them can do it. I bet they can :smileyhappy: The OTD will be a problem. I am sure they will easily be able to do $27k plus TTL, but $27k OTD will be a stretch. Good luck :smileyhappy:

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
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tray
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Registered: ‎01-29-2008
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Re: ALLIANT CREDIT UNION AUTO LOAN

I was a little worried there for a minute but you were right Dustink recieved a email from the loan officer that he received my paystubs and W-2 the income was verified and he stated we are good to go moving forward just have to FIND a car now and fax sales agreement over to him:smileyhappy:...


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Dustink
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Re: ALLIANT CREDIT UNION AUTO LOAN

[ Edited ]

So what do you want in a car? IE..Performance, fuel mileage, space, AWD, comfort, sportiness? Are you set on Toyota? What is the climate in your area like? Better yet, what city are you in?

 

I'll be happy to help you find a car.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
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tray
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Re: ALLIANT CREDIT UNION AUTO LOAN

Well I live in MA what I decided on getting is the camary se model I have been on the internet looking getting price ranges from dealers camary se with no options I was qouted $21,404 and with another dealer camary se with moonroof $22,245 what do you think of this price range.  I also have to think of sales tax which is high in this area and dealer fees to be rolled into this 25,000 loan.  Also not to happy went to check online blue kelly book value for my care only around $4,600 this is on the high side do you know if the dealers really go by this amount for buyback I do have 142,000 miles on the card but it is in very good conditon.  Thanks for your reply


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HoldingOntoHope
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Re: ALLIANT CREDIT UNION AUTO LOAN

When buying a car you really have three separate deals to be concerned with. You have the car purchase price, the trade in value and the financing. You already have a great deal on the financing so you just need to concern yourself with the other two. Don't let them start baffling you with numbers and focusing on a payment. That just confuses things. If you are not confident in your own negotiating skills then find someone you trust and let them do it for you. No shame in that. It's what I did for my last purchase.

 

Just remember, the dealer is not going to lose money on whatever deal you secure. But no need for them to make maximum profit on you either. Start out with one of the car buying services quotes like Costco or AAA. That will give you an idea of where to put the new car value at. Aim for a price a little lower than that. And you have a KBB valuation of your trade. But the trade value is also negotiable. Just understand if they offer you significant increase in trade value they will make it up in the new car price.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

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Valued Contributor
tray
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Registered: ‎01-29-2008
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Re: ALLIANT CREDIT UNION AUTO LOAN

UPDATE:   I ended up going to Toyota today and quess what ended up getting a Toyota Loan at 0.9% for 60 months could not believe it there is a special going on right no with that rate and the only reason why  I ended up doing this is the sales rep was stating I would have to wait to Alliant Credit Union to send me the check to give to Toyota.  Well I ended up driving home today my brand new Toyota Camary SE with all the bells and whistles with moonroof.  All I can say is thanks for this forum being available and all the advice here  as you can see in my siggy my credit scores were in the toilet, back then I could have never recieved any loan for any car and now brand new car and with close to $200,000 available credit..Thanks to all!!!!


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coreyb80
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Re: ALLIANT CREDIT UNION AUTO LOAN

Congrats


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