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Regular Contributor
aj1901
Posts: 117
Registered: ‎07-25-2013
0

Applying for a car loan.

Here is my info.

 

Scores EQ 645 EXP 672 TU 691. All purchased on here.

 

First time buyer

DTI is 5%

Incomes is 42000

Looking for 30k car loan

 

My reports include credit cards, (5000k limit, 1600k limit, 750 limi, 550 limit, 300 limit, two year long personal loans, student loans, paid off and one still in deferrment)

 

ONE baddie that is falling off next septemper from a hospital.

 

I've been waiting for this time for a while, but I was rejected by my credit union today because they dont do first time auto loans, which they failed to mention before. Im awaiting a response from two other banks who I know do first time auto loans, but if I dont have any luck there, is there anywhere you guys may suggest? Since I lost control and pulled the trigger today, I want to get my apps done within the next 2 weeks obviously. I'd rather not put it in the dealers hands, last time I did that I ended up with about 12 inq. Any suggestions on where I can apply that may give me a semi favorable rate?

Regular Contributor
aj1901
Posts: 117
Registered: ‎07-25-2013
0

Re: Applying for a car loan.

Will send an app to DCU as well. They seem to be the place to go unless you are USAA or NFCU. Ill keep this updated with results in case anyone is in a similar situation and is skeptical on pulling the trigger. Hopefully I get good results and encourage someone to do the same!

Community Leader
Valued Contributor
HoldingOntoHope
Posts: 1,057
Registered: ‎09-29-2009
0

Re: Applying for a car loan.

Although we usually suggest that you try and secure some form of financing to set the bar as a first time buyer you may be in a better position to just find the vehicle you want and let the dealer find the financing. I would not suggest any further applications on your own if one of these four is not a positive response.

 

Not all dealership F&I guys are truly related to Satan. It's just the impression you get from some on these forums.:smileyvery-happy:

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

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL


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Regular Contributor
aj1901
Posts: 117
Registered: ‎07-25-2013
0

Re: Applying for a car loan.

Capital one approved me for 30,600 @ 4.8% over 72months. Could not be any happier.
Community Leader
Valued Contributor
HoldingOntoHope
Posts: 1,057
Registered: ‎09-29-2009
0

Re: Applying for a car loan.

That's a pretty good rate for your stats. Now you can see if the dealership can beat it. And if possible you should either contact Capital One for a 60 month term (might be just a little lower) or plan on making payments above the minimum. Just my opinion but 72 months is too long for a car loan. Too many things can go wrong in that length of time and you are upside down in most vehicles for way too long due to depreciation.

 

I don't follow all her advice but Suze Orman says that if you can't pay it in 36 months then you can't afford it.

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

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL


Take the FICO Fitness Challenge

Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
0

Re: Applying for a car loan.

Usually 72 month's carries a much higher rate than 60 month's.

 

You should be able to get dealer promo rates.

 

Do you have a good down payment?

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%
Community Leader
Valued Contributor
azguy13
Posts: 5,381
Registered: ‎04-30-2013
0

Re: Applying for a car loan.


HoldingOntoHope wrote:

That's a pretty good rate for your stats. Now you can see if the dealership can beat it. And if possible you should either contact Capital One for a 60 month term (might be just a little lower) or plan on making payments above the minimum. Just my opinion but 72 months is too long for a car loan. Too many things can go wrong in that length of time and you are upside down in most vehicles for way too long due to depreciation.

 

I don't follow all her advice but Suze Orman says that if you can't pay it in 36 months then you can't afford it.


Dealerships have this uncanny way of spinning things to get you approved for a certain rate. You just have to be educated on the system before you go in so the dealerships dont try and take advantage of you. Not all are bad, but where I am from they are terrible




NFCU Flagship $25,000 I AMEX SPG $23,000 I Chase Sapphire Preferred $17,500 I Discover IT $12,000 I
New Member
rjg09c
Posts: 3
Registered: ‎10-16-2013
0

Re: Applying for a car loan.

Congrats! I'm in a similar boat with very similar FICO scores also from this website. If you don't mind me asking, how long is your credit history? I worry that my short credit history will deter lenders from approving an auto loan.


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