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amylab9497
Posts: 1
Registered: ‎12-18-2011
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Approved for an auto loan

So a little over a year ago I paid off some bad items on my credit report, and put $3,000 down on a $10,000 vehicle loan. I got a subprime loan with an interest rate of 13.9% for that vehicle, but this past Friday I went to a dealership to look at trading in that vehicle for a newer car. Well to my surprise I got approved with 1,000 in negative equity on my trade for a $17,200 car with a rate of 6.9%. Proof that if you make your payments on time and work hard you can improve your credit. Oh and the new car loan is through a good bank and not subprime as before, and I actually had offers from 3 different banks for the loan where as before I had to put a chunk down, and before that I couldn't even get a car loan with a cosigner. I'm not sure as to what my credit scores are or which they pulled but they must be moving up.

Established Contributor
SamsungHDTV
Posts: 566
Registered: ‎10-25-2011
0

Re: Approved for an auto loan

congrats

I'm a personal banker and do a lot of auto loans serving the Houston area.
I suggest first time car buyers to read the sticky guide in the auto loan section.
I try to check these forums often, but if I missed your post, please feel free to message me with a link to it.
New Contributor
Robertwd82
Posts: 71
Registered: ‎11-19-2012
0

Re: Approved for an auto loan

[ Edited ]
Theyre supposed to make you sign a peice of paper that shows your credit score... It might be in your paperwork.

Chances are you may be able to beat that rate by quite a bit through a credit union. I would look into checking your score through this website and then check out www.dcu.org

If your auto enhanced fico(the one that will be on that paper you signed) is a 675 then you can get 1.9% most likely.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

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