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New Visitor
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
Posts: 687
Registered: ‎10-25-2011
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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
Posts: 71
Registered: ‎11-19-2012
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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.

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