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Hey all, a little background, I'm 20 years old with very limited history, I currently have 7 cards, 2 of wich are store cards and no limit is higher than 1000$. My credit Score isn't that greiat at all, According to myfico its 603. I Financed a car In April with Credit Acceptance Corp, buying a car worth 11k for 14k and paying 24.49% and my payments were 467$
I needed a truck for the winter so I went to my local chevy dealer to see if I could rollover part of my loan. They said they could try, They appraised my card at 7.5k and Were shocked I was shoved into a loan with Credit acceptance, and told me the previous dealer lied and screwed me over. After scratching their heads for about 6 hours trying to figure out how to roll 6.5k into a new loan, They called with good news.
GM finicial approved me for a loan totaling 36k, @ 8% I was baffled! My mother had to cosgin but her score was mid 500's but her income was super high. The payments are 600$ But it's not too bad Seeing as I got a 2011 Chevy Silverado with 26k miles!
Chevy told me my credit was 636, I'm so Happy! Just figured I'd share.
Congrats on the lower rate and picking up a "winter" car.
Since you were able to roll-over 6.5k to your new loan, re-fi your "old" car as soon as your able to... get out of that exhorbitant APR.
congrats on your new truck....
Congrats on the new ride and new loan. Do everything you can to get that thing paid down as fast as you can. I ASSUME you purchased GAP??
The American way....... Grats on the truck, but be VERY careful. You just rolled yourself into a potential nghtmare if you let that loan get the best of you.
Please tell me you purchased the GAP insurance?
If not, I would highly consider doing so, as, should something happen the car (ie, accicent, stolen, etc), you will be responsible for the deficiency.
But, CONGRATS to you!