Auto Loan Approvals!

[kd404]

That's great!  Was the term for the Capital One loan 72 months also? I will be applying for my auto loan next 6 months with Capital One also.  I like the idea of going to the dealer with pre-approval, gives you some leverage for obtaining lower rate. Congratulations! You have a beautiful car.  My nephew has one.  Good luck.

[onebigdot]

Yes, the CapOne approval was also for 72 months. I was actually pleasantly surprised. I was expecting a rate around 8.99 with them, best case scenario. 

I agree with you. It's definitely a good idea to get approved before going to the dealership (either through your credit union or a program like CapOne). It feels good to know where you stand (rate-wise) and that  you can use it as leverage, if needed.

Love the car -- it is a beauty. I'm sure your nephew will agree.  Best of luck, and keep us posted!

[Anonymous]

Approved through Capital One yesterday, and received the blank check today.

Amazing how simple it was. About 2 minutes to fill out the application online, then after submitting, it took about 45 seconds and they came back with the approved amount and terms. About 1 minute later I received an approval email. About 15 minutes later I received another email with a link to the Fedex tracking number for the blank check. Today at 11:45 I received the blank check with all the loan details.  Wow ! What a great way to get a loan. Now I can walk into the dealer worry free and just negotiate the purchase price as a cash buyer.

APPROVING BANK: Capital One

CREDIT SCORE: 672 Experian, Transunion 650, Equifax 690

CUSTOMER STATE OF RESIDENCE: CO

NEW/USED: New
YEAR OF VEHICLE: 2011
MAKE: Not decided yet

MODEL: 

MILEAGE: 

RETAIL/LEASE: Retail
AMOUNT OF LOAN: Up to $ 38,400
TERM CONTRACTED: 72 months (less if I choose)
APR/LEASE RATE: 5.7%
MONTHLY PAYMENT: $444.54 if I borrow 27,000, $526 if I borrow 32,000
ANNUAL INCOME: $83,000

[USAF1988]

APPROVING BANK: USAA

CREDIT SCORE: 738 Experian, Transunion 738, Equifax 734

CUSTOMER STATE OF RESIDENCE: AL

NEW/USED: New
YEAR OF VEHICLE: 2011
MAKE: Chevrolet

MODEL: Camero

MILEAGE: 100

RETAIL/LEASE: Retail
AMOUNT OF LOAN: $29,700
TERM CONTRACTED: 72 months
APR/LEASE RATE: 3.9%
MONTHLY PAYMENT: $422.54

ANNUAL INCOME: $43,000

[jumpinjoe]

APPROVING BANK: Hyundai Motor Finance
BUREAU PULLED: EQ & ??
CREDIT SCORE: 682 (I think this was the auto enhanced score they showed me at the dealership)
CUSTOMER STATE OF RESIDENCE: TN
NEW/USED: NEW
YEAR OF VEHICLE: 2011

MAKE: Hyundai

RETAIL/LEASE: Purchase
AMOUNT OF LOAN: around 22k
TERM CONTRACTED: 72 months
APR/LEASE RATE: 2.99%
ANNUAL INCOME: 74k (self employed)

I just had a great experience with Hyundai and wanted to share.  I own my own business and had a BK7 in 2009 related the fall 2008 financial meltdown.

I've been trying to get a car loan with out success.  Most lenders, Capital One, Nissan Carmax denied me outright or keep asking for more and more paper work that seamed to eventually lead to a denial.

However I was able to buy a new Hyundai through Hyundai financial for 2.9% for 72 month.  And without having to produce my bank/tax records.  Purchase price $22,9000, 3k down  My TU FICO 690, EQ 660 (as purchased thru MYFICO, not auto enhanced)

Who knows about the Experian but I think that's been a problem as I think they have issues reporting my ss # correctly.

[kd404]

That's fantastic!  What kind of Hyundai did you buy? Did you apply online or go to the dealership? I hope you don't mind me asking as I'm interested in a Hyundai Tuscan and also had a BK7 discharge in 2010. Had retired at end of 2007, 2008 financial crisis hit.   Managed to try and rebuid credit and now have score of 685. Hopefully I can get my Hyundai in 2012.  Good luck with your car, that's fantastic.

[aussiesareforever]

APPROVING BANK:
BUREAU PULLED: Equifax
CREDIT SCORE:667

CUSTOMER STATE OF RESIDENCE: 

NEW/USED: New

YEAR OF VEHICLE:2011

MAKE:Hyundai

MODEL:Tuscon

MILEAGE:200

RETAIL/LEASE:Retail
AMOUNT OF LOAN:9000

TERM CONTRACTED:36 months
APR/LEASE RATE:5.5

MONTHLY PAYMENT:292

MISCELLANEOUS COMMENTARY: Left a sizeable down payment but they would have financed the whole loan if I had needed it!

[bobebob]

APPROVING BANK:Digital Federal Credit Union
BUREAU PULLEDrobably EQ
CREDIT SCORE:788
CUSTOMER STATE OF RESIDENCE:AZ
NEW/USED:New
YEAR OF VEHICLE:2012

MAKE:Ford

MODEL:Focus
MILEAGE:25
RETAIL/LEASE:Retail
AMOUNT OF LOAN:$21,400
TERM CONTRACTED:72
APR/LEASE RATE:1.99%
MONTHLY PAYMENT:315.83

ANNUAL INCOME:$80,000
MISCELLANEOUS COMMENTARY:I took out this loan as a favor to my mother, as it is her car.  She initially got a loan through Bank of America for 4.5%  I refinanced as a joint loan through DCU to get their 1.99% to save her $1780 over the life of the loan.

[ttech1080]

APPROVING BANK: GMAC
BUREAU PULLED: Transunion
CREDIT SCORE: 669
CUSTOMER STATE OF RESIDENCE: Arizona
NEW/USED: Used
YEAR OF VEHICLE: 2010

MAKE: Charger

MODEL: SXT
MILEAGE: 42,400
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 19898
TERM CONTRACTED:72 Months
APR/LEASE RATE: 10.2%
MONTHLY PAYMENT: $372

ANNUAL INCOME:52000
MISCELLANEOUS COMMENTARY: The actual cost of the vehicle was 16,995 add in Tax,Title,License Fee, & a 2 Year warranty on the entire vehicle, also a 3 year warranty on the paint and thats what you get.  It also came with 22 inch Rims also.  Im also a first time buyer.

[curlylox777]

APPROVING BANK:   First Entertainment Credit Union
BUREAU PULLED:    Experian
CREDIT SCORE:   735
CUSTOMER STATE OF RESIDENCE:   CA
NEW/USED:   New
YEAR OF VEHICLE:   2012

MAKE:   Hyundai

MODEL:    Elantra Limited with Technology Package
MILEAGE:   24
RETAIL/LEASE:   22750 ( about $900 under MSRP)
AMOUNT OF LOAN:  23450
TERM CONTRACTED:  60 months
APR/LEASE RATE:   2.74%
MONTHLY PAYMENT:  $415

ANNUAL INCOME:  75,000
MISCELLANEOUS  COMMENTARY:   Great Experience!!! Raise my scores from 100-140 points in 8 months! Went from a 21% APR two years ago to a 2.74% rate today. With my score, I qualified for the best interest rate. Even the dealer didnt try to beat it, LOL! Their best rate for 60 months with Hyundai Motor Finance is 3.99%. Thanks to all on this site! I had also done all negotating for my car online, and had my best dealer experience thus far!!! Good Luck to everyone visiting this site