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@lovinlifeinkc wrote:Congrats on the car- are you sure the interest rate monthly payment/ loan amounts are correct? $450 a month for 72 months is $32,400 total for a $20,000 loan.
Apr works a bit differently than taking 2 numbers and receiving the product of the two. Also the loan was for $25,000 my bottom line was 30-31k (including fees) before my down payment, so I financed 25k. I'm waiting for BoA to contact me with actual payment figures after the loan is finalized could take a few more weeks .
I see. $7000 plus in interest. Planning on getting a car loan soon myself. Trying to figure out the interest/payments etc I can afford. Thanks for your help.
@lovinlifeinkc wrote:I see. $7000 plus in interest. Planning on getting a car loan soon myself. Trying to figure out the interest/payments etc I can afford. Thanks for your help.
You can google auto loan payment calculator or automotive affordability calculator and get some figures that are pretty close to what will be at the dealer assuming you know what rate you qualify for. I actually have an app on my iphone that allowed me to double check my finance managers numbers as we were in the finance office together... we actually found some errors and were able to correct them before I signed any papers. I strongly recommend going into a dealership armed with lots of knowledge.
I will definately look something up on google. Thanks.
APPROVING BANK: JP Morgan Chase
BUREAU PULLED: EQUIFAX
CREDIT SCORE: 685
CUSTOMER STATE OF RESIDENCE: Illinois
NEW/USED: Used
YEAR OF VEHICLE: 2011
MAKE: Honda
MODEL: Pilot EXLN
MILEAGE: 40,003
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $33,750
TERM CONTRACTED: 72
APR/LEASE RATE: 5.29%
MONTHLY PAYMENT: 549
ANNUAL INCOME: 84K
MISCELLANEOUS COMMENTARY: Had approval within seconds after online application for the CAPITAL ONE Blank Check for up to $30,000 (max amount they offer for used cars) with zero money down @ 5.38% for any 2012 or newer vehicles, 6.90% for any 2011 vehicle, 7.65% for any 2009-2010 vehicle or 8.90% for any 2006 - 2008 vehicle. I Went to the dealership and they ran my credit trying to beat the Capital One rate and came back wih a better 72-month rate of 5.29% from Chase Bank with zero money down within seconds of the dealership application filing. Ironically this same Chase bank denied my application 3 days earlier when i applied myself online showing that they can be quite uncordinated in their approval process (I'm still waiting for the denial letter). I decided to go with the Chase Bank instead for the 5.29% APR higher loan amount which included the $2000 extended warranty and $490 GAP insurance for the vehicle. I had a short-sale on my house from 2-years ago and I reduced my credit card utilization rate from 98% as at December 2011 to 66% presently which boosted my Equifax Fico score from 670 in December 2011 to 685 this month. My current TransUnion Fico score is 691 and Experian Score is 692 from the experian website (NOT Fico). This forum has been awesome and gave me many insight from the discussion threads on auto loans in general.
Starting Score: EQ 547 (Dec 2009)
Current Score: EQ 685 (Dec 2011)
Goal Score: EQ 750 ( within the next 12 months)
APPROVING BANK: Capital One Blank Check
BUREAU PULLED: EQUIFAX
CREDIT SCORE: 703
CUSTOMER STATE OF RESIDENCE: Los Angeles, CA
NEW/USED: Used
YEAR OF VEHICLE: 2009
MAKE: Toyota
MODEL: Corolla LE
MILEAGE: 39,779
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $14,437.81
TERM CONTRACTED: 60
APR/LEASE RATE: 4.03%
MONTHLY PAYMENT: 267
ANNUAL INCOME: $40,800
The approval was for 2.82% for a 2012, 3.67% for a 2011, 4.03% for a 2009-2010, and 5.something% for a 2006-2008. Blank Check program was a breeze, getting the dealers NOT to try and run my credit was another story. They say it can't be done, but I proved them wrong and refused to provide a social security number or fill out any credit application, or sign any 'secondary' contract. Also negotiated $13,200 for my car, when sticker was $15,995 and internet ad was $13,888. KBB was $15508 and Edmunds TMV was $13,666. http://www.yelp.com/biz/keyes-toyota-van-nuys#hrid:sQaBYZm110SNY63-VhW7cg
APPROVING BANK : Wells Fargo Dealer Services
BUREAU PULLED : EX , TU
CREDIT SCORE : 657TU
CUSTOMER STATE OF RESIDENCE : Colorado
NEW/USED : Used
YEAR OF VEHICLE : 2005
MAKE : Honda
MODEL : Accord EX-L (2 dr-coupe)
Mileage : 96k
RETAIL/LEASE : retail purchase
PURCHASE PRICE : 10,995
AMOUNT OF LOAN: 9950
TERM CONTRACTED: 48 mos
APR : 11.49
MONTHLY PAYMENT : 249
ANNUAL INCOME : 48,000
MISCELLANEAOUS COMMENTARY : Gave 4k down on a 10,995 purchase priced vehicle. Added GAP insurance but passed on the whole lo-jack thing. (live in a semi-rural area, and I dont think Barney Fife has the equipment in his patrol car to locate a stolen car) Was in and out in just about 2 hrs from the closest honda dealership to me. I know I didnt get any screaming deal on the price, but i have had super luck with previous Hondas and dont mind paying book value for a car that I have reliablility confidence in.
APPROVING BANK: TD Auto finance
BUREAU PULLED: EQ, EX, TU
CREDIT SCORE: 658, co-signer 681
CUSTOMER STATE OF RESIDENCE:Florida
NEW/USED: New
YEAR OF VEHICLE:2012
MAKE:Jeep
MODEL: Grand Cherokee
MILEAGE: 5
RETAIL/LEASE:Retail
AMOUNT OF LOAN: 35,XXX
TERM CONTRACTED: 72
APR/LEASE RATE: 6.99
MONTHLY PAYMENT: $608
ANNUAL INCOME:122k Combined
MISCELLANEOUS COMMENTARY:Was approved on the spot with Ally @ 9.98 for 75 mths, then dealer called saying they found a lower rate if I bought an extended warranty to secure the loan, the warranty is basically free plus i can cancel if I trade in before it ends, previous car had more than 5k negative equity, put down 2k and took advantage of the 1k jeep rebate, good deal, considering co-signer had a loan modification in the credit report.
[Edited to fix formatting. Looks like the iPhone/iPad formatting glitch struck again!]
APPROVING BANK: PSECU
BUREAU PULLED: EX
CREDIT SCORE: 736 (from the monthly update, applied same day the update came)
CUSTOMER STATE OF RESIDENCE: Maryland
NEW/USED: Used
YEAR OF VEHICLE: 2007
MAKE: Ford
MODEL: Mustang Deluxe
MILEAGE: 52,000
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $13,500
TERM CONTRACTED: 60 months
APR/LEASE RATE: 2.49%
MONTHLY PAYMENT: $240
ANNUAL INCOME: $63,000
MISCELLANEOUS COMMENTARY: It took just ten minutes on the phone with PSECU to get approved, a couple days to get the autodraft, and ten minutes (!!) of paperwork at the dealership to drive away in a beautiful 2007 Mustang. Dealer originally wanted $13,300 + TTT, walked out the door having paid $13,500 with all fees, taxes, etc included. Hardly any more trouble than cars I'd paid for in cash. The car is in nearly mint condition (shockingly good condition for a 5 year old car), has low miles, and includes a 3 month/4,000 miles warranty. I'll probably refinance it at the end of the year down to a 36-month loan at 1.49%.