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Nevermind, just realized you were talking about the Santa Fe.
Just my Opinion for what it's worth.
I have read many of these posts pertaining to interest rates, monthly payments and length of term of contract. Now people can buy whatever they want because it's their money. However what i don't understand, is that a great majority of people in this post have had or currrently have financial problems that lead to low credit scores and high APR rates. Why would a person choose to purchase a $25,000+ to sometimes $50,000 + car with interest rates like 9.99, 19.99, 13.94, 15.00 etc... etc... Now everyone's situation is different, but wouldn't it be smarter to purchase a used car with a good history for reliability that's cheaper, maybe around $10,000 or less, and build your credit and scores up for a few years, and trade the car in for something newer you want, and don't have to make $560, $600, $650 a month payments for 72 months? I'm just saying.
I was able to secure a loan for my 2012 Toyota Higlander SE at 0.9 from Toyota Financial Services and 1.99 from PenFed, I was also able to secure loans for around the 4 to 5 APR range, and my low score was in the 654 (Experian) range. Had I not been able to secure a loan in that rnge, there is no way that I would have paid all that interest on a $37,000 car. I just think it's a waste of money, to pay those high interest rates on high priced cars.
Pay high interest rates on low priced cars when you have no other choice and need wheels, then either pay tha car off or down until you have a little equity and then tarde it in once your scores reach a ceratin point and obtain a low APR and get the car you want without paying those crazy finance charges.
@GetAHouse wrote:Just my Opinion for what it's worth.
I have read many of these posts pertaining to interest rates, monthly payments and length of term of contract. Now people can buy whatever they want because it's their money. However what i don't understand, is that a great majority of people in this post have had or currrently have financial problems that lead to low credit scores and high APR rates. Why would a person choose to purchase a $25,000+ to sometimes $50,000 + car with interest rates like 9.99, 19.99, 13.94, 15.00 etc... etc... Now everyone's situation is different, but wouldn't it be smarter to purchase a used car with a good history for reliability that's cheaper, maybe around $10,000 or less, and build your credit and scores up for a few years, and trade the car in for something newer you want, and don't have to make $560, $600, $650 a month payments for 72 months? I'm just saying.
I was able to secure a loan for my 2012 Toyota Higlander SE at 0.9 from Toyota Financial Services and 1.99 from PenFed, I was also able to secure loans for around the 4 to 5 APR range, and my low score was in the 654 (Experian) range. Had I not been able to secure a loan in that rnge, there is no way that I would have paid all that interest on a $37,000 car. I just think it's a waste of money, to pay those high interest rates on high priced cars.
Pay high interest rates on low priced cars when you have no other choice and need wheels, then either pay tha car off or down until you have a little equity and then tarde it in once your scores reach a ceratin point and obtain a low APR and get the car you want without paying those crazy finance charges.
there's a reason why your scores are in the 800s and why others (including mine) are so low.
i use to be one of the people that would do that, but i realize now that purchasing a new vehicle is not a necessity nor does it offer any return at all on your "investment"
APPROVING BANK: Community America Credit Union
BUREAU PULLED: TU
CREDIT SCORE: 642
CUSTOMER STATE OF RESIDENCE: KS
NEW/USED: refinance
YEAR OF VEHICLE: 2008MAKE: FordMODEL: Escape XLT
MILEAGE: 52,100
RETAIL/LEASE:
AMOUNT OF LOAN: $18,800
TERM CONTRACTED: 63 mo
APR/LEASE RATE: 6.7%
MONTHLY PAYMENT: $357.19ANNUAL INCOME: $52,000
MISCELLANEOUS COMMENTARY: Refinanced into my name only to improve DW's DTI. Cut interest rate almost in half!
I had Honda Civic 1999 for a year and was using 3 low limit credit cards (Sum of $1800 + Macys store card for $200) all of them were maxed out due to personal financial crisis.My fico score was sinking somewhere at 550-560 and almost all of my spouse jewels(Gold) are with Pawn broker. I thought, thought, thought and finally decided to sell my only asset Civic '99 to a private party for a decent sum.I paid off all my credit card debts, fulfilled my personal commitments and partially recovered my spouse jewel from Pawn with that money.
The price I paid for that was, I was without a car for more than a month. I was taking taxis for urgent needs and was forced to rely on my friends to carry me to office & groceries. One can imagine the situation without a car in Michigan...I was struggling to bring up my credit worthiness. I was very desperate once and applied a auto loan credit app with a dealer in Ysilanti,MI, RoadLoans showed up and mocked me with 25%. I rejected the deal.
I spent time slogging in myfico, equifax, credit karma, quizzle, credit sesame, msn money, bankrate, yahoo finance and read almost every available article in internet to improve my credit score. Finally, It took a month for all debt paid-off to begin reflect in my credit file. It took me 40+ days to turn the table around. Gathered some courage and asked for a credit limit increase in my credit union and in Capital One. Both did. After few days, myFICO showed my FICO as 677(EQ), my eye brows raised. I felt, this is the moment. I have already did research about auto loan and decide the car we need. Shop around couple of Toyota dealerships near by. And finally found a deal, which said Tier 1+,1,2,3 are qualified for Toyota Spl interest rate.
I was in dilemma, whether to go for it or not as my TransUnion report was not updated with recent credit card payments & limit increase. But I can't wait for more, hence I went in with a hope and after finalizing price (with 0.9% & 0.0 downpayment), comes the shivering part...I gave my ssn to dealer and it was indeed a nervous moment for me and was praying silently "God, they should not pull my TU file". Sale person came back saying, TFS need 2K downpayment and other supporting docs. I paid 2K down right away (using credit card) and gave other supporting docs (paystub,utility bill, ssn card soft copy & my work permit).
Dealer told, they will submit all the docs to Toyota Financial and wait for their approval. I went back home and I got an email from equifax credit monitoring system which said, there was an inquiry in your TU credit file - dealer made that inquiry. Felt more nervous. Sudden relief came, when I saw an alert for an inquiry in experian - dealer made this time too.And I know, my experian score won't let me down.
I have a professional experience in developing auto finance funding software systems, So I have a better understanding of credit approval process.If finance co. ask for more docs, 90% your application will be through. Keeping that in my mind, I applied for credit card with DCU on the same day and they approved(immediately) with 5K credit limit once I gave my paystubs. I know, they will do an EQ pull. So, I am sure I will get that card. But 5K CL was really a surprise. My idea is to get a couple of good credit card with higher limits before my score goes down(once inquires & auto loan reflect in credit file). If I did, I have planned to close 2 lower limit cards (which only has 6 month history).
And next day, Toyota financial did approve my auto loan with a conditional extra 1.5K down payment.
And this time, I am in a better financial position. So, I did pay 1.5K without hesitation. I know, that will lower my monthly payment. Only area, I missed to cover in this deal is service contract ($1024, part of contract) which the dealer later convinced me to add. I think that is the only component, I paid extra. But, Overall I am very much satisfied and happy about this deal. I have to thank Almighty, without his help this won't be possible. Eventually, I will be paying $145 as interest in 5 yrs term...and this time I like to mock RoadLoans with this deal.
Even now I have debt for 2K in credit card (as I used that for downpayment) but when comes to utilization it will be well within 30% as overall my credit line increased. But I have cleared my personal debts, recovered my jewel, increased my credit score and got a higher credit line and the best part is, I am driving a new car now. Still the debt in credit card has to be paid out, and by now I have a better clarity and have a plan to pay them off in few months. So, ppl with bad\poor credit. Don't lose hope, hang in there, patience is the key. So much can happen within a month.
myFICO forum helped me a lot..hope this story can help someone.
My next app will be after a year to get a Amex card.
HELLO, I HAVE NOTICE THAT WHEN IT SAID "CREDIT SCORE: 748 " WHAT CREDIT SCORE ARE WE TALKING ABOUT?