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@webhopper wrote:
@Eve23 wrote:@ Rocd, oh don't get me wrong.. I do plan on applying to both mentioned above. I have CC on both.
I just wanted to compare rates and their terms.
Eve23 you can become a Penfed member with no issues after you donate $15 to the organization
Thank you Webhopper!
I'm so nervous right now to apply anywhere >.<
So if I want to sign up with them, I would have to donate $15 huh.. Okay I will consider them after other two.
Thank you so much for your response!
APPROVING BANK: Bank of America
BUREAU PULLED: EX
CREDIT SCORE: 734
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: NEW
YEAR OF VEHICLE: 2013
MAKE: Lexus
MODEL: IS 250
MILEAGE: N/A
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 35K
TERM CONTRACTED: 60
APR/LEASE RATE: 2.49%
MONTHLY PAYMENT: N/A ( Haven't bought yet )
ANNUAL INCOME: 74.4K
MISCELLANEOUS COMMENTARY: This is only my first attempt and also my very first loan. I was dreading for the past few weeks. I have to say, Bofa is just awesome. I have been approved in 2 mins. Followed by a quick identity verification by phone; (Did not ask for income verification). Lastly, they sent me a approval letter to take to a dealer. I'm not planning on using the full amount of the loan. However, they said if I did, my monthly payment would be $621.
I am very excited! I didn't think I would get approved since I don't have any installment pay. I only have 2 CC, pretty much it. I thought I put that in there so others (like me) that has no experience and first timer can have more insight on the process.
I don't plan on asking anyone else. I already feel that I got the best deal, due to my thin credit file.
Thanks to anyone that answered my newbie questions. Good Luck. PS: I will definitely update on my final deal and car!
APPROVING BANK: Atomic Credit Union
BUREAU PULLED:
CREDIT SCORE: 694 (said I was Tier B - very excited - not even 4 years since BK 7 filing)
CUSTOMER STATE OF RESIDENCE: Ohio
NEW/USED: Used
YEAR OF VEHICLE: 2000
MAKE: Dodge
MODEL: Ram 1500 Laramie SLT magnum
MILEAGE: 62,208
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 5495.67
TERM CONTRACTED: 48 mos
APR/LEASE RATE: 4.99%
MONTHLY PAYMENT: 126.57
ANNUAL INCOME: $23,000.00 (myself - did not include fiancés - but he will help with pmt)
DEBT TO INCOME RATIO: 5.16% (only for a few more months then will be lower - one bill will be paid)
MISCELLANEOUS COMMENTARY: Purchased from private individual - one owner - very nice
APPROVING BANK: NFCU
BUREAU PULLED: Equifax
CREDIT SCORE: 701
CUSTOMER STATE OF RESIDENCE: ARMY EUROPE
NEW/USED: NEW
YEAR OF VEHICLE: 2013
MAKE: BMW
MODEL: 328I
MILEAGE: 0
RETAIL/LEASE: RETAIL
AMOUNT OF LOAN: 40K
TERM CONTRACTED: 84 MNTHS
APR/LEASE RATE: 3.74%
MONTHLY PAYMENT: 460.00
ANNUAL INCOME: 80,000
DEBT TO INCOME RATIO: 5%
MISCELLANEOUS COMMENTARY:
@Eve23 wrote:
APPROVING BANK: Bank of America
BUREAU PULLED: EX
CREDIT SCORE: 734
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: NEW
YEAR OF VEHICLE: 2013
MAKE: Lexus
MODEL: IS 250
MILEAGE: N/A
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 35K
TERM CONTRACTED: 60
APR/LEASE RATE: 2.49%
MONTHLY PAYMENT: N/A ( Haven't bought yet )
ANNUAL INCOME: 74.4K
MISCELLANEOUS COMMENTARY: This is only my first attempt and also my very first loan. I was dreading for the past few weeks. I have to say, Bofa is just awesome. I have been approved in 2 mins. Followed by a quick identity verification by phone; (Did not ask for income verification). Lastly, they sent me a approval letter to take to a dealer. I'm not planning on using the full amount of the loan. However, they said if I did, my monthly payment would be $621.
I am very excited! I didn't think I would get approved since I don't have any installment pay. I only have 2 CC, pretty much it. I thought I put that in there so others (like me) that has no experience and first timer can have more insight on the process.
I don't plan on asking anyone else. I already feel that I got the best deal, due to my thin credit file.
Thanks to anyone that answered my newbie questions. Good Luck. PS: I will definitely update on my final deal and car!
You should still give the dealer a chance to beat the rate.
@jk26978 wrote:APPROVING BANK: Atomic Credit Union
BUREAU PULLED:
CREDIT SCORE: 694 (said I was Tier B - very excited - not even 4 years since BK 7 filing)
CUSTOMER STATE OF RESIDENCE: Ohio
NEW/USED: Used
YEAR OF VEHICLE: 2000
MAKE: Dodge
MODEL: Ram 1500 Laramie SLT magnum
MILEAGE: 62,208
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 5495.67
TERM CONTRACTED: 48 mos
APR/LEASE RATE: 4.99%
MONTHLY PAYMENT: 126.57
ANNUAL INCOME: $23,000.00 (myself - did not include fiancés - but he will help with pmt)
DEBT TO INCOME RATIO: 5.16% (only for a few more months then will be lower - one bill will be paid)
MISCELLANEOUS COMMENTARY: Purchased from private individual - one owner - very nice
Wow, it is almost new. Hardly any miles on it for being 13 years old. Looks like a sweet deal. Congrats.
APPROVING BANK: American Honda Finance Corp
BUREAU PULLED: Equifax
CREDIT SCORE: 662
CUSTOMER STATE OF RESIDENCE: MD
NEW/USED: New
YEAR OF VEHICLE: 2013
MAKE: HONDA
MODEL: ACCORD EX-L 4 Cyl
MILEAGE: 0
RETAIL/LEASE: RETAIL
AMOUNT OF LOAN: $25000
DOWN PAYMENT: $2600
TERM CONTRACTED: 60 Months
APR/LEASE RATE: 1.9%
MONTHLY PAYMENT: $437.10
ANNUAL INCOME: 85K
DEBT TO INCOME RATIO: Less than 1%.
MISCELLANEOUS COMMENTARY: I applied a loan for the same car in the month of Feb 2013 and got rejected by two credit unions and another credit union offered me only $15000 at 8.95% and asked me to make a down payment of $12500. All three credit unions, which rejected my loan applications listed my Equifax score as 598 at that time. I have a couple of charge-offs on my report from 5 years ago. Also, at that time, the credit utilization rate on all of my credit cards was above 95%. So, I cleared off the balances on all my cards and got the credit utilization rate to 9%. And voilà, my Equifax score went up to 662 (and myFICO score went up to 671) in the span of 2 months. With this, I applied for Honda Finance Loan, and as they have a Spring Sales event right now, they cut the retail price by $500 and offered 1.9% for a $25000 loan for 60 months.
@steelersguy wrote:APPROVING BANK: American Honda Finance Corp
BUREAU PULLED: Equifax
CREDIT SCORE: 662
CUSTOMER STATE OF RESIDENCE: MD
NEW/USED: New
YEAR OF VEHICLE: 2013
MAKE: HONDA
MODEL: ACCORD EX-L 4 Cyl
MILEAGE: 0
RETAIL/LEASE: RETAIL
AMOUNT OF LOAN: $25000DOWN PAYMENT: $2600
TERM CONTRACTED: 60 Months
APR/LEASE RATE: 1.9%
MONTHLY PAYMENT: $437.10
ANNUAL INCOME: 85K
DEBT TO INCOME RATIO: Less than 1%.
MISCELLANEOUS COMMENTARY: I applied a loan for the same car in the month of Feb 2013 and got rejected by two credit unions and another credit union offered me only $15000 at 8.95% and asked me to make a down payment of $12500. All three credit unions, which rejected my loan applications listed my Equifax score as 598 at that time. I have a couple of charge-offs on my report from 5 years ago. Also, at that time, the credit utilization rate on all of my credit cards was above 95%. So, I cleared off the balances on all my cards and got the credit utilization rate to 9%. And voilà, my Equifax score went up to 662 (and myFICO score went up to 671) in the span of 2 months. With this, I applied for Honda Finance Loan, and as they have a Spring Sales event right now, they cut the retail price by $500 and offered 1.9% for a $25000 loan for 60 months.
Great terms for your credit score!
APPROVING BANK: NFCU
BUREAU PULLED: Not sure yet
CREDIT SCORE: MyFico has EQ of 692 & TU of 680
CUSTOMER STATE OF RESIDENCE: Texas
NEW/USED: Late model Used
YEAR OF VEHICLE: 2012 or Newer
MAKE: MB
MODEL: SLK 250
MILEAGE: 5,900
RETAIL/LEASE: Retail
AMOUNT OF LOAN: Requested and approved for $42,500
TERM CONTRACTED: up to 72 mnth
APR/LEASE RATE: 2.99 @72 for late model used (2012 up)
MONTHLY PAYMENT: up to $652.88 with GAP
ANNUAL INCOME: 125,000 base
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: Chapter 13 was discharged on 3/25/13, Went to Carmax to trade in my 05 BMW clear title at $7,000. looking at 2011 BMW they had priced at $41900. Best offer was for 7.5% @ 72 months with $5,500 cash. Went home and applied to NFCU who I've been with for about 2 years, do 95% of banking with them with DD and was approved for requested amount of $42,500. There was a 2012 MB SLK 250 at another dealership that I have my eye on with 5,900 miles and loaded at $43,950 that will go look at today, will be great to walk into the dealership equiped with this approval!!! NFCU... You Rock!!