@hallas wrote:APPROVING BANK: NC SECU (local credit union) and DCU
BUREAU PULLED: EQ and TU (EQ for NCSECU and both for DCU)
CREDIT SCORE: Not sure if they used auto enhance, and neither disclosed my credit score. However, as of today, EQ FICO (myfico.com) is 702, TU is 730
CUSTOMER STATE OF RESIDENCE: NC
NEW/USED: NEW
YEAR OF VEHICLE: 2014
MAKE: Toyota
MODEL: Corolla S Plus
MILEAGE: 100 (haha)
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 19100
TERM CONTRACTED: 60
APR/LEASE RATE: 2.75%
MONTHLY PAYMENT: $340 (approx)
ANNUAL INCOME: 45k
DEBT TO INCOME RATIO: 13%
MISCELLANEOUS COMMENTARY: @I was approved with DCU @ 1.74, however; they were unable to verify my identity. I went with the first I applied with, NC SECU.I am very happy with the outcome.
Congrats! Thanks for this data point. My FICOs are similar to yours and I am a NCSECU member as well. Just curious - did you do the payroll deduction in order to get that rate? I'd like 2.75% but would rather pay monthly payment by check.
APPROVING BANK: Capitol One (offered 8% on approval up to $30K) & DCU (Offered 4.26% on approval up to $25K)
BUREAU PULLED: Equifax (not certain)
BUREAU PULLED: Equifax (not certain)
CREDIT SCORE: 648 (I believed this is an auto-enhanced score from DCU)
CUSTOMER STATE OF RESIDENCE: MD
CUSTOMER STATE OF RESIDENCE: MD
NEW/USED: Certified Used
YEAR OF VEHICLE: 2013
YEAR OF VEHICLE: 2013
MAKE:Toyota
MODEL: Camry Hybrid
MILEAGE: 11,450
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $23,071 (total cost)
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 4.26%
MONTHLY PAYMENT: $360
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $23,071 (total cost)
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 4.26%
MONTHLY PAYMENT: $360
INCOME: ~$110,000
Comments: A few comments--[skip to #4 for relevant info amid general ranting]
1. Owned a much older model Camry that ran well and never had any issues that I maintained liability coverage on.
2. Was not in the market for an upgrade until AFTER purchasing a home (goal for spring 2015), but some vagrant decided to steal my car.
3. Shopped around on-line and went to three dealerships before settling at the one that offered the WORST buying experience but the best price for the car. (ok, that was more of a subtle rant)
4. Ticked that I needed to acquire a car note and did not have a down payment set aside nor a vehicle to trade in, but DCU made the process a bit less embittering. They offered a decent rate given my score and the customer service in their loan department was great. to work with Everyone eas extremely helpful and very responsive to my many questions. Walking in to the process with financing secured ahead of time somewhat mitigated the headache from the price negotiation process (more ranting) once it was time to sign the contract.
5. Another bright side....having a car that gets such great gas mileage could be viewed as investment for me with two kids in travel soccer leagues. Only thing left to do is stick a few of those terribly obnoxious magnets on the bumper to make it a real soccer mom car.
6. Thanks to all who contributed to this thread! Without the benefit of this forum, it's not likely I would have known about DCU and I might of beeen stuck shopping around with an 8% APR.
This thread is to be used for your Auto Loan Approvals just copy and paste!
APPROVING BANK: Arlington Community FCU
BUREAU PULLED: Experian
CREDIT SCORE: 605 (huh?)
CUSTOMER STATE OF RESIDENCE: Virginia
NEW/USED: approved for new or used
YEAR OF VEHICLE:
MAKE: undecided
MODEL:
MILEAGE:
RETAIL/LEASE:
AMOUNT OF LOAN: $30,000
TERM CONTRACTED: 60 months
APR/LEASE RATE: 1.99% new; 2.99% used
MONTHLY PAYMENT:
ANNUAL INCOME: $110,000
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: Applied joint with my husband. We have an established relationship with ACFCU and a previous auto loan with perfect payment history. I also have a current auto loan with Toyota with about 2 years left (my name only). Experian score dropped from high utilization. I was actually surprised that we got that rate! DCU approved for 4.29, which I was surprised, too!
APPROVING BANK: BB&T
BUREAU PULLED: Trans Union
CREDIT SCORE: 743
CUSTOMER STATE OF RESIDENCE: Virginia
NEW/USED: Used
YEAR OF VEHICLE: 2011
MAKE: Chevrolet
MODEL: Silverado
MILEAGE: 20,500
RETAIL/LEASE: $20,684
AMOUNT OF LOAN: $22,985
TERM CONTRACTED: 60 Months
APR/LEASE RATE: 4.15%
MONTHLY PAYMENT: $380.93, will be double up on the payments every month.
ANNUAL INCOME: $85,000
DEBT TO INCOME RATIO: 18%
MISCELLANEOUS COMMENTARY: It was a very fast approval and the apr was the same for 3 years as it was for 6 years. figured i would play it safe and go 60 months so that if something came up i wouldnt have to stress it as much. This is my first auto loan ever. i do have a mortgage i just got approved and closed on 4 months ago. My credit is finally back and helping me out by far to get the things that i need with ease and not getting ripped off by low score hunters that like to rip you off.
@xlaurenx wrote:
MISCELLANEOUS COMMENTARY: not sure if I am going to pull the trigger on this approved financing -- thinking it might be smart to use the $5000 downpayment to pay off some debt and then apply for a different vehicle -- any advice on this would be greatly appreciated!! What is the best course of action when buying with a sub-600 score?
I agree that the smart thing to do would be to pay off some debt with that $5000 instead of putting it down on a vehicle that will instantly have $6300 negative equity (I think?) due to what is owed on the current vehicle. Paying off that $5000 in debt may actually raise your scores some if it is CC debt (in my experience, utilization can make a huge impact on your credit score when your scores are <600) leading to better rates when you do buy a new vehicle.
I applaud you for asking advice on the same post that you are considering a loan, as I think many here could benefit from some advice prior to getting themselves into some of these loans..
APPROVING BANK: Hyundai
BUREAU PULLED: Transunion
CREDIT SCORE:597, then a 649??????
CUSTOMER STATE OF RESIDENCE
klahoma
NEW/USED:New
YEAR OF VEHICLE: 2014
MAKE: Hyundai
MODEL: Elantra Limited
MILEAGE: 3 miles
RETAIL/LEASE:
AMOUNT OF LOAN: 24,080
TERM CONTRACTED:6yrs
APR/LEASE RATE: 12.4 from Capitol One Auto Finance but Hyundai get it to 6.9%
MONTHLY PAYMENT: $411
ANNUAL INCOME:51, 000
DEBT TO INCOME RATIO: Not sure, only have student loans
MISCELLANEOUS COMMENTARY:
Applied to Capitol One Auto Finance and was approved, didn't think I would be. So with that in hand I started looking around. I ended up at AutoMax Hyundai in Norman Oklahoma and it was a great experience. The salesmen was great and I told her that this is what I wanted. I wanted to include my TTL, and have zero down and make it all fit to 110% LTV and she gets a commission and I drive away in a new car. She said, OK. After a few minutes she came back with a number we all agreed on and in to finance we went. The finance guy asked me if I had my own financing and I replied Yes. He asked what my APR was and I fudged a bit and told him 10% and he said that he could beat it. I told him he better be able to if I am going to have another hard pull. He said, hows 6.9% sound. I was ecstatic. Saved me money and got everything I wanted,.
I have budgeted $500/month and will pay that and refi in a year or so. I have a bankruptcy falling off this January so that should help along with this new TL. Looking forward to rebuilding and being wiser than in the past. THese forums have helped me understand some things and rejuvenate me again.