Auto Loan Approvals!

[BluePoodle]

APPROVING BANK: DCU
BUREAU PULLED: EQ
CREDIT SCORE: 687
CUSTOMER STATE OF RESIDENCE: KY
NEW/USED: Used
YEAR OF VEHICLE: 2011
MAKE: Toyota
MODEL: RAV4
MILEAGE: 94K
RETAIL/LEASE: Private Seller
AMOUNT OF LOAN: $13,795
TERM CONTRACTED:48
APR/LEASE RATE: 3.24
MONTHLY PAYMENT: $307
ANNUAL INCOME: $50K
DEBT TO INCOME RATIO: 28%
MISCELLANEOUS COMMENTARY: Very smooth process. Everyone has been very friendly and helpful.

[homeinfuture]

APPROVING BANK: GM Financial 
BUREAU PULLED: Equifax
CREDIT SCORE: 579
CUSTOMER STATE OF RESIDENCE:Florida 
NEW/USED:New
YEAR OF VEHICLE:2015
MAKE:Chevy
MODEL:Camaro LS
MILEAGE:125
RETAIL/LEASE:
AMOUNT OF LOAN:32,000
TERM CONTRACTED:72
APR/LEASE RATE:7.9
MONTHLY PAYMENT:554
ANNUAL INCOME:60k
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY:Traded in a car from Drivetime that had 24% interest and 8k of negative equity So I was happy with anything.

[Anonymous]

APPROVING BANK: Ally Bank
BUREAU PULLED: Equifax
CREDIT SCORE: 577
CUSTOMER STATE OF RESIDENCE: Illinois
NEW/USED: Used
YEAR OF VEHICLE:2013
MAKE: Dodge 
MODEL: Charger SXT AWD
MILEAGE: 34,000
RETAIL/LEASE:
AMOUNT OF LOAN: $23,400
TERM CONTRACTED
APR/LEASE RATE: 15.58% 
MONTHLY PAYMENT: 488
ANNUAL INCOME: 37-38k 
DEBT TO INCOME RATIO: 21%
MISCELLANEOUS COMMENTARY: Current car is 16 years old. Has a rough time starting in our Midwest winters. Cost me over $4,500 in repairs in 2015, and about another $3,200 the year before. Didn't want to spend another moment throwing money into it. Here's hoping I can re-finance in 6 months / 12 months for a lower % 

[ccubedzx3]

Invaderofbunnie, did you have to put down a substantial down payment?  My credit score is right about where yours is, but I should be able to get in the 600's next year at this time.   Only problem for me, when I go to purchase i'll have a repo/redeemed on my record that will be a year and a half old.  

I plan on purchasing a similar vehicle and amount as you, just wondered how tough it was to close the deal.  Any help/feedback woul dbe appreciated!

Thanks!

[Anonymous]

Congrats on the new car. Work hard to get your scores up and that 14 percent will be a distant memory. I was able to go from 12.5 to 4.29 in 7 months so you can do it also and save a fortune in the process. I strongly suggest you join a credit union and build a relationship. You might even be able to refinance right now into a better apr but if you can get 25 more points you can definitely do it.

[Anonymous]

APPROVING BANK: GM Financial
BUREAU PULLED: EX
CREDIT SCORE: 698
CUSTOMER STATE OF RESIDENCE: NJ
NEW/USED: New
YEAR OF VEHICLE: 2016
MAKE: Cheverolet
MODEL: Traverse 1LT
MILEAGE: 0
RETAIL/LEASE: Lease
AMOUNT OF LOAN: $41884
TERM CONTRACTED:39
APR/LEASE RATE: 4.5
MONTHLY PAYMENT: $402 (originally was $384 - elected for an XS wear package/insurance built into montly payments) 
ANNUAL INCOME: $85k
DEBT TO INCOME RATIO: 
MISCELLANEOUS COMMENTARY:  Good timing - traded in a car that had a growing list of problems, no money due at signing, had a sub 600 score last November.  Grateful for all the good advice on this forum.  

[Anonymous]

---

@ccubedzx3 wrote:

@Anonymous, did you have to put down a substantial down payment?  My credit score is right about where yours is, but I should be able to get in the 600's next year at this time.   Only problem for me, when I go to purchase i'll have a repo/redeemed on my record that will be a year and a half old.  

I plan on purchasing a similar vehicle and amount as you, just wondered how tough it was to close the deal.  Any help/feedback woul dbe appreciated!

Thanks!

---

I had to put $1,000 down, plus my trade in (which was only worth $1000)
I had up to $3,000 to put down, but you never want to start at your max. Always start with the minmum you need.
I originally said I only had $500 to put down. 
 But there are some REALLY  Helpful car-buying tips on here that i used.

My Credit union approved me at 8.75 but I needed a co-signer. So I talked to them and they said since the car is worth about $5k MORE than what I'm getting it at, to try again in about 5-6 months for refinancing  

I also have ZERO installment loan history. I only have my 2 credit cards so that's also a factor as to why I needed a cosigner with my credit union. 

[pipeguy]

APPROVING BANK:  DCU
BUREAU PULLED: EQ (ver 5)
CREDIT SCORE: 731 (ver 8 = 761, but of course they don't use that)
CUSTOMER STATE OF RESIDENCE: VA
NEW/USED: New
YEAR OF VEHICLE: 2016
MAKE: Cheverolet
MODEL: fully loaded Impala LTZ 

MILEAGE: 22
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $29815
TERM CONTRACTED:66
APR/LEASE RATE: 1.99
MONTHLY PAYMENT: $467  
ANNUAL INCOME: low 6 figures
DEBT TO INCOME RATIO: 
MISCELLANEOUS COMMENTARY:  MSRP $40130, trade and retail took it down, taxes and delivery took it up - I'll pay it off in 36 months   

[HoneyWholeWheat]

APPROVING BANK: Toyota Motor Financial
BUREAU PULLED: Experian
CREDIT SCORE: 763
CUSTOMER STATE OF RESIDENCE: DE
NEW/USED: Certified Pre-Owned
YEAR OF VEHICLE: 2013
MAKE: Toyota
MODEL: Corolla S
MILEAGE: 20k
RETAIL/LEASE: $13,500
AMOUNT OF LOAN: $10,500
TERM CONTRACTED:60
APR/LEASE RATE: 1.99
MONTHLY PAYMENT: $190
ANNUAL INCOME: ~$35k
DEBT TO INCOME RATIO: Not sure. 30k in student loans though..
MISCELLANEOUS COMMENTARY: Relatively painless. I put 3k down. I was initially going to go with something brand new, but why put myself under all of that stress when I'm about to graduate with a liberal arts degree? I needed a newer car, and I got one without worrying about pulling my hair out over payments.

[Anonymous]

APPROVING BANK: WSECU WASHINGTON STATE EMPLOYEE'S CREDIT UNION
BUREAU PULLED: TU
CREDIT SCORE: 734 PER AUTO SCORE
CUSTOMER STATE OF RESIDENCE: WA
NEW/USED: Used
YEAR OF VEHICLE: 2009
MAKE: HYUNDAI
MODEL: SONATA LX
MILEAGE: 131,000
RETAIL/LEASE: RETAIL
AMOUNT OF LOAN: $8500 OUT THE DOOR
TERM CONTRACTED:48
APR/LEASE RATE: 4.24%
MONTHLY PAYMENT: $157
ANNUAL INCOME: $40000
DEBT TO INCOME RATIO: ?
MISCELLANEOUS COMMENTARY: On the same day, I also refinanced my mom van that I purchased last year in January through wells fargo. Got my interest rate down 10% awesome!!