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APPROVING BANK: DCU
BUREAU PULLED: Equifax
CREDIT SCORE: 682 (MyFico) 671 (DCU)
CUSTOMER STATE OF RESIDENCE: New Jersey
NEW/USED: Used
YEAR OF VEHICLE: 2014
MAKE: Jeep
MODEL: Patriot High Altitude
MILEAGE: 6800
RETAIL/LEASE: Buy
AMOUNT OF LOAN: 18,000
TERM CONTRACTED: 72
APR/LEASE RATE: 4.49
MONTHLY PAYMENT: $285
ANNUAL INCOME: 66,000
DEBT TO INCOME RATIO: 14%
MISCELLANEOUS COMMENTARY: My very first auto loan! I'm very excited, I was going to buy new, but this one had everything pretty much every available option and was obviously cheaper than brand spanking new. Only put 2k down. Financed for 72 months so I have the option of a lower payment, but I plan on nearly doubling the payments every month. The dealer offered me 5% through Chase, which I was surprised by since I've never had an auto loan and they absolutely refuse to give me a credit card lol.
Don't give up hope; I tried and I managed to get a new car loan without any real difficulty.
APPROVING BANK: Capital One Auto & Wells Fargo
BUREAU PULLED: Transunion
CREDIT SCORE: 616
CUSTOMER STATE OF RESIDENCE: NJ
NEW/USED: New
YEAR OF VEHICLE: 2014
MAKE: Hyundai
MODEL: Accent
MILEAGE: 15
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 15,111.00
TERM CONTRACTED: 3 years
APR/LEASE RATE: 6.84 Capital One - 5.99 Wells Fargo
MONTHLY PAYMENT: $462
ANNUAL INCOME: $117K
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: Applied for Capital One via website and was approved for up to $18K new car loan at 6.84% for 36 months; was very qucik and easy. Took the 'Blank Check' to the dealership, made a good deal on the commuter car we wanted, they looked for further financing (of course; it's what they live for in Finance), but willing to do the Capital One financing if we chose that. It was a benefit to have the Capital One finance offer prior to buying; finance dept got offers for us but they weren't even close to the Cap One offer (some up to 12.99% AND $499 fee!). He told them continually we had a much better rate, with no fee, and they had to do better, or Cap One got it. Wells went down to that 5.99%, and dropped the fee too. We were required to put nothing down. Financing would be up to 110% LTVR.
I'm satisfied with the rates I was offered, considering my credit was damaged due to one adult child of mine who defaulted on a Student Loan I cosigned (adult child is now repairing the loan/default but it takes time to work the negative off of my credit score/report, too). I would have loved a 2% rate but that's not at all realistic with the damage to my credit.
APPROVING BANK: Publix Employees Federal Credit Union
BUREAU PULLED: Experian
CREDIT SCORE: 643
CUSTOMER STATE OF RESIDENCE: FL
NEW/USED: Used
YEAR OF VEHICLE: 2011
MAKE: Ford
MODEL: Taurus SEL
MILEAGE: 93317
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $14,180
TERM CONTRACTED: 36 Months
APR/LEASE RATE: 2.49%
MONTHLY PAYMENT: $380.32
ANNUAL INCOME: $29,000
MISCELLANEOUS COMMENTARY: My first auto loan. Yayy!! Started a year ago with 11 collection and all scores in the low 5's. Opened up a Capital one Secured card and was able to get 6 of those collections removed. 1 year later all my scores are in the mid 6's and i was also able to open up 6 unsecured credit cards with great limits. Thanx for all the knowledge and info you guys post to the forum.
APPROVING BANK: Suncoast Credit Union
BUREAU PULLED: Experian
CREDIT SCORE: 571
CUSTOMER STATE OF RESIDENCE: Florida
NEW/USED: Used
YEAR OF VEHICLE: 2011
MAKE: Hyundai
MODEL: Elantra 4-door
MILEAGE: 32,000
RETAIL/LEASE: Retail
AMOUNT OF LOAN:$15,280.00
TERM CONTRACTED: 72 months
APR/LEASE RATE: 7.25%
MONTHLY PAYMENT: $284
ANNUAL INCOME: 16,000 (college student)
DEBT TO INCOME RATIO: 80%
MISCELLANEOUS COMMENTARY:I purchased this car last year in August '13. The person at my credit union was very helpful and sympathetic in helping me. He understood that I need a car for school, understood that I was working part time while taking classes and my score was low due to two hospital bills from the year before going into collections. He initially only approved me for 13K but once I found my dream car, the Elantra, I needed extra for the taxes and fees and he kindly increased it to 15K plus $280 for the loan fees. They were very nice, he even opened up a credit card for me to help me build me credit. In October, I can go back and refinace for a lower rate since my credit score has gone up. Suncoast is amazing!
APPROVING BANK: CAPITAL ONE AUTO & WELLS FARGO
BUREAU PULLED: ALL 3
CREDIT SCORE: 615-625-627
CUSTOMER STATE OF RESIDENCE: NJ
NEW/USED: USED CPO
YEAR OF VEHICLE: 2013
MAKE: HYUNDAI
MODEL: SONATA
MILEAGE:28140
RETAIL/LEASE:RETAIL
AMOUNT OF LOAN:$19,822.46
TERM CONTRACTED:72 months (OUCH)
APR/LEASE RATE:6.49%
MONTHLY PAYMENT: $312, CURRENTLY SENDING $350
ANNUAL INCOME: $52,000.00
DEBT TO INCOME RATIO: 70% PROBABLY MORE
MISCELLANEOUS COMMENTARY: WAS APPROVED BY CAP ONE @ 7.50% APR. WENT TO DEALER AND WELLS FARGO GAVE ME A BIT OF A BETTER DEAL. NO MONEY DOWN. CC UTILIZATION 90%. DEALERSHIP: MAXON HYUNDAI. I WOULD NOT HAVE PURCHASED A VEHICLE GIVEN MY CURRENT DTI RATIO BUT MY 2000 KIA SPORTAGE WAS ON ITS WAY OUT. (WAS GIVEN TO ME).
APPROVING BANK: FORD CREDIT
BUREAU PULLED: EQUIFAX 679, TRANSUNION 700
CREDIT SCORE:
CUSTOMER STATE OF RESIDENCE: NORTH CAROLINA
NEW/USED: NEW
YEAR OF VEHICLE: 2014
MAKE: FORD
MODEL: FUSION HYBRID
MILEAGE: 0
RETAIL/LEASE: RETAIL
AMOUNT OF LOAN: 29000
TERM CONTRACTED: 72
APR/LEASE RATE: 1.9
MONTHLY PAYMENT: 425
ANNUAL INCOME: 48000
DEBT TO INCOME RATIO: 10
MISCELLANEOUS COMMENTARY: DCU Approved me for 27k at 3.24% for 72 month loan
Hooray! Was approved today to refinance my auto loan!
I am a first time commenter, but have been reading the forums for a while now for advice on improving my credit.
HUGE Thanks to the MyFico community! I noticed DCU showing up in a lot of the auto loan threads and decided to apply with them to refinance my auto loan and went from paying $318.00 per month to $277.00!
APPROVING BANK: DCU
CREDIT SCORE: 630 TU
CUSTOMER STATE OF RESIDENCE: Michigan
NEW/USED: Used
YEAR OF VEHICLE: 2012
MAKE: Ford
MODEL: Focus SE
MILEAGE: 12,100
AMOUNT OF LOAN: $16,000
TERM CONTRACTED: 65 months
APR/LEASE RATE: 4.49%
MONTHLY PAYMENT: $277.76
MISCELLANEOUS COMMENTARY: Loan is a little more expensive than the cost of the car because I purchased the extended manufaturers bumper-to-bumper warranty
APPROVING BANK: Americredit
BUREAU PULLED: Experian (I think)
CREDIT SCORE: 462 (March 2013)
CUSTOMER STATE OF RESIDENCE: IN
NEW/USED: Used
YEAR OF VEHICLE: 2013
MAKE: Honda
MODEL: Accord EX-L
MILEAGE: 5500
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 18,500.
TERM CONTRACTED: 72 mos
APR/LEASE RATE: 10.00
MONTHLY PAYMENT: 350.33
ANNUAL INCOME: 33K
DEBT TO INCOME RATIO: 14%
MISCELLANEOUS COMMENTARY: I put down a large down payment.
APPROVING BANK: DCU
BUREAU PULLED: Equifax
CREDIT SCORE: 707
CUSTOMER STATE OF RESIDENCE: Massachusetts
NEW/USED: Used
YEAR OF VEHICLE: 2012
MAKE: BMW
MODEL: 328i xDrive Coupe (CPO)
MILEAGE: 37560
RETAIL/LEASE: Buy
AMOUNT OF LOAN: 27,390
TERM CONTRACTED: 65
APR/LEASE RATE: 1.49
MONTHLY PAYMENT: $438 (approximate)
ANNUAL INCOME: 65,000
DEBT TO INCOME RATIO: 18%
MISCELLANEOUS COMMENTARY: I cannot say enough about how well this entire process has gone with DCU. The APR is half of what the dealerships I had looked at were offering on a certified vehicle. And on top of that, they through in a Visa card with a 15k spending limit. I could not be happier about the experience.
APPROVING BANK: DCU
BUREAU PULLED: Equifax
CREDIT SCORE: 690 (Myfico)
CUSTOMER STATE OF RESIDENCE: Ohio
NEW/USED: Used
YEAR OF VEHICLE: 2012
MAKE: Infiniti
MODEL: G37X
MILEAGE: N/a
RETAIL/LEASE: Buy
AMOUNT OF LOAN: 21,000
TERM CONTRACTED: 48
APR/LEASE RATE: 1.49
MONTHLY PAYMENT: N/A
ANNUAL INCOME: 138,000
DEBT TO INCOME RATIO: 7%
MISCELLANEOUS COMMENTARY: I am getting the G37x but not sure of the exact one yet. I aslked for 21,000 because that would be the most I would need to finance, but I imagine only using 17,000 of the 21,000. Hoping to get a car for 26k all in with a 9k down payment. This is my first auto loan ever.