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Valued Member
Posts: 39
Registered: ‎09-16-2016

Re: Auto Loan Approvals!

[ Edited ]

I've seen questions about what qualifies for the best rates when manufactureres are offering really low rates.

 

Here's info for anyone thinking about buying a new car right now, particularly a Honda.  For all of May 2017, Honda is doing .9% ("for well qualified buyers") for 60 months on 2017 models.  My scores aren't super high, my age of accounts is quite short, and I have no past auto loans showing on my reports.  12 months ago I bought a used Acura and could only get 15%.

 

NFCU gave me 3.1% for 60 months.  I took my NFCU check to the dealer because I doubted I'd be considered "well-qualified."  But to my surprise, Honda Financial did approve me for .9% for 60 mos.  

 

APPROVING BANK: Honda Financial
BUREAU PULLED: Don't know
CREDIT SCORE: Exp: 731, Equifax: 742, TU: 744 (don't know Auto)
CUSTOMER STATE OF RESIDENCE: TX
NEW/USED: New
YEAR OF VEHICLE: 2017
MAKE: HONDA
MODEL: Fit
MILEAGE: 11
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 16000
TERM CONTRACTED: 60 mos.
APR/LEASE RATE: .9% (NFCU approval was 3.1)
MONTHLY PAYMENT: 
ANNUAL INCOME: six figures
DEBT TO INCOME RATIO: 11%
MISCELLANEOUS COMMENTARY: This was a third car for my family with teens, so nothing fancy.  I assume the modest car compared to very low debt and 5% credit card util. had something to do with getting the good rate.  Two cards (20k and 25k) have 0 balances. The rest were at 5% total.  

 

All thanks to this forum.  Hope my data helps someone else.

 

 

Current FICO 743, no baddies
April '16 550 4 collections

Current credit and limits (in order of approval)
Discover It (Unsecured at 6 mos) 4k -- Cap 1 Quicksilver One (500) -- Overstock (3400) -- NFCU Cash Rewards (25k) -- Share Secured Installment (500 - paid down to 40ish) -- Amex PRG (NPSL) -- Amex BCP (20k) -- Amex EDP (5k)
New Visitor
Posts: 3
Registered: ‎05-09-2017
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Re: Auto Loan Approvals!

 
Frequent Contributor
Posts: 308
Registered: ‎04-26-2012

Re: Auto Loan Approvals!

[ Edited ]

APPROVING BANK:  NFCU
BUREAU PULLED: Transunion
CREDIT SCORE: 706
CUSTOMER STATE OF RESIDENCE: AZ
NEW/USED: Late model used
YEAR OF VEHICLE: 2015
MAKE: Mercedes
MODEL: C300
MILEAGE: 21,000
RETAIL/LEASE: $32,000
AMOUNT OF LOAN: $38,000
TERM CONTRACTED: 72 months
APR/LEASE RATE: 4.25%
MONTHLY PAYMENT: $600
ANNUAL INCOME: $75,000
DEBT TO INCOME RATIO: 21%
MISCELLANEOUS COMMENTARY: Rolled over some negative equity, but the car was selling at such a great price I still ended up financing the actual retail value of the vehicle.  Working with NFCU was the easiest thing ever.  Applied online, got an immediate answer, went to a branch the next day to pick up the draft that was good for 60 days (literally took 5 minutes at the branch), found my car a week later, and gave the dealership the draft with the instructions.  They called NFCU for verification and printed out the paper work while I went and ate lunch.  Came back, signed and was done.  Awesome, smooth experience.  And to boot, since NFCU already did my credit pull, I applied for a rewards card and received a limit of $24,000 without the extra inquiry!  Lots of love for NFCU right now!!!  Oh...and NFCU offers GAP insurance for $199 for the life of the loan.  Can't beat that!

Valued Contributor
Posts: 1,602
Registered: ‎12-16-2014
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Re: Auto Loan Approvals!


AZHeather wrote:

APPROVING BANK:  NFCU
BUREAU PULLED: Transunion
CREDIT SCORE: 706
CUSTOMER STATE OF RESIDENCE: AZ
NEW/USED: Late model used
YEAR OF VEHICLE: 2015
MAKE: Mercedes
MODEL: C300
MILEAGE: 21,000
RETAIL/LEASE: $32,000
AMOUNT OF LOAN: $38,000
TERM CONTRACTED: 72 months
APR/LEASE RATE: 4.25%
MONTHLY PAYMENT: $600
ANNUAL INCOME: $75,000
DEBT TO INCOME RATIO: 21%
MISCELLANEOUS COMMENTARY: Rolled over some negative equity, but the car was selling at such a great price I still ended up financing the actual retail value of the vehicle.  Working with NFCU was the easiest thing ever.  Applied online, got an immediate answer, went to a branch the next day to pick up the draft that was good for 60 days (literally took 5 minutes at the branch), found my car a week later, and gave the dealership the draft with the instructions.  They called NFCU for verification and printed out the paper work while I went and ate lunch.  Came back, signed and was done.  Awesome, smooth experience.  And to boot, since NFCU already did my credit pull, I applied for a rewards card and received a limit of $24,000 without the extra inquiry!  Lots of love for NFCU right now!!!  Oh...and NFCU offers GAP insurance for $199 for the life of the loan.  Can't beat that!


Congrats, NFCU is a great place to do business.  We do all of our banking with them now because they always take great care of us.

Gardening till 2018, Goal of 700's by the end of 2017
MyFico Scores Aug 2017: EQ 675 TU 695 EXP 698
New Member
Posts: 2
Registered: ‎05-14-2017
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Re: Auto Loan Approvals!

 
Frequent Contributor
Posts: 289
Registered: ‎06-19-2015

Re: Auto Loan Approvals!

[ Edited ]

APPROVING BANK:  Ascend Federal Credit Union
BUREAU PULLED:  Equifax
CREDIT SCORE: 633
CUSTOMER STATE OF RESIDENCE: TN
NEW/USED: NEW with Full Warranty & GAP Insurance
YEAR OF VEHICLE: 2017
MAKE: Toyota
MODEL: RAV4 SL
MILEAGE:  9 Miles
RETAIL/LEASE:  Retail
AMOUNT OF LOAN: $33,216 because of Negative Equity rolled in from trade in
TERM CONTRACTED: 84 Months
APR/LEASE RATE:  5.75%
MONTHLY PAYMENT:  $ 482.00
ANNUAL INCOME:  $52,000 Combined
DEBT TO INCOME RATIO:  Not sure
MISCELLANEOUS COMMENTARY:   Had to purchase a vehicle while in a Chapt 7 BK because mine was wiped out/totaled in a wreck, Purchased a 2012 Rogue with a high APR, Was able to refinance same vehicle 8 months later in July 2015 with Ascend FCU at a much lower APR. Vehicle started having mechanical issues March 2017 and repairs started adding up so decided to trade it in for a New vehicle with warranty with same credit union. Called credit union prior to car shopping and once I found the vehicle I wanted to purchase I called the credit union again to work out the numbers, didn't have to have dealership pull credit since I was still going through my credit union. Very simple process and Ascend is a great credit union to deal with. **Prior Vehicle had some negative equity that had to be rolled into new vehicle purchase** 

Filed Chapt 7 BK 6/3/15,DC: 9/8/15 New Car Loan 4/27/17 = 2017 Toyota Rav4 LE 9 Miles
Starting Scores: EXP 479/EQ 529/TU 555
Current Scores: EXP 667/EQ 634/TU 660
AAoA 3.5Yrs|Oldest 11.3Yrs| WWithin =$250|Kays = $500|FBeauty = $1250|VSecret = $1250|
Overstock = $1300|Kohl's = $2500|COne Quick Silver = $1050|
COne Quick Slvr1 = $1500|Fifth 3rd = $1500|Cap1 AU = $2500|Barclay = $2500|WFargo = $5500
Established Member
Posts: 15
Registered: ‎12-19-2016

Re: Auto Loan Approvals!

APPROVING BANK: Carmax Financial
BUREAU PULLED: Experian
CREDIT SCORE: 638
CUSTOMER STATE OF RESIDENCE: MA
NEW/USED: Used
YEAR OF VEHICLE: 2014
MAKE: Chevrolet
MODEL: Malibu
MILEAGE: 45,494
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 13,384
TERM CONTRACTED: 60 months
APR/LEASE RATE: 8%
MONTHLY PAYMENT: $256.14
ANNUAL INCOME: 42,000
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: I really had no choice but to finance a car I need a vehicle for work and my old car was on it's last leg. It's off to the garden for me I have too many inquiries on my report for my liking.



12/6/16: EQ: 610 TU: 626 EXP: 640
3/1/17: EQ 639 TU: 641 EXP: 645
Established Contributor
Posts: 1,569
Registered: ‎03-28-2017
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Re: Auto Loan Approvals!


srbrown31 wrote:


MISCELLANEOUS COMMENTARY: I really had no choice but to finance a car I need a vehicle for work and my old car was on it's last leg. It's off to the garden for me I have too many inquiries on my report for my liking.


That's a decent rate for a 638 FICO score, though.  At least the monthly payment isn't too fierce and if you can pay a bit extra every month (or whenever possible) you'll be ahead nicely! Congrats!

Established Member
Posts: 15
Registered: ‎12-19-2016
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Re: Auto Loan Approvals!

I was shocked at the APR myself I thought for sure I would be somewhere in the teens with that FICO score but this is decent.



12/6/16: EQ: 610 TU: 626 EXP: 640
3/1/17: EQ 639 TU: 641 EXP: 645
New Contributor
Posts: 58
Registered: ‎08-24-2016

Re: Auto Loan Approvals!

APPROVING BANK: PenFed
BUREAU PULLED: Equifax
CREDIT SCORE: 651
CUSTOMER STATE OF RESIDENCE: AR
NEW/USED: New
YEAR OF VEHICLE: 2017
MAKE: Lexus
MODEL: NX Turbo
MILEAGE: 11
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 37K
TERM CONTRACTED: 72.
APR/LEASE RATE: 5.2%
MONTHLY PAYMENT: $584
ANNUAL INCOME: 55K
DEBT TO INCOME RATIO: 19%
MISCELLANEOUS COMMENTARY: Was initially told I was approved for with 9%, but upon completing the app with the LO, they dropped it to 5.2%

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