Auto Loan Approvals!

[flattspott]

APPROVING BANK: Capitol One Auto Finance
BUREAU PULLED: Experian
CREDIT SCORE: 659 Experian
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED:Used
YEAR OF VEHICLE: 2008

MODEL: Nissan Versa
MILEAGE: 81000
RETAIL/LEASE:Retail
AMOUNT OF LOAN:10467.33
TERM CONTRACTED: 4yrs
APR/LEASE RATE: 18.36%
MONTHLY PAYMENT: $311.94

ANNUAL INCOME:20000

DOWN PAYMENT:$1500

[poops]

Typically, rates on used vehicles are higher than when buying new.

[Anonymous]

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@poops wrote:

Typically, rates on used vehicles are higher than when buying new.

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poops:

2.99% was the rate we got on our min van.. we bought it in May and it is 3 years old. 5.78% is the rate we got on our car and it is 1 year old.. so both used vehicles. Again, my credit and my wife's credit are in the low 600's, so it is alarming to see people with high 700's getting 5-6% when we got that same rate with our worse credit.

[CS800]

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@wwinter wrote:

Fair enough... all very good reasons for choosing the financing you did.  And, fwiw, I bought a 2008 E350.  I've never purchased a car brand new and agree that it takes a "special" sort of person to want to take such a large hit on depreciation.

Enjoy the CLS, it's a beautiful machine.

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Word

[Kayo]

Haha. A Dealer can pick a higher interest loan from a certain bank if it makes them more money, they don't actually ADD interest to your loans. As sinister as you believe dealerships are, all they are really trying to do is make an extra grand or two from selling a car.

[credit_disaster]

APPROVING BANK: JP Morgan Chase
BUREAU PULLED: Equifax (dealer could have pulled them all, but submitted my best)
CREDIT SCORE: 676
CUSTOMER STATE OF RESIDENCE: WA
NEW/USED: Certified Used
YEAR OF VEHICLE: 2011

MAKE: Subaru

MODEL: Outback
MILEAGE: 10K
RETAIL/LEASE: Purchase
AMOUNT OF LOAN: 26000
TERM CONTRACTED: 72 mos
APR/LEASE RATE: 6.4%
MONTHLY PAYMENT: $420

ANNUAL INCOME: 100K
MISCELLANEOUS COMMENTARY: First applied/qualified for "blank check" w/ Capital One at 9.4%, took into dealership and they found better rate. I asked them to run via only ONE bank instead of doing multiple inquiries. Found that having the blank check gave us better bargaining power. We had to put $2500 down in order to qualify for the 6.4% loan; otherwise, would have had to use Capital One (approved for up to 30K, 110% of blue book value of car, nothing down). Our own bank (a credit union) has denied us for credit cards, so I didn't even attempt an auto loan; however, we plan to refinance in a year as our credit improves.

Equifax: 676; Experian: 653; Transunion: 602

[guydiver]

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@credit_disaster wrote:

APPROVING BANK: JP Morgan Chase
BUREAU PULLED: Equifax (dealer could have pulled them all, but submitted my best)
CREDIT SCORE: 676
CUSTOMER STATE OF RESIDENCE: WA
NEW/USED: Certified Used
YEAR OF VEHICLE: 2011

MAKE: Subaru

MODEL: Outback
MILEAGE: 10K
RETAIL/LEASE: Purchase
AMOUNT OF LOAN: 26000
TERM CONTRACTED: 72 mos
APR/LEASE RATE: 6.4%
MONTHLY PAYMENT: $420

ANNUAL INCOME: 100K
MISCELLANEOUS COMMENTARY: First applied/qualified for "blank check" w/ Capital One at 9.4%, took into dealership and they found better rate. I asked them to run via only ONE bank instead of doing multiple inquiries. Found that having the blank check gave us better bargaining power. We had to put $2500 down in order to qualify for the 6.4% loan; otherwise, would have had to use Capital One (approved for up to 30K, 110% of blue book value of car, nothing down). Our own bank (a credit union) has denied us for credit cards, so I didn't even attempt an auto loan; however, we plan to refinance in a year as our credit improves.

Equifax: 676; Experian: 653; Transunion: 602

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Nice car, and low miles too!  Congrats

[Anonymous]

APPROVING BANK: FInanced through Hyundai
BUREAU PULLED: TU I think
CREDIT SCORE: 610
CUSTOMER STATE OF RESIDENCE: Wisconsin
NEW/USED:  New
YEAR OF VEHICLE: 2012

MAKE: Hyundai

MODEL: Elantra
MILEAGE: 15
RETAIL/LEASE: retail
AMOUNT OF LOAN:16,???
TERM CONTRACTED: 72 mos
APR/LEASE RATE: 8.9%
MONTHLY PAYMENT: $310

ANNUAL INCOME:$54,000
MISCELLANEOUS COMMENTARY: I applied through my CU and got pre-approved with an APR of 15.9%.  I had the dealership run my credit and Hyundai came back with 8.9%.  I am 30 years old and have never used credit until 4 mos ago when I opened a line of credit to establish some credit.  I wasn't sure I would be able to get a new car, but I am thrilled.  Hopefully I can pay it off in less than 6 years.  But if not, at least I have a payment I am comfortable with.  I am also hoping that by having this loan on my credit it will positively affect my low credit score.

[Anonymous]

APPROVING BANK: Toyota Finance
BUREAU PULLED: EQUIFAX, TU
CREDIT SCORE: 689 FICO-697 AUTO BEACON,  TU 699 FICO 
CUSTOMER STATE OF RESIDENCE: Ohio
NEW/USED:  New
YEAR OF VEHICLE: 2012

MAKE: Toyota

MODEL: Camry SE
MILEAGE: 80
RETAIL/LEASE: Lease
AMOUNT OF LOAN: 24,680
TERM CONTRACTED: 36 mos
APR/LEASE RATE: ?  2004 Saturn Ion trade in covered required money down and I also added $1000.00
MONTHLY PAYMENT: $219.00

ANNUAL INCOME:$84,000
MISCELLANEOUS COMMENTARY: BK 13 paid off in 2010 and have been working hard to improve credit since then.  First attempt at a new car since 2004 and was holding my breath at the dealership until they said, "come on back and sign the paperwork"!  I feel like a cured lepper!