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Auto Loan - UPDATED

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Kathy4NU
Frequent Contributor

Auto Loan - UPDATED

I paid off my X5 a couple months ago.  My husband was fantastic and didn't say a word when I wanted my dream car.  Now that it is paid off I would like to get him a reliable vehicle.  I want to keep the payments around $200-$250 a month.  Nothing fancy.  A nice 4 door truck.  Small size.  Frontier or Tacoma or something similar.  

 

Do you think I will have problems getting financed with the following scores?  Or should I wait until our credit union has a special on car financing again.  We got my BMW at 0.9% for 3 years.

 

According to myFico my auto scores are (both models):

 

EQ:   713 & 715

TU:  675 & 693

EX:  690 & 721

 

UPDATE:

 

So we bought a newer truck.  I am really happy with how it went.

 

We knew we wanted a smaller truck, crew size cab.  Narrowed it down to Nissan Frontier, Dodge Dakota, Ford Explore Trac or Toyota Tacoma.

 

Every couple days I visited the big dealers websites and smaller ones.  If we saw something we liked I would either e-mail and ask questions or we would go after they were closed to take a peak to see if we were really interested.  We did lose out on 1 vehicle that got sold due to us taking our time but more importantly we eliminated about a dozen without ever encountering a sales person..  Time was on our side.  We weren't desperate for a newer vehicle and we weren't going to allow a sales man to pressure us either.

 

This past week I saw 2 potential trucks online.  I e-mailed one and heard back right away.  She wanted us to come in Saturday but I told her I was working.  As luck would have it I got out of work a few hours early.  I called my husband and asked him to look at both online real closely so he would be educated before we went.  First one was at the Mercedes dealer which we have done some business with before.  It was a Dodge Dakota.  Had everything we wanted except it was a bright yellow truck.  Husband test drove it.  Told the sales lady we were going to go look at a Frontier and might be back.  She asked what she could do to get us not to look at the Frontier.  She had zero negotiating power as we already got her $300 below what they had in the vehicle through e-mail.  We went to get in our vehicle and my husband said we should just get it.  He liked the bright yellow and it had 60,000 less miles than the Frontier.   The vehicle was $3,400 below blue book.  So we got out and walked in.  Lady was shocked to see us.

 

I told her I wanted to talk to the finance manager.  She got him.  (Ended up being the guy I dealt with a month before when my son lost the sole key to our Mercedes and I went to order a new one and parts was closed down for the day).  I asked the manager what type of rates he could get me.   Pulled up myFico on my phone and showed him my scores.  He said he could get me A financing but probably not A+.  Due to the vehicle being a 2006 he said it didn't matter what my score was that he probably couldn't get A+ on the year of the truck anyways.  I told him I would allow 2 pulls and I preferred to do business with a local small bank or credit union if possible.  (I always try and support the local first).  One from him and one from the place he submits it to.  He said they usually submits to 3 places and first one to bite gets it.  I told him that would be mighty hard to do if I am only allowing you to pull twice.  Also told him up front that we would not be paying any documentation fees, extended warranties etc.  He caught on real quick.  Asked me to have a seat for a little bit.  20 minutes later he came out and said he got me 5% rate with zero down and pulled Experian twice - once for him and once for credit union.  

 

So we bought a 2006 Dodge Dakota, fully loaded,  5 new tires,  one owner (very old gentelman), 52,000 miles, perfect condition vehicle and got 5% rate with a local credit union. 

 

From the time we pulled into the lot until we left with the vehicle was a total of 90 minutes.  Fantastic experience with our saleswoman and the manager of the finance department.  My husband loves his truck and I am happy with our payment.

 

This would not have happened prior to my joining myFico 3 years ago.  My credit sucked, I was not educated on credit.  We probably would have been desperate and bought something we would regret later.  It feels good.  Real good.  To walk into a dealership.  Have my homework done, know what we want, make the deal, shake hands and sign the paper without fear of it falling through due to not getting financed or paying rates that should be outlawed.

 

Thank you to everyone who makes this board so fantastic!




June '12: EQ 553 TU 0 EX 545
April '13 Lender Pull EQ 731, EX 692, TU 722 - all FICO

Closed on home May 22, 2013 at 2:00pm!!!
CU Visa $1000, VS $350, Chase Freedom $1000, Discover IT $2500, Home Depot: $2700, Menards $3000, NFM $3500
What's been deleted: 32 collections, 5 PR, 2 tax liens, defaulted student loans
Message 1 of 7
6 REPLIES 6
lincar66
Frequent Contributor

Re: Auto Loan

Dcu your higher than 675 eq 

Eq-670(dcu)ex-664 tu-693
NFCU Cash Rewards---8500k Joint Cash Rewards 2k NavCheck----15000 cap one 2500 cap one 2k synchrony furniture card 1500 walmart store card 6k walmart mastercard 6000 Firestone 1400 amazon 6k Lowes 12k serta 4k care credit 4800 rotman furniture card 1500 stash visa 2k bp visa 1500 PayPal MasterCard ????
Message 2 of 7
kenspi67
Valued Member

Re: Auto Loan

DCU strictly uses which reporting agency?

April 2015:
Exp:589 | Trans:587 | Equ:587
Present:
Exp:774 | Trans:805 | Equ:780

Garden Date:04/02/2016
Message 3 of 7
EddieK
Established Contributor

Re: Auto Loan

EQ 99% of the time.  Can pull EX on rare occasions though.

Starting Scores:
1/19/14:

1/28/14:
2/12/14:
Current Scores:
7/10/19:
12/17/16:
9/05/17:
Message 4 of 7
Kathy4NU
Frequent Contributor

Re: Auto Loan = UPDATED

So we bought a newer truck.  I am really happy with how it went.

 

We knew we wanted a smaller truck, crew size cab.  Narrowed it down to Nissan Frontier, Dodge Dakota, Ford Explore Trac or Toyota Tacoma.

 

Every couple days I visited the big dealers websites and smaller ones.  If we saw something we liked I would either e-mail and ask questions or we would go after they were closed to take a peak to see if we were really interested.  We did lose out on 1 vehicle that got sold due to us taking our time but more importantly we eliminated about a dozen without ever encountering a sales person..  Time was on our side.  We weren't desperate for a newer vehicle and we weren't going to allow a sales man to pressure us either.

 

This past week I saw 2 potential trucks online.  I e-mailed one and heard back right away.  She wanted us to come in Saturday but I told her I was working.  As luck would have it I got out of work a few hours early.  I called my husband and asked him to look at both online real closely so he would be educated before we went.  First one was at the Mercedes dealer which we have done some business with before.  It was a Dodge Dakota.  Had everything we wanted except it was a bright yellow truck.  Husband test drove it.  Told the sales lady we were going to go look at a Frontier and might be back.  She asked what she could do to get us not to look at the Frontier.  She had zero negotiating power as we already got her $300 below what they had in the vehicle through e-mail.  We went to get in our vehicle and my husband said we should just get it.  He liked the bright yellow and it had 60,000 less miles than the Frontier.   The vehicle was $3,400 below blue book.  So we got out and walked in.  Lady was shocked to see us.

 

I told her I wanted to talk to the finance manager.  She got him.  (Ended up being the guy I dealt with a month before when my son lost the sole key to our Mercedes and I went to order a new one and parts was closed down for the day).  I asked the manager what type of rates he could get me.   Pulled up myFico on my phone and showed him my scores.  He said he could get me A financing but probably not A+.  Due to the vehicle being a 2006 he said it didn't matter what my score was that he probably couldn't get A+ on the year of the truck anyways.  I told him I would allow 2 pulls and I preferred to do business with a local small bank or credit union if possible.  (I always try and support the local first).  One from him and one from the place he submits it to.  He said they usually submits to 3 places and first one to bite gets it.  I told him that would be mighty hard to do if I am only allowing you to pull twice.  Also told him up front that we would not be paying any documentation fees, extended warranties etc.  He caught on real quick.  Asked me to have a seat for a little bit.  20 minutes later he came out and said he got me 5% rate with zero down and pulled Experian twice - once for him and once for credit union.  

 

So we bought a 2006 Dodge Dakota, fully loaded,  5 new tires,  one owner (very old gentelman), 52,000 miles, perfect condition vehicle and got 5% rate with a local credit union. 

 

From the time we pulled into the lot until we left with the vehicle was a total of 90 minutes.  Fantastic experience with our saleswoman and the manager of the finance department.  My husband loves his truck and I am happy with our payment.

 

This would not have happened prior to my joining myFico 3 years ago.  My credit sucked, I was not educated on credit.  We probably would have been desperate and bought something we would regret later.  It feels good.  Real good.  To walk into a dealership.  Have my homework done, know what we want, make the deal, shake hands and sign the paper without fear of it falling through due to not getting financed or paying rates that should be outlawed.

 

Thank you to everyone who makes this board so fantastic!




June '12: EQ 553 TU 0 EX 545
April '13 Lender Pull EQ 731, EX 692, TU 722 - all FICO

Closed on home May 22, 2013 at 2:00pm!!!
CU Visa $1000, VS $350, Chase Freedom $1000, Discover IT $2500, Home Depot: $2700, Menards $3000, NFM $3500
What's been deleted: 32 collections, 5 PR, 2 tax liens, defaulted student loans
Message 5 of 7
joedtx
Valued Contributor

Re: Auto Loan = UPDATED


@Kathy4NU wrote:

So we bought a newer truck.  I am really happy with how it went.

 

We knew we wanted a smaller truck, crew size cab.  Narrowed it down to Nissan Frontier, Dodge Dakota, Ford Explore Trac or Toyota Tacoma.

 

Every couple days I visited the big dealers websites and smaller ones.  If we saw something we liked I would either e-mail and ask questions or we would go after they were closed to take a peak to see if we were really interested.  We did lose out on 1 vehicle that got sold due to us taking our time but more importantly we eliminated about a dozen without ever encountering a sales person..  Time was on our side.  We weren't desperate for a newer vehicle and we weren't going to allow a sales man to pressure us either.

 

This past week I saw 2 potential trucks online.  I e-mailed one and heard back right away.  She wanted us to come in Saturday but I told her I was working.  As luck would have it I got out of work a few hours early.  I called my husband and asked him to look at both online real closely so he would be educated before we went.  First one was at the Mercedes dealer which we have done some business with before.  It was a Dodge Dakota.  Had everything we wanted except it was a bright yellow truck.  Husband test drove it.  Told the sales lady we were going to go look at a Frontier and might be back.  She asked what she could do to get us not to look at the Frontier.  She had zero negotiating power as we already got her $300 below what they had in the vehicle through e-mail.  We went to get in our vehicle and my husband said we should just get it.  He liked the bright yellow and it had 60,000 less miles than the Frontier.   The vehicle was $3,400 below blue book.  So we got out and walked in.  Lady was shocked to see us.

 

I told her I wanted to talk to the finance manager.  She got him.  (Ended up being the guy I dealt with a month before when my son lost the sole key to our Mercedes and I went to order a new one and parts was closed down for the day).  I asked the manager what type of rates he could get me.   Pulled up myFico on my phone and showed him my scores.  He said he could get me A financing but probably not A+.  Due to the vehicle being a 2006 he said it didn't matter what my score was that he probably couldn't get A+ on the year of the truck anyways.  I told him I would allow 2 pulls and I preferred to do business with a local small bank or credit union if possible.  (I always try and support the local first).  One from him and one from the place he submits it to.  He said they usually submits to 3 places and first one to bite gets it.  I told him that would be mighty hard to do if I am only allowing you to pull twice.  Also told him up front that we would not be paying any documentation fees, extended warranties etc.  He caught on real quick.  Asked me to have a seat for a little bit.  20 minutes later he came out and said he got me 5% rate with zero down and pulled Experian twice - once for him and once for credit union.  

 

So we bought a 2006 Dodge Dakota, fully loaded,  5 new tires,  one owner (very old gentelman), 52,000 miles, perfect condition vehicle and got 5% rate with a local credit union. 

 

From the time we pulled into the lot until we left with the vehicle was a total of 90 minutes.  Fantastic experience with our saleswoman and the manager of the finance department.  My husband loves his truck and I am happy with our payment.

 

This would not have happened prior to my joining myFico 3 years ago.  My credit sucked, I was not educated on credit.  We probably would have been desperate and bought something we would regret later.  It feels good.  Real good.  To walk into a dealership.  Have my homework done, know what we want, make the deal, shake hands and sign the paper without fear of it falling through due to not getting financed or paying rates that should be outlawed.

 

Thank you to everyone who makes this board so fantastic!


Congrats on that new for you and DH truck....bright yellow eh Smiley Happy 

Message 6 of 7
StartingOver10
Moderator Emerita

Re: Auto Loan = UPDATED

Congratulations on your new truck! Love the way you purchased it - Smiley Very Happy

Message 7 of 7
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