Just a little history.....In my life I have financed two vehicles. Both vehicles had a ton of late payments. To be honest, I can barely remember ever paying on time. My interest rates were around 19% for each loan.
Fast forward a few years.....I paid off my last vehicle in 2012, committed to rebuilding my credit and bought a home in 2013. I decided recently to buy a used vehicle. I read up on the process because I knew coming in that my credit was better however I knew the late payments would ensure that I would not have a top tier interest rate. I applied for financing through Capital One blank check, Wells Fargo, and my local credit union before I went to the dealership. I asked for $30,000. Wells Fargo only approved me for 20k at 6.99% and my local credit union offered me 30k at 8.49%. The last offer to come in was Cap1. It took them 3 business days to issue an approval. For the vehicle year I purchased, Cap1 offered me 3.79%! I happily took my approval to the dealership. The dealer asked if I would allow them to try to beat my rate. I laughed and said yes. I didn't think I could get any lower. The dealer came back with an offer from WELLS FARGO DEALER SERVICES for 3.50%.
I nearly passed out. I am thankful to God for leading me to the myfico community. I learned so much here. I now own a home AND I drive a luxury vehicle. Back in 2012 I could barely get a $300 credit card!
EQ FICO 564 (3/12) Lender pull 673 (4/12) FICO 703 (6/13)
TU FICO 605 (6/12) to FICO 687 (3/13) Lender pull 680 (4/13)
EXP FICO lender pull (4/13) 651
Homeowner since September 2013!
