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Auto Loan for a 27000 car

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Anonymous
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Auto Loan for a 27000 car

Hello, im looking to buy a used infiniti 2012 price is about 27000 im dropping a 5,000 down payment. so will be financing 22,000 my fico score is 730, trans union at 749, equifax at 744. Only thing is that i am scared i wont get approved because i have 7 hard inquiries. would i still be approved or should i wait and get a car next year.

thanks in advance guys! 

Message 1 of 5
4 REPLIES 4
Dj4Money
Established Contributor

Re: Auto Loan for a 27000 car

INQ's aren't a problem with car loans since most of time they are manual reviews and lenders understand your looking to purchase a car.

  
 Why with such good scores are you brothering with used?

 

 You'll get a much lower interest rate on a new car....

 

 Take your EQ score and apply to DCU

Message 2 of 5
CH-7-Mission-Accomplished
Valued Contributor

Re: Auto Loan for a 27000 car


@Dj4Money wrote:

INQ's aren't a problem with car loans since most of time they are manual reviews and lenders understand your looking to purchase a car.

  
 Why with such good scores are you brothering with used?

 

 You'll get a much lower interest rate on a new car....

 

 Take your EQ score and apply to DCU


The OP will save a LOT more money by buying a three-year-old luxury car than a brand new car, even if the interest rate is slightly higher on a used car.  According to CarsDirect (and other sources) a new car loses 20% of its value the moment you drive it off the lot.  In years two and three, it depreciates an additional a 15% each year.

 

http://www.carsdirect.com/auto-loans/what-is-the-average-car-depreciation-rate

 

Add to this the intense pressure when buying a new car to purchase unneeded add-ons like clear coat and extended warranty coverage, and attempts to railroad you into highly profitable dealer financing, and there is no question about what the wise choice is.

 

Smart OP.  Very smart.

 

Message 3 of 5
Legen_dary
Frequent Contributor

Re: Auto Loan for a 27000 car

I'm also a "never buy new" guy when it comes to cars, and I definitely like my cars...

Message 4 of 5
jeffm4688
Frequent Contributor

Re: Auto Loan for a 27000 car

I have ~25 inquires now after a dealer took it upon themself to apply for loans instead of the lease I wanted, and I was still able to get an approval for chases best 72 month rate @ 2.86% and my TU Fico which they pulled was 630. Auto loans are an interesting beast

FICO 12/2015 - EX 692 TU 685

FICO 10/2021 - EX 596 TU 605 EQ 600 - officially rebuilding.

What survived:
Amex HH - 1.5K | Amex Delta - 1K | Amex Bonvoy - 1.5K | Amex BRG - 3.5K | Amex BRG - 3.5K | Amex Business Cash- 2K | Amex Business Plus - 2K
Message 5 of 5
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