Car Loans, low credit score

[Anonymous]

Thanks for the advice.

[Anonymous]

I did go ahead and run a Capital One application just to see. I was approved for up to $31,099 with an interest of anywhere from 6.95%-13.20% depending on how much I borrow, pending proof on income, which is nbd.

Better than road loans with no stipulations! Also, i have not heard back from WF or DCU, I'm thinking this is a no go since it's been 24hours, but we'll see.

Thank you for all of the advice. It's obvious I have some learning to do!

I also cancelled my Lexington Law right away this AM! I feel good about that!

[Anonymous]

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@Anonymous wrote:
I did go ahead and run a Capital One application just to see. I was approved for up to $31,099 with an interest of anywhere from 6.95%-13.20% depending on how much I borrow, pending proof on income, which is nbd.

Better than road loans with no stipulations! Also, i have not heard back from WF or DCU, I'm thinking this is a no go since it's been 24hours, but we'll see.

Thank you for all of the advice. It's obvious I have some learning to do!

I also cancelled my Lexington Law right away this AM! I feel good about that!

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Great to hear and good luck with the other applications.  

[DueDilligence]

That is awesome!!!!!!! Please keep us updated with interest rate you received. Btw, how long did they say it would take to verify income?

[Anonymous]

My income is now verified, it took about 15-20 minutes after I uploaded the pay stubs to their form. I'm sticking to my budget of $20,000 regardless of what I was approved for, and it's looking like my rates will be in the ballpark of 9%, but I will update as soon as I have exact numbers with trade-in, taxes, etc.
Thanks again!

[Anonymous]

Just wanted to update I ended up going with Wells Fargo who also approved me. Capital One wouldnt give me a long enough term and Wells Fargo rates were competitive with CO.

2011 Dodge Ram 2500
$21,900
Interest: 10%
72 month term
Payment: $460 with Gap Insurance

They did give me over what I owed on my trade in! Which put equity towards my pickup.

[Anonymous]

Also wanted to add that the credit scores the finance companies and dealership pulled for me were higher than any of the scores I posted originally.
My score was around 645.
Thanks again for all of the advice!
And if anyone could PM me any advice on GW letters I would very much appreciate that as well )

[Country_Feller]

Congratulations on your new truck!!! Keep up the good work and most of all have fun with your new toys!!!

[Anonymous]

Congrats on the new car!! I'm happy it worked out well for you

[Anonymous]

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@Anonymous wrote:
Just wanted to update I ended up going with Wells Fargo who also approved me. Capital One wouldnt give me a long enough term and Wells Fargo rates were competitive with CO.

2011 Dodge Ram 2500
$21,900
Interest: 10%
72 month term
Payment: $460 with Gap Insurance

They did give me over what I owed on my trade in! Which put equity towards my pickup.

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First off, congratulations on the approval at that rate and good luck with your new purchase!  I did want to give some advice on Gap Insurance.  In looking into it for my girlfriend's car, her auto insurance company (Progressive) offered the same thing for what turned out to be much less than the dealer/finance company offered.  It added less than $2 a month to her insurance payment.  Over the course of a 6 year loan, thats $144.  It was much cheaper than what the stealership...er....dealership offered at the time.  Obviously, YMMV, but it's worth looking into.