Chevrolet/GM auto loan approval!

[Anonymous]

So I tried for DCU online first for $40000 loan and I was approved but they wanted me to provide W2 tax return information but I'm self employed and in online sales (Amazon) so I don't have my tax returns yet so sadly I had to decline since the only form of income verification I have is bank statements.

I tried other big banks but I was declined by all of them for the same reason, LENGTH OF CREDIT HISTORY INSUFFICIENT, and NOT ENOUGH RECENT INSTALLMENT LOAN HISTORY.

Oh and my scores are 680 TU and 675 EX

So I walked in and tried my luck at the GM/Chevrolet dealership and they actually approved me for $25K loan with 5K down. With a 5% apr!

I got a great new Chevy equinox LT model with all the upgrades and trimming!
Got approved with I think with ally financial bank.
This is great for my first auto loan.
And the best part is, NO INCOME VERIFICATION REQUIRED!

My payments are only $465 a month so I can easily pay this vehicle off early.

Do you guys think I should refinance in 6 months?

Thanks for all the help and insight!

[Anonymous]

Nice going, great car, and a good rate!

You could probably beat the 5% rate, if you feel its worth the effort.  You'll have to face the same obstacles as before though, except now you will have a short auto loan history with positive reporting.

Personally, I would stay with them for at least 13 months, just to show I wasnt a 'churner'.

hth

[nycplayboy78]

Wait a minute you DIDN'T have your 2014 W-2 and/or tax returns in October 2015??!! You could have saved THOUSANDS of dollars just by providing DCU with the tax documents...Well congratz on your new ride and where are you at nowadays with the loan? Have you tried DCU again for a refi??!!

[Anonymous]

@nycplayboy78 im doing good, but im going to trade in my equinox soon to get a Tahoe or Suburban (for the family) because the equinox doesnt have enough room for everyone. And I also dont have W2 or tax documents, only bank statements.

[ScoreOrBeScored]

Congrats on your new ride....

somare you saying you don't even file 1099 ? So your making $ but not paying any taxes ? If so, I feel bad for you.

yiur going to be sick when it's time to collect SS and you will not get much a month. You should go check your SS statement. 

I really hooe hope that you are paying taxes...

im not judging you at all.

enjoy that new ride !!!!!

[CountryLivin]

Congratulations! Enjoy the new vehicle!

[RonM21]

Always nice having new wheels..congrats.