DCU as an option?

[Shellie]

They said since I have no auto loan reporting on my credit that they would have to do the first time borrower option.  They will loan 80% of retail and require 20% down.  Up to $15k or 50% gross annual income. 675 and above 1.74% 674 and below 4.29%. Up to 72 mo. for an 2006 or newer vehicle.  

I think that's all the pertinent info?

I was really hoping for closer to the $25k range.  

Is this the best option?  Should I look for better?  I am sitting at 671 on TU and 656 on EQ/

[Shellie]

Anyone?

[coldnmn]

If approved I don't think you will find a better interest rate. I have read they will reduce interest 1/4% after so many on time payments. Capital one may get you closer to your $25k goal but I don't think it would be close to matching interest rate. YMMV

[Shellie]

I'm not over the 675 mark so I wouldn't get the 1.24% interest rate.  

[notfancy]

You could try a local credit union. I went through DCU and I thought they were great but I can see where your situation is tough. Credit unions typically offer the best rates but you could also go back to the dealer and tell them you were offered 2.24% for 72 months on 25k (or perhaps 4% on 25k, what ever sounds good) and see if they can match it or at least come close.

DCU pulls EQ (The 04 FICO version) What they are looking to loan you is what they feel your credit and income support. If you are looking to double their loan amount offered, they may be concerned that your payment will be too high. You could call them and see if they'd loan you a higher amount. Do you have your heart set on a particular vehicle? I financed a little over 17k at 2.24% for 72 months and my payment is about $255 a month. They just lowered my apr to 1.99 which won't change my payment but will save me interest. They offer that to any one it seems so you can shave up to 1 percentage point off your loan with in a year of having on time payments. I don't know any one else that does that.

Good luck to you!

[Shellie]

I have already called them and asked them all the questions and they said $15k is about the max they would lend.  And since I haven't hit the 675+ range that I would only qualify for the 4% rate.  I don't have my heart set on anything.  I am still waiting on the at faults insurance to tell me that mine is totaled so that I can actually start shopping around.  The 1.24% would be awesome if I had the score for it.  I am sitting at 656 on EQ according to myFICO Score Watch.  I didn't see a change when the tax lien was removed.  Good that there was no loss but sucky that there was no gain.  

I make $25k at my job and have $11k from other income per year.  So my income is low when considering a loan.  I understand that.  I'm not a first time buyer but since my current bank doesn't report it makes it look like I am.

[Remember0]

If you're looking for an approval of 25k on a 36k income, I'm going to recommend the bigger banks. Not sure what your EX pulls, but if it's relatively clean, perhaps BofA? If BofA doesn't work, then I'd try Cap One. When applying make sure you state income as 36k! Putting 25k will make the whole experience harder. Also are you sure the 25k is your gross income (ie before ANY taxes are taken out). Often people put their take home, but virtually all auto loan apps ask for gross pre-tax income.

Hughes FCU is also an option with their first auto loan program (you'd qualify since no auto reports to credit). But Hughes' APR is 4.75%, and they require a 15% down payment + 12 months with current employer. And also I'm not sure if they'd approve for 25k.

[beachdudede]

I was approved for a loan and membership with DCU last week and in my Inbox in my account is a message about DCU's Payment Rewards Program. The program lowers your interest rate by 1/4% for every three straight months of early or on-time payments up to a maximum interest rate reduction of 1.5%.

[Shellie]

$25k is my gross from my job.  $25,700/job and $11,800/other  

I am still waiting on the at fault's ins to tell me that they totaled my car.  I am considering waiting until August to actually purchase.  The tax lien 'supposedly' is no longer reporting, however, the CRA's haven't updated their own systems to show any score changes.  Praying that I don't loose points.  Also that will give me a little extra time to pay down some of my UTL.  I think I'm sitting at over 40% currently.

[Remember0]

Pull your own reports and see if the liens are there. Sometimes you need to send in the withdrawal papers to get the bureaus to remove the liens.