tony_stewartfan20 wrote:
I've been reading the forums and approvals that various posters have received. After some consideration I went to the Nissan website and applied for preapproval. The day after applying I received an email stating that they couldn't grant preapproval at this time and I was "strongly urged" to go to the local dealership. Should I even try at a dealership? NMAC seemed to have pretty lenient guidlines on credit scores so when the preapproval wasn't granted it made me a little nervous. Anyone else ever had this happen then go to the dealership and things work out favorably? BTW, MyFico Equifax is showing 660. Thanks in advance!
Everyone is different, every deal is too.
Although it is good to gain anectdotal advice from other persons experiences, CREDIT SCORE ALONE DOES NOT DETERMINE A DEAL, RATES OR APPROVAL.
Other factors:
- debt to income ratio
- gross monthly income, in most cases if you do not make $1,800 a month not counting overtime you are not getting approved.
- past experience with that specific lender (good track record may get you approved)
- time on job
- length of unbroken employment
- Loan to value of new car
- type of employment (FT/PT/Self)
- equity carried into deal (either positinve in the form of downpayment or negative equity from a trade in)
And last but not least: The WHIMS of the bank, They could suddenly decide that people with a certain score in a certain area are no longer viable, or suddenly decide to lower standards. Or to lower standards for the rest of the month, or to lower standards only on people buying trucks, or people financing between $7,000-$10,000.
Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
