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Established Member
sdotlow
Posts: 82
Registered: ‎05-06-2013
0

Re: First time buyer, opinions on my approval odds?

I had contacted DCU as a first time buyer, and they have strict requirements (relative to other places I applied for loanes with).

 

They'll require you to have 20% down, they'll only give you 50% max of your total annual salary, and depending on your score will require a co-signer.  This was as of 2 weeks ago when I called.

 

I had ended up getting 1.9% APR through my local credit union.  Dealership would only go down to 2%.  I do however have mid-high 700's for credit scores.  YMMV.


Amex CS scores - EX-745 / EQ-745 / TU-767 (6/28/13)
BankAmericard Cash Rewards - 10k, MAFCU Visa Rewards - 10k, Chase Freedom - 2500, Discover IT - 2000, Barclay Apple - 2000, AMEX BCE - 2000
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Established Contributor
Simply827
Posts: 742
Registered: ‎10-15-2012
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Re: First time buyer, opinions on my approval odds?


sdotlow wrote:

I had contacted DCU as a first time buyer, and they have strict requirements (relative to other places I applied for loanes with).

 

They'll require you to have 20% down, they'll only give you 50% max of your total annual salary, and depending on your score will require a co-signer.  This was as of 2 weeks ago when I called.

 

I had ended up getting 1.9% APR through my local credit union.  Dealership would only go down to 2%.  I do however have mid-high 700's for credit scores.  YMMV.


:smileysad:

 

Darn I was hoping to go with them. Looks like I might have to save up a little longer. I had asked this question on their website and no one mentioned these requirements.


Starting Score: 515
Current Score: EQ 689 EX 703 TU 707
Goal Score: 700+

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Established Member
sdotlow
Posts: 82
Registered: ‎05-06-2013
0

Re: First time buyer, opinions on my approval odds?

Call in and ask what the requirements are for a first time car buyer.  They'll run you through them all.


Amex CS scores - EX-745 / EQ-745 / TU-767 (6/28/13)
BankAmericard Cash Rewards - 10k, MAFCU Visa Rewards - 10k, Chase Freedom - 2500, Discover IT - 2000, Barclay Apple - 2000, AMEX BCE - 2000
Gardening as of 6/28/13
New Member
sgentile87
Posts: 7
Registered: ‎06-21-2013
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Re: First time buyer, opinions on my approval odds?

So, I was approved at Roadloans for a WHOPPING 13.02%, and Capital One for 16%!!!!!!!!!!!! Horrible APRs... SO I decided to just try my luck with the dealer.. I was APPROVED! At 6.9%!! I can't believe those other sites came back so high... anyways, I put deposit on my car and will be getting it this weekend it looks like. Very happy camper!  It was VW Credit for those who may use them in the future, and I used my girlfriend as a cosigner. They said it was my income and being over 20% down on the car that approved me.


Starting Score: EX-609 EQ-613 TU-626
Current Score: EX-609 EQ-649 TU-626
Goal Score: 700


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Established Member
sdotlow
Posts: 82
Registered: ‎05-06-2013
0

Re: First time buyer, opinions on my approval odds?

Congrats!


Amex CS scores - EX-745 / EQ-745 / TU-767 (6/28/13)
BankAmericard Cash Rewards - 10k, MAFCU Visa Rewards - 10k, Chase Freedom - 2500, Discover IT - 2000, Barclay Apple - 2000, AMEX BCE - 2000
Gardening as of 6/28/13
New Member
sgentile87
Posts: 7
Registered: ‎06-21-2013
0

Re: First time buyer, opinions on my approval odds?

Thank you! Also got my first unsecured CC today. Let the credit building commence!!!!!!!!!!!!!!!!

 


Starting Score: EX-609 EQ-613 TU-626
Current Score: EX-609 EQ-649 TU-626
Goal Score: 700


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Established Member
sdotlow
Posts: 82
Registered: ‎05-06-2013
0

Re: First time buyer, opinions on my approval odds?

Congrats again!  Just resist temptations to spend more than you can with those credit cards!


Amex CS scores - EX-745 / EQ-745 / TU-767 (6/28/13)
BankAmericard Cash Rewards - 10k, MAFCU Visa Rewards - 10k, Chase Freedom - 2500, Discover IT - 2000, Barclay Apple - 2000, AMEX BCE - 2000
Gardening as of 6/28/13

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