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GOT APPROVED FOR GM FINANCIAL FOR A BRAND NEW CAR OF 22000 $ WITH A SCORE OF 590

Valued Member

GOT APPROVED FOR GM FINANCIAL FOR A BRAND NEW CAR OF 22000 $ WITH A SCORE OF 590

MY QUESTIONS  IS  WILL THIS AUTO LOAN BOSST MY CREDIT  TO A HIGHER SCORE  IF I PAY IT ON TIME  I JUST  GOT IT A MONTH AGO   SO  IT DOESNT EVEN APPER ON MY CREDIT REPORT  YET  AND  I ALREADY DID THE FIRST PAYMENT OF IT    HAS ANYONE HAVE OR HAD A LOAN  WITH GM FINANCIAL BEFORE ????

Seedling:
Message 1 of 21
20 REPLIES
Established Contributor

Re: GOT APPROVED FOR GM FINANCIAL FOR A BRAND NEW CAR OF 22000 $ WITH A SCORE OF 590

If you don't have any installment loan (car, student loan, etc.) nor mortagage loan at all on your credit report, there is a possibility that having a car loan could bump your score up.  YMMV


My Starting Score: EQ: 691 (11/30/11) TU98: 726 (11/30/11)
My Current Score: EQ: 779 (04/22/13) TU08: 835 (06/03/13)
DW Starting Score: EQ: 742 (03/02/12) TU98: 748 (03/02/12)
DW Current Score: EQ: 784 (03/11/13) TU08: 775 (06/03/13)
Message 2 of 21
Valued Member

Re: GOT APPROVED FOR GM FINANCIAL FOR A BRAND NEW CAR OF 22000 $ WITH A SCORE OF 590

THANK  FOR YOU ANSWER   AND NO I DONT HAVE  ANY  TYPE  OF  LOANS  SO  IS BASICALLY MY FIRST LOAN  Smiley Happy

Seedling:
Message 3 of 21
Frequent Contributor

Re: GOT APPROVED FOR GM FINANCIAL FOR A BRAND NEW CAR OF 22000 $ WITH A SCORE OF 590

Pay them on time and no matter what happens in life you will be able to finance a car!

 

NFCU Cash Rewards 20,000,NFCU Plat 17,000, NavCheck 15,000, USAA Cash 4,000, USSA Rate Adv 2,000, USAA AMEX 3,500, Freedom 2,000, Capital One 2,000, Barclay's Apple 1,500, Barclay's Ring 1500, Various Store Cards.




Message 4 of 21
Established Contributor

Re: GOT APPROVED FOR GM FINANCIAL FOR A BRAND NEW CAR OF 22000 $ WITH A SCORE OF 590


arredondo3417 wrote:

MY QUESTIONS  IS  WILL THIS AUTO LOAN BOSST MY CREDIT  TO A HIGHER SCORE  IF I PAY IT ON TIME  I JUST  GOT IT A MONTH AGO   SO  IT DOESNT EVEN APPER ON MY CREDIT REPORT  YET  AND  I ALREADY DID THE FIRST PAYMENT OF IT    HAS ANYONE HAVE OR HAD A LOAN  WITH GM FINANCIAL BEFORE ????


My wife and I just bought a new Kia in January through GM Financial.  They specialize in providing auto loans for people with rough credit histories.  We got a very high interest rate.  However, at the time we were very glad to get any sort of financing.  I have read a lot of bad things about this company on the internet (Google them and see for yourself).  Most of these though seem to stem from the type of people the finance usually not paying the bill regularly.  I think if you make all your payments on time you should be fine.  Also, assuming you have a higher credit interest rate like we did, pay extra every month to save yourself interest.  Also, after maybe 6-12 months of on time payments, maybe see about a refinance because with the history of this loan, you would have a good shot at a lower interest rate.

Gardening with: PSECU Combo $1k, Chase Freedom $3.5k, Discover It $1.7k, Amex Costco True Earnings $2k, Capital One Platinum $500, Best Buy Store Card $2.7k

Starting Score: FICO: 587 EX, 594 EQ, 632 TU, 2/15/12; USAA FAKO: 525 EX, 541 EQ, 525 TU, 2/15/12
Current Score: FICO: 678 EX, 629 EQ, 658 TU, 3/27/12; USAA FAKO: 721 EX, 721 EQ, 576 TU, 3/9/12
Goal Score: 700 Across the Board and Amex Zync or Costco By The End Of 2012


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Message 5 of 21
Valued Member

Re: GOT APPROVED FOR GM FINANCIAL FOR A BRAND NEW CAR OF 22000 $ WITH A SCORE OF 590

Yea. We got a high interest rate like the 16% but it was ok. I mean we have the car. And also I have to agree you bad reviews of the company are most of the comments for people who doesn't pay they're bills. On time. Thanks for the advice
Seedling:
Message 6 of 21
Valued Contributor

Re: GOT APPROVED FOR GM FINANCIAL FOR A BRAND NEW CAR OF 22000 $ WITH A SCORE OF 590

Make pmts on time and then refi for a shorter term, while keeping same pmt amt.

5/2012: 560 credit scores across the board
12/2014 750+
3/2017 780+
5/2017 800+
Message 7 of 21
Frequent Contributor

Re: GOT APPROVED FOR GM FINANCIAL FOR A BRAND NEW CAR OF 22000 $ WITH A SCORE OF 590


Repo-ed wrote:

Make pmts on time and then refi for a shorter term, while keeping same pmt amt.


+1

TU Auto enhanced FICO (9/2012): 744
EX FICO (8/2012): 748
EX FICO (6/2010): 739
Message 8 of 21
New Visitor

Re: GOT APPROVED FOR GM FINANCIAL FOR A BRAND NEW CAR OF 22000 $ WITH A SCORE OF 590

I just wanted to let you know something on this. If you ever get a payment behind don't agree to their deal. Work on catching the payment up. I have a loan for a 2010 GMC pickup and I got a payment behind. They are large payments and a bit hard to catch up. I have done it before though, this is due to getting sick and missing days at work. Anyway, GM came up with this deal and it sounded good to me. I should have asked all kinds of questions but I trusted them to be honest with me. Wrong, what they said they would do is put two payments they had to do two, behind on the loan. And so I would just start over with the next month, see a month to just not have to pay a payment. Sounded good to me and I should have known too good. Because when I checked my credit rating, I see where I am two payments behind on my truck loan. That will stay on the credit rating till the loan is paid off, so for 7 years. When I called GM I was told they don't see those payments as paid till the loan is paid off. And so if I should get sick again and get another payment behind they will come to take the truck. Or they could take it at any time that they want as I am two payment behind on the truck. So I paid them a fee and now I really can't leave the truck at work or for every long for it could just be gone. So if you get behind find another way to catch back up! Don't take their deal because it isn't to help you at all. And it will mess up your credit rating for 7 years or longer. So though they are good about giving loans they can be right nasty. I wish now I hadn't bought the pickup. But my credit rating at the time of the loan was 526 and so I thought wow! But now I can't buy anything else and I am stuck with worrying about my truck being taken. And I am trying to find a way to make up those payments. But at $460.00 a month it will be a while before I can get those two caught up. But I am going to do it!

Message 9 of 21
Established Contributor

Re: GOT APPROVED FOR GM FINANCIAL FOR A BRAND NEW CAR OF 22000 $ WITH A SCORE OF 590

Congrats

Message 10 of 21