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What I have left over from my income is $2500 because I usually spend $1000, but lately my expenses have been nothing. So I've saved enough to purchase the car, but I rather finance because I need credit history.
With an income of 42000 dollars, 12 times 3500, a fico credit score of 692, it is incomprehensible to me why youcannot get an auto loan, It seems to me if you are upright and breathing Capital one would finance you.
That is what I assumed. My sales man said they denied me. So either he is lying (which I am thinking) because he isn't making anything for himself, or that I'm missing something.
Would I be able to call them and see if a loan was pulled for me?
Good news, got approved by Chase. They just want my pay checks, and proof of residence. However the rate is 14.24%! My brothers gf works for Chase, so he said she can try and get a lower rate. But at least I can get the car!
I think if you will now take that already approved loan status into a reputable dealer, not the same one you went to previously they will now get you a better APR. With a 692 fico and very little DTI you should easily get into the 6-7 % range. Good Luck!
No, that pre-approval is from the dealer via Chase. They need some more info though, so not 100% in the clear.
@Anonymous wrote:Good news, got approved by Chase. They just want my pay checks, and proof of residence. However the rate is 14.24%! My brothers gf works for Chase, so he said she can try and get a lower rate. But at least I can get the car!
You have to negotiate with the finance guy - he thinks he's got you over a barrel. They all do that - start high and act like that's the best they can do. They did the same to me started off at some rate north of the one you were just quoted and I ended up with a rate of 7.14% (due to a BK in 2008).
However, based on your entire post, I would find another dealership to purchase from because this particular finance guy sounds like he is uncooperative (more than usual).
+1 Or tell him you think you could do better and you're going to go elsewhere. See if that lights a fire.
@Anonymous wrote:What I have left over from my income is $2500 because I usually spend $1000, but lately my expenses have been nothing. So I've saved enough to purchase the car, but I rather finance because I need credit history.
Not at that interest rate you don't.
Patience, grasshopper.
You have the $. Pay for the car with the cash, but I'd also use part of my savings and pay down your credit to less than 10% utility. Keep it there.
Meanwhile, let time work on your credit score. Add a secured personal installment loan w your CU. Add a new line of credit, perhaps a credit card w the same CU. Always let all cards report as 0, except 1. Let that report at less than 10% util. Drive the paid for car into the ground. By then you'll have perfect adequate credit and work history.
And let me add, my husband usually gets a small auto loan before the previous falls off at the 10 yr mark. This time around we didn't get one in time. There was no issue getting a good interest loan by following the above, and that was w a BK on his report. Don't let credit score fear cause you to overpay on something.
Go to Chase directly? See what they say and bring that back to the finance guy and let him squirm.