Help needed - Where to finance

[bobtail]

Looking to finance, 24 month loan on a,  2003 windstar with 53,000.  Planning to pay off within 12 months. 

EQ 700       2003 judgement, paid,       2003 mtg, 120 late-mtg paid in full 2005

EX 731        no baddies

TU 666       2003 mtg, 120 late-mtg, paid in full 2005 

DTI 26% on  EQ & EX

DTI  47% on TU  (they factor chase sapphire at 100% utility)  can not figure how they come up with 47%

Available credit 19,990

Bal on chase sapphire  2900

Bal on HSBC                   2800   cl 6500

Bal on Cabelas                 500   cl 1500

9 other accounts 0 Balance

For short term financing, should I let dealer finance or try Credit Union?  Should I apply for another 0% CC, and charge van?

This is a need purchase.  After breathing life into my 98 Windstar for another year, it has finally died.

Always paid cash for car, so no previous auto loans.

[Jazzzy]

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@bobtail wrote:

Looking to finance, 24 month loan on a,  2003 windstar with 53,000.  Planning to pay off within 12 months. 

EQ 700       2003 judgement, paid,       2003 mtg, 120 late-mtg paid in full 2005

EX 731        no baddies

TU 666       2003 mtg, 120 late-mtg, paid in full 2005 Where are these 3 scores from? Are they FICOs? Make sure you are looking at FICOs and not one of the "credit scores" that are sold by a lot of the vendors. Lenders look at FICOs, so the others are fairly meaningless if you really, truly want to know where you are starting.

DTI 26% on  EQ & EX

DTI  47% on TU  (they factor chase sapphire at 100% utility)  can not figure how they come up with 47%

Available credit 19,990

Bal on chase sapphire  2900

Bal on HSBC                   2800   cl 6500

Bal on Cabelas                 500   cl 1500

9 other accounts 0 Balance

For short term financing, should I let dealer finance or try Credit Union?  Should I apply for another 0% CC, and charge van? You can apply for a 0% credit card if you can find one that will give you enough breathing room when it expires. You will want to be careful that you get the whole thing paid off in the given timeframe so that all of the higher interest doesn't kick in. Personally, I would check with a credit union first....or.....wherever you bank now. Sit down with someone with your report(s) in hand and tell them you don't want your credit pulled yet, that you are just trying to get an idea. If you let the dealer finance, ask them how many lenders they are going to shop your loan with. We've seen people come back with 12-16 inquiries. Sure, they count as one for FICO scoring purposes, but future lenders will still see them all, and you may have some explaining to do. It can also be a problem with applications made by computer. Computers can count, and the number of inquiries can be an issue.

This is a need purchase.  After breathing life into my 98 Windstar for another year, it has finally died.

Always paid cash for car, so no previous auto loans.

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[bobtail]

Hello,

All scores are fico, TU & EQ pulled from myfico.  EX pulled from gas company.  What credit union would you recommend?

Thank You

[OptimalFICO]

Pentagon Federal Credit Union is a conservative lender, but if you can get approved, they have excellent auto loan rates. They have a couple nonprofits you can join in order to qualify to join the credit union as a member, no need to renew after the first year.

Also, make sure to submit all auto loan applications within a ten day period (it may be two weeks, but try to stick to ten days) and the FICO algorithm will consider all the inquiries as one.

[sherrrm]

I work at a dealership here in Oregon and trust me, always go to a CU first. Dealerships can sometimes make money off of the interest given to the customer. You have a lot more buying power when coming to a dealership saying you already have financing taken care of.

[OptimalFICO]

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@sherrrm wrote:

I work at a dealership here in Oregon and trust me, always go to a CU first. Dealerships can sometimes make money off of the interest given to the customer. You have a lot more buying power when coming to a dealership saying you already have financing taken care of.

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Is it better to refrain from telling the dealer one has financing taken care of so that they think they might be making money off the interest and give a better price on the auto? Versus if they know they're not going to make money on interest, they need to get more profit out of the price???

[sherrrm]

No. The salesman makes money only on the price they sold the vehicle for and sometimes the warranty sold.