I can help, I manage a car dealership.

[currentlywinning]

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@UpNComing wrote:

Sorry I haven't gotten back to anyone today.  I'm recovering from LASIK surgery.  I'll catch up with your questions tomorrow.

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OMG rest up!

[UpNComing]

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@Revelate wrote:

 

Ah not what I meant: the Honda / Acura / Toyota / Lexus dealerships that I looked at for just general comparison ideas here in Los Angeles, all had a "Apply for Financing" link prominently displayed on their websites.

While it's certainly in everyone's best interests for for the dealer to try to beat the current approval, if I were to have used one of these links, would it have saved any time for the F&I folks at all?  I don't know if those are generally just a pre-qual type link, or if it actually polls at least the captive lender.  I didn't try it so I can't see from my reports if it actually does a HP or not.

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Gotcha, applying through the dealer would really speed things up as long as you have negotiated your deal ahead of time as well.  The best case scenario would be email or phone negotiations and applying through the dealer website.  You really shouldn't be at the dealer for more than an hour to take delivery.

[UpNComing]

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@92235 wrote:

I just want to get something straight. If you have never had a car loan you will always get 8%+ interest? I went to Hyundai last summer and they pretty much told me the same thing. I don't have a car loan because I have always paid cash. I also had a 6.5 year old $150 collection that just fell off this month. I just pulled my EQ score on here and got a 746. Would I still get the crappy interest rate even at 746? I have about 4.5 years credit use and 3 years AAoA. I only have credit cards and no installment loans. I have enough income and could put down over 30% down (of course Hyundai wouldn't let me put any down if I took captive.)

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Not always.  YMMV of course.  Many manufacturers will mirror each other on their first time buyer programs.  VW adds 8.75% to an A Tier rate.  For example if you buy a Jetta at .9% special rate financing then your rate would be 9.65%.  Asking a bank to give 20K to someone that has no history of repaying such a loan is risky at best.

[UpNComing]

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@Anonymous wrote:

Great info UpNComing, thanks for helping everyone out!  I have a question for you if you don't mind. I'm in the 5th year of my car loan (original amount 17k) and will be looking for another car in about 8 months or so.  From your experience, could you give me a rough guess as to what financing rate I 'might' get?

My scores now:  TU 575  EQ 555

I just had one 30 day late removed from 5 year auto loan, so it's now showing perfect payment record (this was done after I checked my scores, so not reflected in above scores)

Just approved for Cap One secured credit card, 300 limit (not reflected in scores yet)

Sucessfully PFD 4 medical collections ($900 total and not reflected in scores above)

Unfortunately, I have three paid judgements that may be hard to remove.  (2007, 2009, 2010)

Those are the only things on my entire report.  I'm assuming my scores will see a positive jump based on the above, but who knows how much.  I'm certain someone will finance me, but I'm not looking to pay 21% again, lol.  I know you can't predict what will happen when it comes to credit, but what would your guess be if you had to make one?  Also, the purchase price I'm looking at will be 25-30k, with 30% down.

Thanks!!

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How is your income and do you have a recent job history with no gaps?

[UpNComing]

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@currentlywinning wrote:

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@UpNComing wrote:

Sorry I haven't gotten back to anyone today.  I'm recovering from LASIK surgery.  I'll catch up with your questions tomorrow.

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OMG rest up!

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Thanks

[UpNComing]

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@Revelate wrote:

 

Ah not what I meant: the Honda / Acura / Toyota / Lexus dealerships that I looked at for just general comparison ideas here in Los Angeles, all had a "Apply for Financing" link prominently displayed on their websites.

While it's certainly in everyone's best interests for for the dealer to try to beat the current approval, if I were to have used one of these links, would it have saved any time for the F&I folks at all?  I don't know if those are generally just a pre-qual type link, or if it actually polls at least the captive lender.  I didn't try it so I can't see from my reports if it actually does a HP or not.

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Never known a dealer to have the ability to SP anyone.

[Revelate]

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@UpNComing wrote:

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@Revelate wrote:

 

Ah not what I meant: the Honda / Acura / Toyota / Lexus dealerships that I looked at for just general comparison ideas here in Los Angeles, all had a "Apply for Financing" link prominently displayed on their websites.

While it's certainly in everyone's best interests for for the dealer to try to beat the current approval, if I were to have used one of these links, would it have saved any time for the F&I folks at all?  I don't know if those are generally just a pre-qual type link, or if it actually polls at least the captive lender.  I didn't try it so I can't see from my reports if it actually does a HP or not.

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Never known a dealer to have the ability to SP anyone.

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Yeah, it was shorthand for "inquiry."  I get lazy on forums, my apologies.

[Anonymous]

How is your income and do you have a recent job history with no gaps?

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When I apply for the loan, I'll have been at my current job for a bit over 5 years (GM of a Marina) and my monthly gross is $6.5k.  Thanks UpNComing!

[UpNComing]

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@Anonymous wrote:

How is your income and do you have a recent job history with no gaps?

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When I apply for the loan, I'll have been at my current job for a bit over 5 years (GM of a Marina) and my monthly gross is $6.5k.  Thanks UpNComing!

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There are suprime lenders that would pick you up for sure.  I would think with your scores you'd be in the mid-upper teens to lower twenties depending on the lender.  I know thats a heck of a swing but without looking at an entire picture its tough to nail it down.

Work on getting your scores over 600 and you'll save yourself 5-7 points!

[Anonymous]

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@UpNComing wrote:

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@Anonymous wrote:

How is your income and do you have a recent job history with no gaps?

---

When I apply for the loan, I'll have been at my current job for a bit over 5 years (GM of a Marina) and my monthly gross is $6.5k.  Thanks UpNComing!

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There are suprime lenders that would pick you up for sure.  I would think with your scores you'd be in the mid-upper teens to lower twenties depending on the lender.  I know thats a heck of a swing but without looking at an entire picture its tough to nail it down.

Work on getting your scores over 600 and you'll save yourself 5-7 points!

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I think I have a reasonable chance of getting them to low-mid 600s by then.  Thanks for the advice!