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Frequent Contributor
Kratos-TM
Posts: 426
Registered: ‎05-23-2013

Re: Looking for a bigger loan

Everybody will always give advice to app outside of the dealership first......and that's what you should do, and that's what you have done.......BUT..... there's one downside to apping outside of the dealership, and that is the amount you get approved for won't be as high. The criteria for the approval is stricter when going on your own, but a dealer has so much pull with his banks he deals with because they NEED to sell cars and his banks knows that, that the dealer can get you approved for a higher amount than what you can get on your own.

 

The advantage to apping outside of dealer is for PERCENTAGE RATES, not loan amounts....and I think people should clarify this when giving out this advice.

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Member
Autoloanwar
Posts: 14
Registered: ‎12-03-2013

Re: Looking for a bigger loan

Kratos, Thanks i just got my email from chase and they have approved me for $20,000 at 3.69% not the $32,000 i ask for the rates are ok i guess but not the amount. I guess I should find a Dealer i like online have them finance from there F&I guy/girl  and see what he/she can do for me?

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Discover $15,700, Amex $15,000, Citi$10,000, Bank Of America 7,500 Paypal Extra $7,500, Chase $6,500, Wells Fargo $4,000, CU Card $3,500, CU Line of Credit $3,500
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Creditaddict
Posts: 18,839
Registered: ‎10-23-2007

Re: Looking for a bigger loan


Autoloanwar wrote:

Kratos, Thanks i just got my email from chase and they have approved me for $20,000 at 3.69% not the $32,000 i ask for the rates are ok i guess but not the amount. I guess I should find a Dealer i like online have them finance from there F&I guy/girl  and see what he/she can do for me?


yes, apply to toyota

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Member
Autoloanwar
Posts: 14
Registered: ‎12-03-2013

Re: Looking for a bigger loan

Should i apply with Toyota or a Dealer who sells Toyota?

 

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StartingOver10
Posts: 3,814
Registered: ‎03-06-2010

Re: Looking for a bigger loan

[ Edited ]

coterotie wrote:

The 50% or 2/3's of annual income were the guidelines we used to use so people knew how to shop.  This was back in the old days when financial calculators and loan estimators weren't built into everyone's phone.  Hell we used a little book and people called us on our landline phone from their house land line phone.  Then we had a loan calculator on our desk that cost more than $750 and produced a paper tape about 2 feet long to write up the loan.  

 

It was based on the monthly payment not that you were paying off the car in one year with your annual income.  30k for 60mo is $539/month on a gross of 4,333 or 12%.  Mortgage payment of 1K puts him at 35%.  I would do the pre-approval with Toyota with the appropriate inputs and see what happens.

 

I can't disagree with the find a 2 year old one advice though.

 


^^^Thanks! I guess I was asleep this morning when I read the post. Sorry. I know how to do DTI calculations but sometimes I just mess up.....:smileysad:

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Creditaddict
Posts: 18,839
Registered: ‎10-23-2007

Re: Looking for a bigger loan


Autoloanwar wrote:

Should i apply with Toyota or a Dealer who sells Toyota?

 


what's the difference?

I thought Toyota told you they will forward to the dealership you pick?

Fico Scores: EQ 639 Navy, TU 665 GE, EX 677 Prosper (07-09-14)
You will have to put up Electric Fence to keep me in the garden!
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Frequent Contributor
Kratos-TM
Posts: 426
Registered: ‎05-23-2013

Re: Looking for a bigger loan


Autoloanwar wrote:

Kratos, Thanks i just got my email from chase and they have approved me for $20,000 at 3.69% not the $32,000 i ask for the rates are ok i guess but not the amount. I guess I should find a Dealer i like online have them finance from there F&I guy/girl  and see what he/she can do for me?


 

If you go to a dealer such as Toyota, you'll walk out of there with anything you want. I'm not kidding. TFS is so into selling cars, I've seen them give 0% fiancing and high loan amounts to people with crazy low scores. The same people who wouldn't get approved by anyone outside of the dealership.

 

Go apply quickly at the dealer while those inquiries you got is not hurting you. Wait too long and all these banks you apped with will come to haunt you over the next 6 months.

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Member
Autoloanwar
Posts: 14
Registered: ‎12-03-2013

Re: Looking for a bigger loan

[ Edited ]

Kratos-TM wrote:


Autoloanwar wrote:

Kratos, Thanks i just got my email from chase and they have approved me for $20,000 at 3.69% not the $32,000 i ask for the rates are OK i guess but not the amount. I guess I should find a Dealer i like online have them finance from there F&I guy/girl  and see what he/she can do for me?


 

If you go to a dealer such as Toyota, you'll walk out of there with anything you want. I'm not kidding. TFS is so into selling cars, I've seen them give 0% fiance and high loan amounts to people with crazy low scores. The same people who wouldn't get approved by anyone outside of the dealership.

 

Go apply quickly at the dealer while those inquiries you got is not hurting you. Wait too long and all these banks you apped with will come to haunt you over the next 6 months.


I apped with TFS online they sent it to the dealer I want to work with, now I guess I just wait and see what happens. Since I know what kind of rates I can get I'll try to see if they can match Or do better my hope is to get a large amount.

 

EQ FICO: 789
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Member
Autoloanwar
Posts: 14
Registered: ‎12-03-2013

Re: Looking for a bigger loan

Update so i found the car i wanted, And now i'm just waiting to here back from the Dealer tommorow he told me wells fargo came back with $20,000 (thats lower then what i got pre approved for which is 24,500) said he may need to talk to them and said he heard nothing from TFS. Also i was told me score is 762 what gives? I guess i'll just put down more if i can't get the amount i want I just don't understand..

EQ FICO: 789
EX FICO: 742
TU FICO: 772
Discover $15,700, Amex $15,000, Citi$10,000, Bank Of America 7,500 Paypal Extra $7,500, Chase $6,500, Wells Fargo $4,000, CU Card $3,500, CU Line of Credit $3,500
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Creditaddict
Posts: 18,839
Registered: ‎10-23-2007

Re: Looking for a bigger loan

How much?
And wow on score and any issues!
Fico Scores: EQ 639 Navy, TU 665 GE, EX 677 Prosper (07-09-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:

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