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Really bad credit!!!! FICO really low! wanting auto loan with carmax

New Member

Re: Really bad credit!!!! FICO really low! wanting auto loan with carmax

That calculator isn't right........take the 290.65 times 45 and it gives you almost 14k the car is nice tho but yeah I lower APR would be great
Message 11 of 17
Epic Contributor

Re: Really bad credit!!!! FICO really low! wanting auto loan with carmax

1. I have never heard of a 45 month car loan.

2. if you bought the car for $14,000 and put $1400 down and your payment is $290 at an 18% interest rate your original loan was VERY MUCH 72 months sorry to say.

If you have an iphone I love the free app called "EZ Loan Calc" it's more for a house but works great for auto too Smiley Happy

Message 12 of 17
Moderator

Re: Really bad credit!!!! FICO really low! wanting auto loan with carmax

I use the auto loan calculator at Bankrate.com

 

It's possible you were underwriten by a private car lot type dealer and they have all kinds of odd things. For example, check your docs to make sure that there is no balloon at the end of 45 months. The balloon would be due as the last payment. This would account for the time differential that is discussed above.

 

Still, take the time to have your husband refi now or soon into a better loan before you go out and purchase anything.

Message 13 of 17
Valued Contributor

Re: Really bad credit!!!! FICO really low! wanting auto loan with carmax


aprilbrown77 wrote:
That calculator isn't right........take the 290.65 times 45 and it gives you almost 14k the car is nice tho but yeah I lower APR would be great

Ermagherd.  If you are paying 290.65 for 45 months and it pays off 14k, you have a 0% interest rate.  That would be sweet, but I sincerely doubt that is the case.

Either you are wrong about the total purchase price, and the car was much cheaper... or you are wrong about the loan terms.  If you don't have the original paperwork any more, just look on your credit report.  It will tell you the original loan amount.

3-26-15: FICO EXP: 828 - EQU:820 - TRAN: 828 - AVG: 825 +275 points from JUN 2008 - MY CREDIT JOURNAL

Message 14 of 17
Valued Contributor

Re: Really bad credit!!!! FICO really low! wanting auto loan with carmax

This sounds like the purchase price plus interest totals 14k. One of those loans that adds all interest up front. I had one of those before. If you check for current payoff(usually via online or phone call), run that amount thru a refi calculator. It will open your eyes to interest payments
OFFICIAL GARDEN START DATE: 10-05-2014... TARGET GARDEN END DATE: 06-01-2016 Lets Git 'r' dun
Message 15 of 17
Highlighted
Moderator

Re: Really bad credit!!!! FICO really low! wanting auto loan with carmax


Pupeitmeister wrote:
This sounds like the purchase price plus interest totals 14k. One of those loans that adds all interest up front. I had one of those before. If you check for current payoff(usually via online or phone call), run that amount thru a refi calculator. It will open your eyes to interest payments

Yea, those are bad loans because if you pay off early you are still paying the full amount of "interest" built into the loan. Those types of loans can be found at a BHPH type place (sometimes called a "tote the note" type lot).

Message 16 of 17
New Visitor

Re: Really bad credit!!!! FICO really low! wanting auto loan with carmax

The loan is probably for 14k including the interest. So it is possible! Also you should check both of your credit scores. Santander (Road Loans is who Carmax goes through if you have higher than a 535 I suggested running the app alone and seeing your rate if it is high then have him consign and it will reduce if his credit helps!

Message 17 of 17