So I decided after a year of not having a car and finally getting my credit to where it was somewhat decent I decided to apply for an auto loan for a private party purchase.
2009 BMW M3 - Coupe - Automatic - 40,000 miles.
$40,000 loan, 60 months, prefer 0 down but can put 20% down.
Salary: $90,000 / year
Good: Three open credit cards, one store card and one installment loan.
Bad: 1 Paid Judgement, 1 Paid Collection, 1 Paid Student Loan Collection
Lenders applying with:
Local Credit Union - Approved only for 25K at 9% APR.
Wells Fargo Auto Loans - Will only approve me for $15,000 @ 18% APR :/ **bleep**
U.S. Bank - Denied, don't know what reason until the letter comes.
Chase - Denied, don't know what reason until the letter comes.
Bank of America Auto Loan - Denied, Auto Enhanced Score from Experian: 610
Interest tidbit, all five lenders I applied with pulled Experian. No EQUIFAX or TRANSUNION was pulled, **bleep**.
@tonyjones wrote:Interest tidbit, all five lenders I applied with pulled Experian. No EQUIFAX or TRANSUNION was pulled, **bleep**.
Welcome to my world living in California 
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Have to hit CU's really to have a shot of targetting a particular report outside your region for something like auto loans.
@Creditaddict wrote:
$40k bleep!!
Go but a brand new Infiniti... They pull TU only here in CA and will tier 1 if they pull over 660.
Don't buy a $40k used BMW with no money down!!! I don't know why your credit is where it is but coming from someone who has made epic credit choices especially car ones you shouldn't buy this car!
@They wouldn't approve me for all 35K, only 25K @ 9% APR. Time to look for a different car lol all denied me except for my CU and Wells Fargo.
I'm 660 on TU and 640 on EQ but 610 on EX. :/ but they said they use EXPERIAN only.
I can afford a 40K BMW with 0 down but I guess I'm a risk with a thin history and some paid baddies, oh well. Time to buy a car and pay it off in a year.
@Creditaddict wrote:
@tonyjones wrote:
@Creditaddict wrote:
$40k bleep!!
Go but a brand new Infiniti... They pull TU only here in CA and will tier 1 if they pull over 660.
Don't buy a $40k used BMW with no money down!!! I don't know why your credit is where it is but coming from someone who has made epic credit choices especially car ones you shouldn't buy this car!@They wouldn't approve me for all 35K, only 25K @ 9% APR. Time to look for a different car lol all denied me except for my CU and Wells Fargo.
I'm 660 on TU and 640 on EQ but 610 on EX. :/ but they said they use EXPERIAN only.
I can afford a 40K BMW with 0 down but I guess I'm a risk with a thin history and some paid baddies, oh well. Time to buy a car and pay it off in a year.
660 TU will get you approved at Infiniti or possibly directly from BMW but not so used and that expensive.
Will Infiniti pull TU? All the lenders I've applied to pulled EX only.