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Started applying for auto loan, my progress.

Valued Contributor

Started applying for auto loan, my progress.

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

 

 

 

"I am become death, the destroyer of worlds"
Message 1 of 13
12 REPLIES
Frequent Contributor

Re: Started applying for auto loan, my progress.

Hope your CU can come through!

Myfico scores.....
EX... 805 (11-10-13)
EQ... 810 (12-02-13)
TU... 810 (12-02-13)
Message 2 of 13
Valued Contributor

Re: Started applying for auto loan, my progress.


Kratos-TM wrote:

Hope your CU can come through!


Me too! *Crosses Finger*

"I am become death, the destroyer of worlds"
Message 3 of 13
Valued Contributor

Re: Started applying for auto loan, my progress.

Interest tidbit, all five lenders I applied with pulled Experian. No EQUIFAX or TRANSUNION was pulled, **bleep**.

"I am become death, the destroyer of worlds"
Message 4 of 13
Moderator

Re: Started applying for auto loan, my progress.


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 Smiley Happy.

 

Have to hit CU's really to have a shot of targetting a particular report outside your region for something like auto loans.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 741, EX 2 776, EQ 8 809, TU 8 774, EX 8 822 (1/1/18)
Goal Score:    EQ 5 771, TU 4 750, EX 2 776, EQ 8 809, TU 8 774, EX 8 822 (01/01/19)


Take the myFICO Fitness Challenge
Message 5 of 13
Epic Contributor

Re: Started applying for auto loan, my progress.

$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!
Message 6 of 13
Valued Contributor

Re: Started applying for auto loan, my progress.


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.

"I am become death, the destroyer of worlds"
Message 7 of 13
Epic Contributor

Re: Started applying for auto loan, my progress.


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.

Message 8 of 13
Valued Contributor

Re: Started applying for auto loan, my progress.


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.

"I am become death, the destroyer of worlds"
Message 9 of 13
Epic Contributor

Re: Started applying for auto loan, my progress.

Infiniti is TU only from my experience.
Message 10 of 13