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Established Member
LShan82
Posts: 38
Registered: ‎12-17-2011

Where to apply for Car loan 673/688

Hi guys, I haven't been on the boards in awhile, I joined 12/2011 when I thought I wa ready to buy a car.  Well i didn't and I'm glad I waited my FICO Scores are  673 for Transunion and Equifax is 688. 
Any idea who I should use to finance a car.  I don't want anything fancy,  Mazda 3 or Kia Soul.  I'd rather not pay over 18,000 for a car.   Any suggestions?

Established Contributor
SamsungHDTV
Posts: 517
Registered: ‎10-25-2011

Re: Where to apply for Car loan 673/688

Credit unions, apply at several of them. and then apply at the dealership last and have them try to beat your rate. I had about the same scores as you, a little less and was approved for 3.75% APR and then .40% discount for joining the credit union and auto pay. Then again its not my first car loan, and they actually reduced their rate to beat the dealer's rate of 3.8%

I'm a personal banker and do a lot of auto loans serving the Houston area.
I suggest first time car buyers to read the sticky guide in the auto loan section.
I try to check these forums often, but if I missed your post, please feel free to message me with a link to it.
Valued Contributor
boomhower
Posts: 1,863
Registered: ‎09-20-2011

Re: Where to apply for Car loan 673/688

Agreed with the CU suggestion.  DCU would give a very competitive rate with those scores. 

Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: Where to apply for Car loan 673/688

Get a good pre-approval in hand and see if the dealer can beat it.

 

CU's and USAA.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Established Member
LShan82
Posts: 38
Registered: ‎12-17-2011

Re: Where to apply for Car loan 673/688

Thanks so much for the responses...  what is dcu? I just googled it is it digital federal credit union?  I applied for an account for PenFed, do you think my scores are too low for htem?

Established Member
LShan82
Posts: 38
Registered: ‎12-17-2011

Re: Where to apply for Car loan 673/688

I also wanted to add, this is not my first car loan, but second.  My payment history on the first loan was pretty good.  out of five years I was probably only late twice.  But that was 8 years ago. 

Established Member
LShan82
Posts: 38
Registered: ‎12-17-2011

Re: Where to apply for Car loan 673/688

So I've been denied by two credit unions....  SHould I try another?  Try a company that specializes in bad credit?  I really don't want to do roadloans/stand (however you spell it. LOL ) 

 

HEre is a brief description of my history 

I have 2 civil judgments 

discover 7/27/2006 $1929

davis acquisitions 1/16/08 $1467

2 Hospital Collections 3/1/11 $257 and $795

3 accounts in bad standing 

Bloomingdales opened 2/11 late 30 dys 4/11

LaneBryant late 30 9/09 and 6/09 late 60 10/09

Dept of ED, it says unrated but 60 days late 4 x 6/10 9/09 10/08 and 11/07 90 days late twice 7/10 and 12/07

 

 

Established Contributor
sccredit
Posts: 774
Registered: ‎09-14-2012

Re: Where to apply for Car loan 673/688


LShan82 wrote:

So I've been denied by two credit unions....  SHould I try another?  Try a company that specializes in bad credit?  I really don't want to do roadloans/stand (however you spell it. LOL ) 

 

HEre is a brief description of my history 

I have 2 civil judgments 

discover 7/27/2006 $1929

davis acquisitions 1/16/08 $1467

2 Hospital Collections 3/1/11 $257 and $795

3 accounts in bad standing 

Bloomingdales opened 2/11 late 30 dys 4/11

LaneBryant late 30 9/09 and 6/09 late 60 10/09

Dept of ED, it says unrated but 60 days late 4 x 6/10 9/09 10/08 and 11/07 90 days late twice 7/10 and 12/07

 

 


You should have disclosed the baddies in the first post.  Your probably going to have to let it ride with dealer financing.  

 

You need to address the judgments and collections.  

Mortgage $296k/$310k
Autos Loans $29k
Unsecured Lines $167.2k

Discover FICO 757
DCU FICO 744

Established Member
LShan82
Posts: 38
Registered: ‎12-17-2011

Re: Where to apply for Car loan 673/688

Sorry, I didn't realize that. I thought it was mostly your score that mattered. 


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