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New Contributor
750Hopeful
Posts: 152
Registered: ‎02-07-2013

Which bank is the easiest for an auto loan?

I'm trying to get a $40k loan for a $66K car (I'm putting 40% down/$26K). It's a Porsche and Porsche Financial Services will absolutely not approve me because I don't have past auto history on my credit report. I've got a 686 EQ FICO and my only baddies are 3 CO Amex accounts, but all have been paid and report a $0 balance. Does anyone know which are the easiest banks to get approved for an auto loan for on a new car? Not interested in using any subprime lenders that have a crazy 15%+ interest rate. The most interest I think I'd be willing to pay is 10%.

 

Thanks in advance for suggestions!

Valued Contributor
mauve
Posts: 2,487
Registered: ‎02-18-2010

Re: Which bank is the easiest for an auto loan?

My only suggestion is to ask on the auto loans board!

 

Oh, and to goodwill AMEX.

 


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


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Established Contributor
electra
Posts: 573
Registered: ‎10-21-2012

Re: Which bank is the easiest for an auto loan?

Probably Navy Federal Credit Union.  Check here to see if you can qualify for membership.



Starting Score: TU:584 | EQ 584
Current Score: TU FICO: 711 | EQ FICO 713 | EX (USAA FAKO) 779
Goal Score: 780 across the board


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New Contributor
750Hopeful
Posts: 152
Registered: ‎02-07-2013

Re: Which bank is the easiest for an auto loan?


mauve wrote:

My only suggestion is to ask on the auto loans board!

 

Oh, and to goodwill AMEX.

 


I've been goodwill'ing the **bleep** out of Amex. Have talked to 2 people in their Executive Relations team already who said there is nothing they can do. I just started a massive mailing campaign. I'm mailing them one letter each and every week until they say yes. :smileyhappy:

New Contributor
750Hopeful
Posts: 152
Registered: ‎02-07-2013

Re: Which bank is the easiest for an auto loan?


electra wrote:

Probably Navy Federal Credit Union.  Check here to see if you can qualify for membership.


Thanks! My uncle is a former MD in the military, but he's not a NFCU member. Should I convince him to become one so I can be?

 

My only concern is that I've heard that all credit unions require tax returns to verify income. I happen to be very behind on my taxes and don't have any recent returns (finally, right now, in the process of filing all of my back ones!). My bank statements over the last 6 months easily prove my income, and bank statements seem to be acceptable to banks, but it appears that credit unions ALWAYS want tax returns?

Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: Which bank is the easiest for an auto loan?


750Hopeful wrote:

electra wrote:

Probably Navy Federal Credit Union.  Check here to see if you can qualify for membership.


Thanks! My uncle is a former MD in the military, but he's not a NFCU member. Should I convince him to become one so I can be?

 

My only concern is that I've heard that all credit unions require tax returns to verify income. I happen to be very behind on my taxes and don't have any recent returns (finally, right now, in the process of filing all of my back ones!). My bank statements over the last 6 months easily prove my income, and bank statements seem to be acceptable to banks, but it appears that credit unions ALWAYS want tax returns?


I have never heard of any CU asking about tax returns to verify income.  I joined NFCU and nothing was ever mentioned about it.

New Contributor
750Hopeful
Posts: 152
Registered: ‎02-07-2013

Re: Which bank is the easiest for an auto loan?


guiness56 wrote:

750Hopeful wrote:

electra wrote:

Probably Navy Federal Credit Union.  Check here to see if you can qualify for membership.


Thanks! My uncle is a former MD in the military, but he's not a NFCU member. Should I convince him to become one so I can be?

 

My only concern is that I've heard that all credit unions require tax returns to verify income. I happen to be very behind on my taxes and don't have any recent returns (finally, right now, in the process of filing all of my back ones!). My bank statements over the last 6 months easily prove my income, and bank statements seem to be acceptable to banks, but it appears that credit unions ALWAYS want tax returns?


I have never heard of any CU asking about tax returns to verify income.  I joined NFCU and nothing was ever mentioned about it.


I don't see why they would ask just for joining. Did you get a loan from them and they didn't ask? Perhaps it's just for us self-employed folks?

Established Contributor
electra
Posts: 573
Registered: ‎10-21-2012

Re: Which bank is the easiest for an auto loan?

If you are self-employed they will probably want some sort of income verification, not sure what they would be looking for in your case.  In my case they simply looked me up  on the Work Report where my employer apparently reports every paycheck, every stock sale, every bonus. 

 

But, yes, get your family member to join and get in if you can....they are AWESOME.  



Starting Score: TU:584 | EQ 584
Current Score: TU FICO: 711 | EQ FICO 713 | EX (USAA FAKO) 779
Goal Score: 780 across the board


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

Re: Which bank is the easiest for an auto loan?

I had good luck with USAA.

 

I am also a self employed first time buy and they required no income verification.

 

I got the approval from them and took that to the dealer. USAA had me approved at 1.9% so the goal was to have the dealer beat that. The dealer was able to beat it with 0% financing. The dealer (subaru) teamed with Chase. They verified income via bank statements. Whereas USAA did not verify income. Although, they can obviously tell I make money through other methods.

 

I think they pulled EQ at 680 and TU at 710.

 

Don't get a car you hate, but don't waste too much money on a depreciating asset.

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


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