Auto Loans

[750Hopeful]

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!

[mauve]

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

Oh, and to goodwill AMEX.

[electra]

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

[750Hopeful]

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mauve wrote:

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

Oh, and to goodwill AMEX.

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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.

[750Hopeful]

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electra wrote:

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

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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?

[guiness56]

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750Hopeful wrote:

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electra wrote:

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

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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?

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

[750Hopeful]

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guiness56 wrote:

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750Hopeful wrote:

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electra wrote:

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

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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?

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

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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?

[electra]

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.  

[Dustink]

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.