So excited, trying to buy a car (first time buyer) and I've been doing a lot of research trying to find the best place for a 72 month loan. Applied with US Bank and was rejected as a first time buyer, and a credit union offered me Tier 2 of 4.2%. Decided to bite the bullet and try BoA as a last ditch effort, and was just instantly approved online at 2.6% for 72 months! They called me to verify and I said I would rather have the best advertised rate after seeing my Equifax score they pulled (774). She said no problem and lowered it to 2.39. Approved for $25,000, but she said I could go over if I want (unlikely).
Yay!
Starting Score: 583 (CreditKarma, 2009)
Very nice, Congrats! Great score too! 
My bad, the rate is actually 2.09% SWEET
Congrats! i will be there one day
It's none of my buisnees but is your income over 40k? i ask because i'm curious to known how they figure the amount of loan, i want to have a good idea once i'm ready. Unfourtunaetly at theis point i'm only around 35k
Yeah I'm over 40K, but I've seen people approved for similar amounts to mine with lower incomes. I'm not sure how income is figured into it.
@SamsungHDTV wrote:
@BlueHusky wrote:Yeah I'm over 40K, but I've seen people approved for similar amounts to mine with lower incomes. I'm not sure how income is figured into it.
Income is figured into your debt to income ratio. Lets say Sally makes $90K/annually butt her debts are extremely high so she has no disposable income to take on a new car payment. Or Bob who makes $30K but has no debts, lenders will favor him over Sally. Hope this helps.
Thanks! So I make 50K per year and debts are $500 per month if that helps.
