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Contributor
Posts: 193
Registered: ‎04-01-2012
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Woo! Instantly Approved for BoA low rate (and recon'd to best!)

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)
Current Score: 783 (Walmart Free FICO, March 20, 2012), 774 (Equifax, BoA Pull, 2/20/13)
Goal Score: 800+


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Valued Contributor
Posts: 2,789
Registered: ‎10-10-2012
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Re: Woo! Instantly Approved for BoA low rate (and recon'd to best!)

Very nice, Congrats! Great score too! :smileyhappy:

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 816 EX 780 TU 823
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Contributor
Posts: 193
Registered: ‎04-01-2012
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Re: Woo! Instantly Approved for BoA 72 month

My bad, the rate is actually 2.09% SWEET




Starting Score: 583 (CreditKarma, 2009)
Current Score: 783 (Walmart Free FICO, March 20, 2012), 774 (Equifax, BoA Pull, 2/20/13)
Goal Score: 800+


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Posts: 4
Registered: ‎12-05-2012
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Re: Woo! Instantly Approved for BoA 72 month

Congrats! i will be there one day :smileyhappy: 

 

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

Contributor
Posts: 193
Registered: ‎04-01-2012
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Re: Woo! Instantly Approved for BoA 72 month

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.




Starting Score: 583 (CreditKarma, 2009)
Current Score: 783 (Walmart Free FICO, March 20, 2012), 774 (Equifax, BoA Pull, 2/20/13)
Goal Score: 800+


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Established Contributor
Posts: 711
Registered: ‎10-25-2011
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Re: Woo! Instantly Approved for BoA 72 month


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. 

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.
Contributor
Posts: 193
Registered: ‎04-01-2012
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Re: Woo! Instantly Approved for BoA 72 month


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.




Starting Score: 583 (CreditKarma, 2009)
Current Score: 783 (Walmart Free FICO, March 20, 2012), 774 (Equifax, BoA Pull, 2/20/13)
Goal Score: 800+


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New Member
Posts: 4
Registered: ‎12-05-2012
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Re: Woo! Instantly Approved for BoA 72 month

great knowlege guys, thanks!

Regular Contributor
Posts: 107
Registered: ‎07-26-2012
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Re: Woo! Instantly Approved for BoA 72 month

Congrats on the great rate!

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