auto loan based on fico only?

[Anonymous]

I applied on LendingTree and the lowest rate was 6.9% from Up2Drive. Up2Drive is through BMW finance.

I called them to verify ID, they sent me a check, and I bought my car yesterday. All that was required was a copy of my drivers license. No income verification. The pulled Equifax.. my score with them is 713.

You don't have to go through LendingTree to apply with Up2Drive.. you can apply with them directly on their website.

They also talked the dealer down over $2k on the price of the car when he called for approval. A great added bonus!

Message Edited by Tpowers on 06-13-2008 10:31 AM

[Schoolbuskid]

Nice!

[MattH]

I suspect it depends on Loan-To-Value and overall credit history, in my case the
ONLY lender to have verified my employment in the past decade was for a mortgage,
and even they only verified the fact of my employment. I know this because where
I have worked since 1998 they use an automated system, where the company needing
to verify employment calls a 900 service and enters both the employee's Social
Security Number and a PIN that the employee gets from Human Resources. They take
employee privacy very seriously, so HR will only issue a PIN to the employee, each
PIN works for only one call, and there are two different kinds of PIN, one to verify
date of hire and one that also reports salary history.

In my case, all three of my classic FICOs have been consistently above 780 for
years, I've never been late on any car payment so my auto-enhanced FICOs are
probably similar, and when buying a car my upfront cash plus trade in has
always been at least a third of the purchase price. Borrowers with lower scores
or less down might need more documentation.