Reply
Member
persocon
Posts: 17
Registered: ‎05-04-2014
0

trying to buy a used $26k car, how's it look/OMG LOVE DCU

[ Edited ]

Update:

pre-approved from Chase

$24k loan (have $5k cash for downpayment)

3.11%APR that's already including being Chase chck customer 0.25% and setup autopay option 0.25% discounts.

60months

 

pre-approved from DCU

$23k loan (have $6k cash for downpayment)

1.74%APR   1.24% with Relationship account with DCU

48months

 

I applied DCU second, and figured lower term would get better rates, and I can scrounge up a $1k for downP)

 

$26k used car (if i can talk them down $990) less if i can negotiate farther

$5k down

TU 790 per discover card as of April 2014

TU 756 per creditkarma as of May 4 2014

EQ 758 per quizzle as of May 4 2014

EQ 747 pulled by DCU after Chase autoloan hard pull days earlier

EX 788 per credit sesame as of May 4 2014

 

I paid off an auto loan (toyota financial) of $8500 two years ago, never late payments

I co-signed an auto loan (toyota financial) and currently have $6300 left on that, never late payments

 

I'm noob, so feel free correct me on anything

 

Should I apply at my personal bank Chase first? Would I qualify for their lowest 1.99% minus 0.25% for checking and minus 0.25% for setting up auto pay?

 

Should I apply at DCU? (as in Digital Federal Credit Union right?)

 

Do you think I should try local CUs as well? I doubt they can come close, because Bellco CU lowest for used car loan is around 2.6%

 

Thank you guys!

Member
dballard17
Posts: 16
Registered: ‎04-28-2014
0

Re: trying to buy a used $26k car, how's it look

From the information you gave you will have zero problems and probably get the best rate. The scores your posted are your Fico(fako) scores. The lenders will pull your auto enhanced score which is based off auto loan/installment loan history. Being that you have no negatives in that area you're good to go. Find the lowest advertised rate and go for it. Chances are you'll easily get the Chase loan. Don't be afraid to apply to multiple lenders. My understanding is that multiple auto loan pulls in a certain time frame gets lumped into one.

Community Leader
Senior Contributor
StartingOver10
Posts: 4,416
Registered: ‎03-06-2010
0

Re: trying to buy a used $26k car, how's it look

I like Chase, but for a new auto loan it makes more sense to apply to a CU. CU's generally have better terms - lower rates and are much easier to finance a vehicle.

 

It isn't really possible to know what you would get approved for with the info you provided because the scores you show are not FICO scores and those scores have no relationship to FICO scores.

 

Also, the income and DTI is an important factor when getting a car loan. You are a co-signer on a loan so that will impact how much you can borrow - depending upon your actual income (if it is high enough than it won't effect it).

Member
persocon
Posts: 17
Registered: ‎05-04-2014
0

Re: trying to buy a used $26k car, how's it look

oh this is for a used car auto loan, not sure if it's what you mean.

 

Got it, so all those are FAKOs, same FAKO score I would get if I were to pay each of the bureaus?

Community Leader
Senior Contributor
StartingOver10
Posts: 4,416
Registered: ‎03-06-2010
0

Re: trying to buy a used $26k car, how's it look


persocon wrote:

oh this is for a used car auto loan, not sure if it's what you mean.

 

Got it, so all those are FAKOs, same FAKO score I would get if I were to pay each of the bureaus?


No. There are tons of FAKO scores. The CRA's offer different consumer scores because it is a revenue generating device for them.

 

When you buy the scores here they are at least FICO scores. However, some auto dealers use FICO scores that are weighted heavier for auto loans and we don't have access to those scores at all. Just the one FICO score offered here. Read this section: http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/bd-p/ficoscoring

Regular Contributor
SocalMark
Posts: 151
Registered: ‎06-09-2009
0

Re: trying to buy a used $26k car, how's it look

I thought the discover score is a true fico score?

Community Leader
Senior Contributor
StartingOver10
Posts: 4,416
Registered: ‎03-06-2010
0

Re: trying to buy a used $26k car, how's it look

[ Edited ]

SocalMark wrote:

I thought the discover score is a true fico score?


Yes, the discover card is a FICO score. They can't label it FICO if it isn't one. The others are FAKO (CS, CK, Quizzle). Thanks for pointing that out...

Member
persocon
Posts: 17
Registered: ‎05-04-2014
0

typo edit

[ Edited ]

updated in first post

 

For those that have experience with DCU, after you negotiate the car price and finalized car purchase with dealer,

what other information is needed to really get "Approved"

 

it says "This Approval may include some additional Conditions or Stipulations required by the loan officer for Final Approval and Funding."

underneath it says: Purchase and Sales agreement from the dealer

and front and back copy of title + misc vehicle info

 

is that really the only other information they need?

 

what other conditions/stipulations?

 

will i find out what bureau they pulled in writing in a few days?

 

PS i'm [not] currently a DCU member but will be with that kind of rates

 

Thank you guys sooo much!!

Valued Contributor
Remember0
Posts: 1,288
Registered: ‎02-12-2014
0

Re: trying to buy a used $26k car, how's it look

I don't know other details, but I do know they always pull EQ. Congrats.

 

If you aren't already a member, you'll have to become one before the loan can be disbursed...

As I am very busy with work these days, I am participating in the forums less than I would like to. Please feel free to email me directly remembermyfico //at// gmail /dot/ com if you would like me to respond to a specific question you have.
Moderator
09Lexie
Posts: 26,336
Registered: ‎09-13-2012
0

Re: trying to buy a used $26k car, how's it look


persocon wrote:

updated in first post

 

For those that have experience with DCU, after you negotiate the car price and finalized car purchase with dealer,

what other information is needed to really get "Approved"

 

it says "This Approval may include some additional Conditions or Stipulations required by the loan officer for Final Approval and Funding."

underneath it says: Purchase and Sales agreement from the dealer

and front and back copy of title + misc vehicle info

 

is that really the only other information they need?

 

what other conditions/stipulations?

 

will i find out what bureau they pulled in writing in a few days?

 

PS i'm currently a DCU member but will be with that kind of rates

 

Thank you guys sooo much!!


DCU pulls EQ. The conditions will include purchase agreement, proof of insurance etc.  if they didn't ask for income verification, then it won't be necessary. 

I'm  confused on this statement :

 

    

...'PS i'm currently a DCU member but will be with that kind of rates'

 

If you are not a member then you'll have to qualify for membership 

 


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}