Chevrolet/GM auto loan approval!

[Anonymous]

So I tried for DCU online first for $40000 loan and I was approved but they wanted me to provide W2 tax return information but I'm self employed and in online sales (Amazon) so I don't have my tax returns yet so sadly I had to decline since the only form of income verification I have is bank statements.

I tried other big banks but I was declined by all of them for the same reason, LENGTH OF CREDIT HISTORY INSUFFICIENT, and NOT ENOUGH RECENT INSTALLMENT LOAN HISTORY.

Oh and my scores are 680 TU and 675 EX

So I walked in and tried my luck at the GM/Chevrolet dealership and they actually approved me for $25K loan with 5K down. With a 5% apr!

I got a great new Chevy equinox LT model with all the upgrades and trimming!
Got approved with I think with ally financial bank.
This is great for my first auto loan.
And the best part is, NO INCOME VERIFICATION REQUIRED!

My payments are only $465 a month so I can easily pay this vehicle off early.

Do you guys think I should refinance in 6 months?

Thanks for all the help and insight!

[Revelate]

That's not a terrible rate; leaving 2ish percent on the floor but the fact is you'd have this trouble anywhere.

Were you not able to prove your income through tax returns?  That's the traditional route for the self-employed, 2 years returns and voila.  TBH if it were me and I couldn't prove income, I wouldn't bother trying to refinance... I'm surprised Ally did it honestly, but congrats!

[Anonymous]

Nah, after I get tax returns this in a few months I should be able to get refinanced through DCU after 6-7 months...besides, this first auto loan opens the doors for me so after I'm through with this loan and prove good payment history, it will be much easier to get approved by cap one, USBANK, and other big banks.

[Revelate]

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@Anonymous wrote:
Nah, after I get tax returns this in a few months I should be able to get refinanced through DCU after 6-7 months...besides, this first auto loan opens the doors for me so after I'm through with this loan and prove good payment history, it will be much easier to get approved by cap one, USBANK, and other big banks.

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That's the key as I stated in the prior message .

If you can't prove income, getting a car loan outside of the BHPH set is difficult, which is to say a refinance is virtually impossible as those places don't do that.  It's easy to get an auto loan otherwise regardless of your credit file, money solves all sins when it comes to auto lending... easiest loan product in the market to qualify for, and has been for years.