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Member
painterly
Posts: 20
Registered: ‎01-29-2008

84 month auto loans, who gives them and what are the qualifications?

I am looking to get an 84 month auto loan on roughly 100% of the car and possibly a few thousand dollars of negative equity.

My current FICOs are 651, 689, and 678. The 651 is likely due to the fact that its not reflecting the paydown of two major credit cards.

In any case I have zero late payments on any of my accounts, including 2 car loans (one of which was a lease, the current one of which is a loan), my mortgage, and 7 credit cards. The only derogatory I have is on one CRA for a doctors bill where I was unable to successfully prove a mistake on the part of the insurance company.

My first auto loan was a lease for a $55k car. My current auto loan is a 72 month term loan for an 80k car, with $64k remaining.

I am looking to trade in my car, and take roughly a $9k hit. Half of that or more I will come out of pocket on. The remaining amount I will add to a car with a price of around $82k. So I'm looking for an 84 month loan on ~87k.

Sounds like a lot, but given my perfect payment history, my high income (verifiable) and the fact that I am looking to borrow from the same creditor that gave me the last 2 car loans, whom also is incentivised to help their dealer sell cars, do I stand a chance?

I tried a few months ago when my FICOs were 45-70 points lower and was looking to come in with zero out of pocket. They got close but the creditor wouldn't budge at the last minute. So do I stand a chance now or should I wait until my lowest score evens out and for my highest score to hit 700?
Member
painterly
Posts: 20
Registered: ‎01-29-2008

Re: 84 month auto loans, who gives them and what are the qualifications?

*bump*... no opinions on this?
New Contributor
DillPickel
Posts: 73
Registered: ‎10-06-2007

Re: 84 month auto loans, who gives them and what are the qualifications?

[ Edited ]
Man dude, your gona piss away 9 grand? :smileysurprised:

IMO, if you make good money, I would suggest keeping the car and try paying it off a lil quicker a long with those CC's. You never know, things can change in a persons life and u dont want to get stuck in high debt.

ok ok I'll get off my soap box :smileywink:

Message Edited by DillPickel on 01-30-2008 05:44 PM
This site is M$NEY......Ch13 discharge Sept '07
10/8/07 TU: 602 - EQ: 637 - EX: 651
12/24/08 TU: 696 - EQ: 707 - EX: 716
Member
painterly
Posts: 20
Registered: ‎01-29-2008

Re: 84 month auto loans, who gives them and what are the qualifications?

That doesn't really answer my question. Can someone with some knowledge help me with the question?
Regular Contributor
gNaRKiLL
Posts: 135
Registered: ‎11-11-2007

Re: 84 month auto loans, who gives them and what are the qualifications?

Some lenders will do 84 month loans. They generally come with higher interest rates, and you have to have pretty darn good credit to get them considering you will be accruing some serious negative equity on your car.

I know that some credit unions will do them, but other than that I dunno. I have also seen that most banks will cover only 12% over the actual cost of buying the car for things like negative equity.

An 84 month loan is a terrible idea imo, especially with the size of loan your looking at, thats way over a grand a month on a car for the next 7 years if you decide to pay it off, otherwise you'll have so much negative equity from this car you wont be able to acquire a loan for another car. I would think about this one because unless you can afford to make some serious principal payments right off the bat, you are stuck with this car for a while until you can pay it down enough to sell it or trade it in.
Member
painterly
Posts: 20
Registered: ‎01-29-2008

Re: 84 month auto loans, who gives them and what are the qualifications?

Thanks for the feedback, but I still haven't heard about what kind of FICO score I would need to get this. You said "pretty darn good", but that doesn't tell me enough based on my situation as described. I am not concerned about the loan, I don't plan on paying it off over 7 years, the car has already taken initial depreciation and its a rare exotic car so it will hold its value extremely well over the next year. That all aside, I have perfect payment history, see my original description and FICO scores, would I qualify?
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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: 84 month auto loans, who gives them and what are the qualifications?

I think that because these are so unusual, you might not find anyone here with direct experience of the needed scores. :smileyhappy: You might be reduced to Google for this one.

On the other hand, if you give it a couple of days, someone might pop up.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Moderator Emeritus
masdeocho
Posts: 2,050
Registered: ‎04-17-2007

Re: 84 month auto loans, who gives them and what are the qualifications?

You might find this thread  useful about Auto Enhanced FICO Scores.  The auto financiers don't use the vanilla flavor FICO scores.  The auto-specific ones weigh your past auto credit history more although you cannot obtain your auto-enhanced score like your regular FICO score.  Your past auto history *may* give you a higher score than your quoted FICOs.
 
 
This thread describes techniques for negotiating the best auto financing rates.
 
Also, always buy a car on a Monday, preferably at the end of the month.  The sales dudes make the vast majority of their sales on the weekends, so they are most desparate on Monday.  And they are scrambling to make quota at the end of the month.
 
Hope this helps.
-----------------
Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
Valued Contributor
1111mel
Posts: 1,060
Registered: ‎02-13-2008

Re: 84 month auto loans, who gives them and what are the qualifications?

I was approved for an 84 month car loan with Nissan.  I rolled over $5400 on a car and the Interest rate was 6.99% (total Loan amount was $25,206)
 
My Credit was 751, 762 and 771.
 
In the end I chose 72 months at 5.99% because I just couldn't sign over 7 years.
Mortgage Lenders Mid-Score 778 I AM A HOMEOWNER!!!!! 30 Year 5% Fixed Rate, closed on 3/18/09
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: 84 month auto loans, who gives them and what are the qualifications?

Be nice to get an update from OP and see how things worked out.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


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