Mortgage Loans

[thatgrri3]

TU-602

EQ-539

EX-617

I couldn't even get qualified for any kind of auto loan online.  They all turned me down.  I called CarMax and they approved me for $10K loan with a 15% interest rate, $283/month for 72 months.  I know it's not awesome, but I was thinking in a year or two I could refinance to pay it off early.  Based on my credit scores, is this reasonable or am I getting screwed?

[thatgrri3]

BTW, the loan would be through Wells Fargo.  I'm looking at a 2005 Dodge Caravan, 50K miles.  Will check out others in that price range when I go tomorrow.

[cgmiller63]

You should apply with CCCU http://www.mycccu.com/personal/welcome.html . There have been several folks on this site who have gotten 6.50% rates on car loans when they could not get approved anywhere else. In order to become a member all you have to do is agree with their mission statement.  Apply for the car loan, if you are approved you will automatically become a member.  Good luck.

One more thing. Be prepared to wait they have been inundated with application from this site and can take 3+ week to get back to you.  Perhaps you if give them a call it would speed up the process.

Message Edited by cgmiller63 on 08-30-2007 03:35 PM

[Tuscani]

As suggested try CCCU.

Also, roadloans and patelco.

Remember though, the rate you have been quoted is not horrible considering your scores.

[VLGaffEsq]

I'm sorry, but even with your low FICO scores, this auto loan (with a loan period of 6 years! at 15%) seems outrageous...usery at best.  While you want to control your inquiries, please look elsewhere for a loan with better terms (or at least a loan with a period of only 3 to 4 years).  Good luck!

[FICO_Focused]

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VLGaffEsq wrote:

I'm sorry, but even with your low FICO scores, this auto loan (with a loan period of 6 years! at 15%) seems outrageous...usery at best.  While you want to control your inquiries, please look elsewhere for a loan with better terms (or at least a loan with a period of only 3 to 4 years).  Good luck!

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15% is way HIGH... Continue your search for a better rate.

Rob

[javi84]

According to an online calculator that I'm using, the payments on a $10K loan with 15% interest are $211.45/month for 72 months. If I add $2k dollars for taxes and other misc fees then the payments come to $253.74. Why are they quoting you $283?


BTW, if you do get the loan and don't refinance then this is what you stand to pay: $283x72months= $20,376 for a $10,000 van. In two years you will pay $6792, almost the price of the van except you would still have 4 more years to go

Maybe you can find a cheaper van if you can't get a cheaper loan?

[atxhunter]

I just went through www.UFCU.org and they pulled Equifax 554 and approved with $0 down for $14500. I did have to pay $6  to open a savings account to be a member. 

[atxhunter]

Sorry, at 15.9% 54 months

[Tuscani]

I still say the rates you are being quoted are not horrible given your scores.