cancel
Showing results for 
Search instead for 
Did you mean: 

Car Loan Approval. Tell me what you think...

New Contributor

Car Loan Approval. Tell me what you think...

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?
Message 1 of 12
11 REPLIES
New Contributor

Re: Car Loan Approval. Tell me what you think...

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.
Message 2 of 12
Contributor

Re: Car Loan Approval. Tell me what you think...

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
Message 3 of 12
Moderator Emeritus

Re: Car Loan Approval. Tell me what you think...

As suggested try CCCU.
 
Also, roadloans and patelco.
 
Remember though, the rate you have been quoted is not horrible considering your scores.
Message 4 of 12
Regular Contributor

Re: Car Loan Approval. Tell me what you think...

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!
Message 5 of 12
Established Contributor

Re: Car Loan Approval. Tell me what you think...



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!


15% is way HIGH... Continue your search for a better rate.
 
Rob
Message 6 of 12
Regular Contributor

Re: Car Loan Approval. Tell me what you think...

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 Smiley Sad

Maybe you can find a cheaper van if you can't get a cheaper loan?
For age and want, save while you may; no morning sun lasts a whole day.
--Benjamin Franklin
Message 7 of 12
Valued Member

Re: Car Loan Approval. Tell me what you think...

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. 
Message 8 of 12
Valued Member

Re: Car Loan Approval. Tell me what you think...

Sorry, at 15.9% 54 months
Message 9 of 12
Moderator Emeritus

Re: Car Loan Approval. Tell me what you think...

I still say the rates you are being quoted are not horrible given your scores.
Message 10 of 12