New Member
Posts: 6
Registered: ‎05-21-2008
Re: Auto Loan Approvals!
[ Edited ]
Hey Schoolbuskid,
I was totally surprised that I got approved and I actually didn't believe the finance guy so I made him print me off something showing that I was approved.
Right now mazda is having special financing and rebates on a lot of their vehicles. I think the financing rates are 2.9 or 3.9 for tier 0-2 credit. On the approval I saw it said I was a tier 3 credit. Here are the comments the approval officer wrote to the dealer finance guy "Paul, good dti/pti, shorter term, cash down. Trading open auto, slightly higher payment. Thanks for the business. LVL 3 Fin, slightly higher payments. Thanks for the business LVL3 60x389x20660. Call if figs change.  Stipulations BUR Score 620-659. POI/4refers, 2k cc"
I didn't trust the dealer so like I said I made them print me off a copy of the approval. They use a company called RouteOne ( which is an electronic system that allows dealers to get approvals within minutes. They printed me off the approval page from RouteOne that showed the Mazda American Credit Decision Details: Says I was approvaed for $20,6660, 60 months at 4.9%, $2k down payment and my payments are $389. I also got a $500 mazda 3 rebate. Check out their website and look for incentives in your area and you'll see the interest rates and rebates they're offering in your area.
I think they used an auto enhanced score because the salesman told me he saw my score and it was a 630 something. When I checked equifax it was 614. If it helps, my income is $35k a year base but I make around $40k after bonuses and overtime. I have a credit history that is about 8 years long because of student loans. I have a lot of student loans but they are all current, never been late. I have 3 open, current, never been late credit cards. Had two lines of credit with a furniture store that I just paid in full. I do have some collections on my credit but they aren't new collections. 

Car dealerships are having a rough time right now so the in house finance companies are probably a little bit more lenient than they normally would be. When the car salesman told me about the financing and that I could probably get the 4.9% I told him he was crazy. Apparently he wasn't lol. I was denied by capital one, buy a local credit union, and my e-loan/ So I was totally discouraged when I went into the dealer and not expecting a good rate.
I'm picking the car up on Friday. Didn't pick it up on Friday when I bought it because I didn't have my down payment. Going to give them the $2K on friday and will take delivery then.
Let me know if you have any questions.

Message Edited by financenewcar on 06-08-2008 10:57 AM

Message Edited by financenewcar on 06-08-2008 11:00 AM