topic Re: I need a loan with a lower APR!! in Auto Loans

I need a loan with a lower APR!!

dpage — Mon, 13 Dec 2010 12:47:05 GMT

Hello all!

I am in the process of rebuilding my credit. I was financed for a '06 Nissan Altima 1 year ago with a rediculous APR (22.9%) I have had perfect payment history so far and I also have a credit with a $375.00 limit and I keep the balance at 0. I do have some 'baddies" that are pretty old (4 to 5 years old,) such as a few collections and judgments. I looking to get the loan refinanced or maybe trading in to possibly get a better loan on something else. Does anyone have any suggestions???

Lender pull- EQ:579, EX:675, TU:619 (12/1/2010)

Re: I need a loan with a lower APR!!

llecs — Mon, 13 Dec 2010 14:53:01 GMT

I'd try your local CU or small bank.

Re: I need a loan with a lower APR!!

Anonymous — Mon, 13 Dec 2010 23:13:32 GMT

@llecs wrote:
I'd try your local CU or small bank.

Refinancing a car that is more then likely upside down is not always an easy thing to do. The APR is high and if you are just making the standard payment due then the balance is several thousand dollars more then the car is worth.

Re: I need a loan with a lower APR!!

Creditaddict — Mon, 13 Dec 2010 23:46:13 GMT

If you can get Nissan finance to use your EX, I would go trade yourself in for a 2010 or 11' Nissan and take advantage of the 2.9 I believe they are offering right now for 60 months.

Re: I need a loan with a lower APR!!

dpage — Tue, 14 Dec 2010 01:24:25 GMT

Thanks for the advice! How can I find out if Nissan will use my EX score?

Re:I need a loan with a lower APR!!

dpage — Wed, 15 Dec 2010 20:56:06 GMT

Does anybody know the criteria for getting approved for an auto loan through Chartwat federal credit union? If so, is the criteria the sam for a refi?

Re: I need a loan with a lower APR!!

dpage — Wed, 15 Dec 2010 20:58:28 GMT

Hello all!

I have a couple of questions I hope somebody can answer. I am looking to trade in my '06 Altima but I have about 2K of negative equity. In todays economy is it possible that a dealership could pay that cost or is more than likely they will make me roll that amount over to a new loan? Second question is, when you apply for an auto loan at a dealership I hear that they have a system called fico enhanced score? When you apply online, can do they use that same system or is that something that is only done at dealerships?

Re: I need a loan with a lower APR!!

MarineVietVet — Wed, 15 Dec 2010 20:59:20 GMT

Auto Enhanced Scores are only available to dealers.

Re: I need a loan with a lower APR!!

dpage — Wed, 15 Dec 2010 21:00:03 GMT

Does anybody know the minumum credit criteria for getting approved for an auto loan with Capitol one????

Re: I need a loan with a lower APR!!

Creditaddict — Wed, 15 Dec 2010 21:01:20 GMT

@dpage wrote:
Does anybody know the minumum credit criteria for getting approved for an auto loan with Capitol one????

I believe they still make use of a secondary type finance company if you are not approved through Cap1.

Re: I need a loan with a lower APR!!

dpage — Wed, 15 Dec 2010 21:02:52 GMT

I am looking to get an auto loan for aroung 16K-19K with a decent APR, my credit is a little below average with a few "baddies" that are 4 to 5 years ago such as collections and 1 satisfied judgment. I currently have an auto at a rediculous APR. what is the lowest fico score a person can have to get a decent APR. I know 10% is not that low but compared to the 22.9 I'm paying now I'll take it. Any advice on particulars lenders that may qualiify me would be much appreciated.

Re: I need a loan with a lower APR!!

Creditaddict — Wed, 15 Dec 2010 21:03:18 GMT

go to nissan or infiniti and ask them to pull EX

Re: I need a loan with a lower APR!!

dpage — Wed, 15 Dec 2010 21:03:31 GMT

I just tried them and got denied.. oh well I guess I'll keep getting ripped off until I can get my credit score up.... Thanks for the tip. They pulled my EQ.

Re: I need a loan with a lower APR!!

Creditaddict — Wed, 15 Dec 2010 21:03:45 GMT

@dpage wrote:
I just tried them and got denied.. oh well I guess I'll keep getting ripped off until I can get my credit score up.... Thanks for the tip. They pulled my EQ.

I would go into the dealership and tell them you were denied with pull on EQ, anyway to pull a different report? a lot of times, they will pull more

Re: I need a loan with a lower APR!!

Anonymous — Wed, 15 Dec 2010 23:24:27 GMT

Great info creditaddict. I might have to try that too.

Re: I need a loan with a lower APR!!

mycash — Thu, 16 Dec 2010 00:17:23 GMT

Re: I need a loan with a lower APR!!

MarineVietVet — Thu, 16 Dec 2010 01:34:11 GMT

Welcome to the forums.

I noticed you seem to be having some trouble posting. It is possible to edit your own post if you have posted an incomplete message. To edit your post, go to the post. To the right you'll see "Options." Click on "Options" and select "Edit Message" from the drop-down menu. If you have accidentally posted a duplicate message, you can use the “Report Abuse to a Moderator” link to asking the moderation team to remove one for you. To find this link, go to the duplicate post, click on "Options," then select "Report Abuse to a Moderator" from the drop-down menu. If you need any help with anything, let me know.

--marinevietvet, myFICO moderator