topic Re: Approved for a loan in Auto Loans

Approved for a loan

Anonymous — Tue, 20 Mar 2012 16:57:43 GMT

I am thrilled I got approved for a used car auto loan. I asked for 10000 and I got it. I went to a credit union and they where awesome one of the best customer service ive had with banks or lenders. First financial is the credit union. I have a question they report to all three bureaus. How will that report affect my score? Will it go down? they only pulled eq.

Re: Approved for a loan

Anonymous — Tue, 20 Mar 2012 17:04:19 GMT

sorry would someone please delete this post. just figured where to post approved loans

Re: Approved for a loan

pizzadude — Tue, 20 Mar 2012 17:06:03 GMT

Congrats on the approvals ! What are the terms of your new loan ?

This is the reason why many people like working with CUs, many times they are easier to work with than banks, and the customer service is usually good too.

In terms of your FICO score, having a new account on your CRs will somewhat lower your Average Age of Accounts ( AAoA ). It may help your mix of credit though, especially if this is your first installment loan.

Re: Approved for a loan

Anonymous — Tue, 20 Mar 2012 17:11:57 GMT

yeah its my first loan and i only have two credit cards one is not reporting yet. and i to a 3.2 apr 254 monthly payments. got the warranty and gap with it.

Re: Approved for a loan

pizzadude — Tue, 20 Mar 2012 17:23:19 GMT

Congrats !! 3.2% is a really good interest rate considering it's your first auto loan !

Re: Approved for a loan

Anonymous — Tue, 20 Mar 2012 19:52:16 GMT

@Anonymous wrote:
yeah its my first loan and i only have two credit cards one is not reporting yet. and i to a 3.2 apr 254 monthly payments. got the warranty and gap with it.

WOW!! a 21 year car loan. Hope you like the vehicle.

Just Kidding. I know you mean that's the $$ amount per month. Congrats on the loan and vehicle purchase.

Re: Approved for a loan

Anonymous — Tue, 20 Mar 2012 20:01:23 GMT

@Anonymous wrote:
yeah its my first loan and i only have two credit cards one is not reporting yet. and i to a 3.2 apr 254 monthly payments. got the warranty and gap with it.

Excellent terms! My first car resulted in a 15% apr and repossession probably because of the apr!