topic Re: Trying to get first auto loan in Auto Loans

Trying to get first auto loan

BKFireFly — Fri, 04 Jan 2013 18:10:02 GMT

Hi everyone. I am new.Been lurking for a while. Also looking for a car loan. Certified used $ 2K down, possible trade (if my car isnt laughed off the lot). looking for 20K but will take up to 16-18 and up my down payment. (FICO 602 dec-walmart, high util, & collections, couple lates). Student loans 90K in deferrement, Chase SL are reporting higher than initially borrowed.

I am sending out GW & PFD tomorrow. I have been denied by Honda Financial, Chase, Cap1, & MCU. My car is on deaths door-not worth repairing...need to replace before it truly craps out. Can I recon an auto loan app?

Round up

40k income

2K down

possible trade maybe 1500

borrow 15-18K

What can I do?

Thanks so much for your replies

Re: Trying to get first auto loan

dabrian — Mon, 07 Jan 2013 13:06:47 GMT

Gonna be hard for you to get financed for that amount with your debt and income.

Re: Trying to get first auto loan

dabrian — Mon, 07 Jan 2013 13:09:13 GMT

What exactly is wrong with your current car?

Re: Trying to get first auto loan

BKFireFly — Mon, 07 Jan 2013 14:54:56 GMT

my car in car has electrical shortage, I have a grinding noise when I turn my way left it's not related to steering power steering fluid, my windshield wipers no longer work and I have a leak that no 1 can find and there's also a hole in the engine that no 1 can find. I replace a transmission 2 years ago and that was a big mistake I just can't think anymore money into this car

Re: Trying to get first auto loan

BKFireFly — Mon, 07 Jan 2013 14:57:09 GMT

also I was approved by roadloans for up to 26,000 at 16 percent over 72 months but I can't find the car that I like at any of the dealership that they work with any York. And also I'm trying to find a certified car just a to have that extra security for myself.

500 down

Re: Trying to get first auto loan

Anonymous — Mon, 07 Jan 2013 15:37:42 GMT

Have you tried Prestige Financial? It is a subprime lender and they have a great rate reduction program.

Re: Trying to get first auto loan

Anonymous — Mon, 07 Jan 2013 15:42:11 GMT

@BKFireFly wrote:
Hi everyone. I am new.Been lurking for a while. Also looking for a car loan. Certified used $ 2K down, possible trade (if my car isnt laughed off the lot). looking for 20K but will take up to 16-18 and up my down payment. (FICO 602 dec-walmart, high util, & collections, couple lates). Student loans 90K in deferrement, Chase SL are reporting higher than initially borrowed.
I am sending out GW & PFD tomorrow. I have been denied by Honda Financial, Chase, Cap1, & MCU. My car is on deaths door-not worth repairing...need to replace before it truly craps out. Can I recon an auto loan app?

Round up
40k income
2K down
possible trade maybe 1500
borrow 15-18K

What can I do?

Thanks so much for your replies

Have you tried to apply at a dealership? And what kind of car were you looking for because if I were to make a recommendation I would suggest a Hyundai Sonata, my wife currently has one and you can find a good used one for 16-18k with LOW milage depending on your area. 2k will basically cover your taxes, tags and title with a little extra, so a little more like 3k would be alot better if at all possible or just make that trade in for 1.5k. With a 602 you are going to have high interest, but will probably be approved.

BTW Roadloans in near highway robbery, do not go with them.

Re: Trying to get first auto loan

Anonymous — Mon, 07 Jan 2013 15:43:46 GMT

Yes she tried a dealership because Honda Financial denied her.

Re: Trying to get first auto loan

BKFireFly — Mon, 07 Jan 2013 15:50:45 GMT

I looked into Prestige financial but they don't have dealer relationships in New York area which is where I am

Re: Trying to get first auto loan

BKFireFly — Mon, 07 Jan 2013 15:53:30 GMT

My honda app was a consumer. First dealership appt. Is Friday. I was trying to secure my financing before going to the dealership said that I would have more leverage. But it seems now I'm going to have to depend on the dealership to secure my financing

Re: Trying to get first auto loan

Anonymous — Mon, 07 Jan 2013 17:05:03 GMT

That's too bad Prestige doesn't work with a dealer in your area. I hope all goes well at the dealership. Keep us posted.

Re: Trying to get first auto loan

BKFireFly — Tue, 08 Jan 2013 19:38:50 GMT

Just got approval from MCU 18K. 13% Super Happpy!!!!!!

Re: Trying to get first auto loan

coreyb80 — Tue, 08 Jan 2013 19:39:11 GMT

Congrats!

Re: Trying to get first auto loan

Anonymous — Tue, 08 Jan 2013 19:49:24 GMT

Wow!!! Congrats!!! That is fantastic!!! And that isn't too bad of a rate at all!

Re: Trying to get first auto loan

BKFireFly — Tue, 08 Jan 2013 19:57:10 GMT

Thanks everyone. I am so estatic-i've been dancing since I got off the phone. The online app said I was not approved but I bit the bullet and called today- rep said your app was approved.

Cap One letter just came, denail reason too many inquiries. Should I call and see if I can change that to a yes, and hopefully a lower rate?

Re: Trying to get first auto loan

Anonymous — Tue, 08 Jan 2013 20:01:49 GMT

Cap One is hard to recon and I doubt you will get a lower rate from them. You can try but they are not very forgiving on recons from what I heard on this forum from others. Many had to send emails to the executive office to get them to budge. I would press forward with your approval unless you want to put time and energy into Cap One.

Re: Trying to get first auto loan

BKFireFly — Tue, 08 Jan 2013 20:08:41 GMT

Not really. I am just so happy that I did not get stuck with Roadloans. I am just soooooooooo happy with the MCU approval. But really want/need a rate at or under 10%

Re: Trying to get first auto loan

BKFireFly — Sat, 12 Jan 2013 02:40:59 GMT

Hi everbody.

I am just updating hanging on to loan. I just found out I have to come up with 20 down, I had 10 so I gotta find the other 10. I am also thinking about waitng until pres. day sales to see if I'll get a better deal. I decided on 2010-12 CR-V, but dont want to spend more 18-20, (20 is like if I fall in love with car and everything about it). I also know that car dealers tend to be less aggressive & willing during tax season.

What do you guys think?

Thanks so much for your help.

Re: Trying to get first auto loan

Anonymous — Sun, 13 Jan 2013 17:28:02 GMT

Wow! That is a lot down for a car! Is the credit union requesting that or a dealership? I'm not sure if MCU is a dealer bank or a credit union.

Re: Trying to get first auto loan.. .Update

BKFireFly — Sat, 16 Feb 2013 05:55:38 GMT

Hey, I wanted to thank all you that shared your input. Bought my car today, approved by Honda financial for 100% financing, @ 11.09 %. They beat the rate the credit union was offering, and it includes gap insurance.

2010 Cr-v ex. Super siked!!!!