topic Re: Auto loan qualification in Auto Loans

Auto loan qualification

Anonymous — Mon, 10 Mar 2014 21:36:09 GMT

Was wondering if i could get a auto load of $70,000 with a FICO score of around 645?

Had a bad history and had been improving since.

Annual income of around $115,000

Appreciate any inputs.

Thanks.

Re: Auto loan qualification

Remember0 — Tue, 11 Mar 2014 14:44:07 GMT

This is going to be a tough one based on that username haha.

Any prior auto loan experience? Any prior installment loan experience? Any mortgages? If you have any of these, specify more please and what was the original + current principal balance of the loan?

Also any down payment available? Or are you looking at fully financing a 70k car?

Re: Auto loan qualification

Creditaddict — Tue, 11 Mar 2014 16:13:51 GMT

@Anonymous wrote:
Hi

Was wondering if i could get a auto load of $70,000 with a FICO score of around 645?
Had a bad history and had been improving since.
Annual income of around $115,000

Appreciate any inputs.

Thanks.

New Car?

What is the Car?

Do you have bad auto history too or just credit history?

Re: Auto loan qualification

Anonymous — Tue, 11 Mar 2014 17:52:03 GMT

Hello

Ha! well, i am a first time buyer. First auto loan basically. Planning for a new car loan.

and the bad history i was talking about was not auto history. they were credit cards and couple collection items now dated couple of years back.

Down payment, yes about 5k?

Appreciate your time.

Thanks

Re: Auto loan qualification

Creditaddict — Tue, 11 Mar 2014 17:57:30 GMT

@Anonymous wrote:
Hello

Ha! well, i am a first time buyer. First auto loan basically. Planning for a new car loan.
and the bad history i was talking about was not auto history. they were credit cards and couple collection items now dated couple of years back.
Down payment, yes about 5k?

Appreciate your time.

Thanks

What Car?

Re: Auto loan qualification

Anonymous — Tue, 11 Mar 2014 17:59:17 GMT

BMW X6

Re: Auto loan qualification

Creditaddict — Tue, 11 Mar 2014 18:01:24 GMT

@Anonymous wrote:
BMW X6

BMW can be pretty easy and if you go to a big enough volume dealer they will have some push if they want to get the deal done and on a big suv like that, they will want to get the deal done.

Re: Auto loan qualification

Remember0 — Tue, 11 Mar 2014 18:01:29 GMT

Any mortgage or prior installment history?

Re: Auto loan qualification

Remember0 — Tue, 11 Mar 2014 18:02:22 GMT

@Creditaddict wrote:
@Anonymous wrote:
BMW X6
BMW can be pretty easy and if you go to a big enough volume dealer they will have some push if they want to get the deal done and on a big suv like that, they will want to get the deal done.

Agreed. I think BMW will approve even if no mortgage history. But you may not like the APR and they may ask for a higher down payment.

Re: Auto loan qualification

Anonymous — Tue, 11 Mar 2014 18:04:16 GMT

Grand! Thank you! That's something positive!

do the same apply for Audi or Landrover?

Re: Auto loan qualification

Creditaddict — Tue, 11 Mar 2014 18:07:10 GMT

@Anonymous wrote:
Grand! Thank you! That's something positive!

do the same apply for Audi or Landrover?

I don't know about either of them but I am almost positive BMW will be far easier.

Infiniti would be at the top of my easiest list and they pull TU almost exclusively... pretty sure they do only but don't want to say 100% and get jumped on about it!

Re: Auto loan qualification

Remember0 — Tue, 11 Mar 2014 18:07:40 GMT

Audi is VW which is stricter than BMW from what I've heard. This is really just guessing, only dealers can help with definite answers imo. I'd find which model you want, then negotiate price online, and then finally work on financing through the dealer.

Re: Auto loan qualification

Anonymous — Tue, 11 Mar 2014 18:11:36 GMT

I appreciate your inputs. The idea that i have now because of low credit score, i was planning to approach a credit union rather than the dealer themselves.

Would that be a bad idea? Also, would you guys have any idea on landrover specifically?

Re: Auto loan qualification

Creditaddict — Tue, 11 Mar 2014 18:17:30 GMT

@Anonymous wrote:
I appreciate your inputs. The idea that i have now because of low credit score, i was planning to approach a credit union rather than the dealer themselves.
Would that be a bad idea? Also, would you guys have any idea on landrover specifically?

in this case for the kind of car you are looking to buy and price tag I would skip the credit union... you need the dealership that has skin in getting that car out the door and not coming back because it's not financed!

I know it was before the credit crunch but I had purchased an infiniti G35 and had not even made a payment (between 30-60 days in) and took it back to dealership to trade in for SUV and the manager or dealership didn't even run credit again and pushed me out the door in a QX56... finance manager had a lot of questions in the weeks to follow but in the end that dealership probably pulled one of it's "wild card, please finance no matter what" with infiniti because when I offered to bring it back I didn't hear from them again and I got a statement a couple weeks later to pay first payment!! (I had a 645 TU at the time) oh and he tier 1 me... my G35 had been at 9%, so not even tier 3 rate!!!

if the manager/finance people want it done and they are volume dealer... they can make it happen.