topic Re: (EDIT) New vehicle sooner than we thought... in Auto Loans

(EDIT) New vehicle sooner than we thought...

Shellie — Thu, 26 Jun 2014 17:21:13 GMT

The Credit Union I was able to join recently said they would do 10.99% interest for anything older than 2010 and with my credit profile they would likely only give me a $10-15k loan to start with. I had high hopes for something better than that.

Re: No new vehicle for us any time soon.

Creditaddict — Wed, 11 Jun 2014 21:06:33 GMT

@Shellie wrote:
The Credit Union I was able to join recently said they would do 10.99% interest for anything older than 2010 and with my credit profile they would likely only give me a $10-15k loan to start with. I had high hopes for something better than that.

If you want new, you can probably do better at the actual dealership. with 650+ you could get tier 2-3 with toyota, nissan, infiniti, chevy, well tons of them which would get you close to best rate to finance or lease!

Re: No new vehicle for us any time soon.

Shellie — Wed, 11 Jun 2014 21:09:09 GMT

I can't afford a brand new vehicle. I was wanting to stay in the $350-450/mo payment range. I should have clarified 'new to us', sorry.

Re: No new vehicle for us any time soon.

Creditaddict — Wed, 11 Jun 2014 21:14:56 GMT

@Shellie wrote:
I can't afford a brand new vehicle. I was wanting to stay in the $350-450/mo payment range. I should have clarified 'new to us', sorry.

you want to buy not lease?

My 2013 Infiniti G37 was $380 AFTER tax a month

our 2013 Kia Optima EX every option is $296 after taxes a month.

$450 buys a LOT OF CAR!

Hyundai does .9-1.9% for 72 months, you could basically spend just over $30k a year and stay under $450/month!!!

if you have an iphone, download the free app EZ lon calc. (it's designed for mortgage I think but it works fantastic to see what purchase price, term, and apr makes your payment... will really help you figure out how much you want to spend... look around at the car manufacture sites at what they are offering for best apr terms... some will even show you tier 1 = .9, tier 2 = 1.9, tier 3 = 3.9 (Hyundai) is like that

Re: No new vehicle for us any time soon.

Shellie — Wed, 11 Jun 2014 21:32:22 GMT

We need a heavy duty pickup capable of pulling a camper trailer. I'm not a car person anyways tho. Thanks tho

Re: No new vehicle for us any time soon.

Creditaddict — Wed, 11 Jun 2014 21:40:52 GMT

@Shellie wrote:
We need a heavy duty pickup capable of pulling a camper trailer. I'm not a car person anyways tho. Thanks tho

F-150 start at $25k and they have 2013 for 1.9% for 72 months

F-250 has 3.9% for 72 months...

I don't know where you live or what options etc. you want but id do some more looking around then your credit union. and i only quickly looked at brand new, i would assume tons of these around 2-3 years old and most like ford offer special apr's on the used too!

Re: No new vehicle for us any time soon.

Shellie — Wed, 11 Jun 2014 22:01:03 GMT

PowerStrokes that are only a couple years old can be $40-50k still. I was looking around the 08-10 years. We haven't decided fully on our plan. I just called the CU today and asked them some questions based on the report they pulled last month. According to her there is nothing I can do but sit and wait because I have too many new accounts that are less than 1 yr old.

Re: No new vehicle for us any time soon.

Anonymous — Thu, 12 Jun 2014 01:30:47 GMT

@Shellie wrote:
We need a heavy duty pickup capable of pulling a camper trailer. I'm not a car person anyways tho. Thanks tho

What kind of actual pulling are you wanting to do? A powerstroke seems like it would be over kill unless you were pulling a rather large 5th wheel. Right now, Ford Credit is probably your best option on a certified used truck - or a new one that`s been sitting too long with a ton of hidden rebates.

Re: No new vehicle for us any time soon.

Remember0 — Thu, 12 Jun 2014 04:23:19 GMT

If your EQ FICO is north of 650, expand your horizons beyond your credit union. Ford will definitely finance you. But before going directly to Ford, try DCU.

What's your pre-tax income look like though?

Also for those medical collections that don't accept PFD's have you tried the hippa process unless you have already? Google "hipaa whychat program guide" (without the quotes) and click on the first link (the first link that is not a google advertisment that is). Follow the process exactly and they should go away.

Re: No new vehicle for us any time soon.

IamB2 — Thu, 12 Jun 2014 04:31:36 GMT

@Shellie wrote:
I can't afford a brand new vehicle. I was wanting to stay in the $350-450/mo payment range. I should have clarified 'new to us', sorry.

I just got a new car in March (2014 corolla s) and I was approved by Wells Fargo with 2k down and a repo on my report from 2012. Monthly payments just north of the $300. They financed $17100 and change (don't quote me on the exact number). 9.99%. Not the greatest, but in a year, I'll be able to get it refinanced at much better rates.

Edit: the dealership submitted the financing.

Re: No new vehicle for us any time soon.

Shellie — Thu, 12 Jun 2014 12:59:15 GMT

@lajntx we have a 32' bumper pull camper that weighs upwards of 9k

@Remember0 My pre-tax income isn't much, only around $25k but I have an additional $10k income from other sources and hubby's is about $80k. His credit isn't good enough for him to apply on his own.

Re: No new vehicle for us any time soon.

Shellie — Thu, 12 Jun 2014 13:02:29 GMT

What is DCU?

Re: No new vehicle for us any time soon.

Shellie — Thu, 12 Jun 2014 13:19:15 GMT

Digital Credit Union? I called them and looked over their website and they look like a possibility. Another hang up is my income. We can't use his credit. His score is only 580 and he has a bunch of stuff to work on still. We aren't in a big rush. Just seeing what options are out there.

Re: No new vehicle for us any time soon.

Remember0 — Fri, 13 Jun 2014 00:00:49 GMT

With a 25k (or even 35k) income, I could see DCU approving for 15k or 20k.

Your best chance maybe at a dealership. But the thing is you may want to put down household income on the dealers app, because w/ a 20k stated income you'll run into the same issues.

A 580 isn't that terrible for auto finance. Does he have a tax lien, unpaid alimony, unpaid child support, or unpaid judgment on his credit?

Re: No new vehicle for us any time soon.

Shogun — Fri, 13 Jun 2014 00:12:46 GMT

You're from Oklahoma, I know this because of the posts in the Rebuilding forums. There's a few places here that might get you a better deal. Tinker Federal Credit Union is a good source, decent rates. I also like the Bank of Oklahoma, they've treated me very well over the past few years and will bend over backwards for me if I ask them to.

Re: No new vehicle for us any time soon.

Shellie — Fri, 13 Jun 2014 12:40:02 GMT

@Shogun- Tinker is the one who quoted me the 10.99% and $10-15k loan numbers.

@Remember0- He does have a tax lien, and a whole lot of collections. The OK Tax Comm is only doing a partial withdrawal of the tax lien so it will remain on his name. No alimony. Child support, but reports as 'pays as agreed'. On his reports the CS shows up as a positive account. I think most or his collections are from 08/09 time frame. Honestly His is overwhelming so I haven't started on his.

Re: No new vehicle for us any time soon.

Remember0 — Fri, 13 Jun 2014 21:52:41 GMT

Gotcha. I mean honestly you may still need him on the loan to get approved for the amount you're looking for. At a dealer you should be the primary applicant and him secondary. Some financial institutions will only look at the first person's credit score, so that'll work in your guys' favor. Give me a day, let me see if I can find some finance companies that would only consider the primary score that you can apply to online.

Re: No new vehicle for us any time soon.

Mish0817 — Fri, 13 Jun 2014 23:20:22 GMT

i got preapproved through nfcu for 8.8 chase 5% and went to the dealership, my fico was 669 719 (719 was my auto enhanced) Dealer pulled credit and got me 3.15! with Wells Fargo. I chose a large volume Ford store so I wouldnt be killed on pulls.

Re: No new vehicle for us any time soon.

Shellie — Tue, 24 Jun 2014 13:31:57 GMT

Well looks like a new vehicle is happening sooner rather than later. Some one pulled out in front of me Fridays and totaled my Flex. I'm still waiting on all the ins of course but they told me I could probably start looking now. I think I'm going to try DCU first and see what they have to say before I put myself at the mercy of the dealerships, haha.

Re: No new vehicle for us any time soon.

Anonymous — Wed, 25 Jun 2014 05:15:32 GMT

Oh dear. i hope you are doing ok. That's a pretty crappy reason to have to buy a new vehicle. I will cross my fingers for you that DCU is able to get you a good rate!