topic Re: I need your help! Looking to buy New! in Auto Loans

I need your help! Looking to buy New!

Nola_Bee — Tue, 15 Jul 2014 22:46:42 GMT

Hello All! And thxx in advance for your help!

I was approved today through NFCU for $24K with a rate of 2.79%. For those who'd like to know.. my last FICO I received was 647 from DCU which I receive monthly.

I'm looking to buy a 2014 Chevrolet Equinox. My trade in is a 2006 Pacifica which has no loan. I also have up to $1800 cash down.

I'd like to keep my payment around the $250 to $275 per mo. range.

Can you please advise on what I can do to achieve this?? Again, thxx so much for all of your help!

(SideNote: I have many credit blemishes so I'm very grateful for this offer from Navy. My suggestion to anyone is to step out on faith and apply. It'll only cost you a hard pull)

Re: I need your help! Looking to buy New!

DaveSignal — Tue, 15 Jul 2014 23:03:10 GMT

If you can put $4k down and get a 0% finance for 6 years, you will pay $277.77. You will have to apply through the dealership to get that rate though.

I just bought a new car for $23k, put $5k down and financed $18k at 0% through Ford Motor Credit for 5 years. Payments are $300.

Re: I need your help! Looking to buy New!

Nola_Bee — Tue, 15 Jul 2014 23:13:14 GMT

@DaveS thxx for your input! I don't know if I would qualify for such a rate considering my score and credit profile, but I will definitely look into it. I'd be willing to take the chance if it meant staying on budget.

Re: I need your help! Looking to buy New!

DaveSignal — Tue, 15 Jul 2014 23:25:28 GMT

Well, car dealerships offer 0% promotions because they are incentives for people to buy the car. People don't often need perfect credit scores to qualify for these offers. Its definitly worth looking into whether such an incentive is being offered on the car you want to purchase.... if it is, you should absolutely try for it. If you don't get it, then you have the NFCU finance to fall back on.

Re: I need your help! Looking to buy New!

Nola_Bee — Tue, 15 Jul 2014 23:35:46 GMT

This is good to know! Thxx so much Dave! I will be looking into it.

Re: I need your help! Looking to buy New!

tudie96 — Thu, 17 Jul 2014 15:13:32 GMT

I just traded a 2010 equinox for. 2014 and got 0% for seven years and deferred payments for three months. I think that deal ended on Monday with Ally but I think rebate is still good if you get 2.9% or lower about a wash for five years. We are paying off in four years but love the v6 engine over the 4 cylinder. Good luck love the equinox!

Re: I need your help! Looking to buy New!

Remember0 — Sat, 19 Jul 2014 02:35:03 GMT

What kind of term did NFCU approve you for (60 or 72 months)? I think it's pretty unlikely to qualify for 0% rates with a < 650, unless your auto enhanced happens to be higher. I guess it's still worth a shot, but worst case, NFCU's approval isn't too bad.

What's the KBB Good Trade In Value of your car that you want to trade? And is there something bad with it (like really bad that would diminish value)?