topic Re: Anyone have recommendations to get a loan? in Auto Loans

Anyone have recommendations to get a loan?

Anonymous — Fri, 04 Dec 2015 08:34:12 GMT

Okay so here is my situation. I recently applied through my credit union for an auto loan. The loan was for a 2005 Honda Civic ex with 80k miles. It was being sold through a private seller who was asking right at NADA (7k) . My credit score was 657 through experian but I got denied because old collections that have been paid off were still on there. I disputed and have proof of payment for both and they are now off. I told my credit union I can put 3k down but they also said they denied me because I had no auto loan history. Per credit karma my TU is 654 and EQ is 665 with zero collections. My debt to income is 7% and for the price range I'm looking at I can put anywhere from 20-40% down approx. does anyone have recommendations as to what I should do to get approved? Most people I know have been saying to try a dealership instead of going through my credit union.

Re: Anyone have recommendations to get a loan?

Anonymous — Fri, 04 Dec 2015 10:00:53 GMT

Actually in reality they probably denied u cuz vehicle is so old.. U should try with cap 1 auto financing and go get a brand new 2016 Honda Civic for around 19000 OTD. With ur score Honda should even be able to finance u. What's ur monthly income??

Re: Anyone have recommendations to get a loan?

Anonymous — Fri, 04 Dec 2015 14:41:14 GMT

My credit union will loan up to 10 years old for a vehicle so the age wasn't an issue I made sure of that before I applied. My gross income without overtime is around 2100 a month.

Re: Anyone have recommendations to get a loan?

Anonymous — Fri, 04 Dec 2015 22:22:16 GMT

A while back my Credit Union offered me a maximum loan of $15k with no auto loan history. Try a different Credit Union.