topic Re: Used car loan in Auto Loans

Used car loan

Anonymous — Tue, 16 Feb 2016 00:24:55 GMT

Credit Score: Trans 639, Exquifax 640

Income: 21 K

Lenght of Employment:retired

Previous Loan Experience: 33 years

Requested loan term ? unsure I'm looking to buy something used for under 8k. Hopefully getting at least 1k in trade in value

Down payment amount: 1 -1.5k

Co-borrower/Co-Signer:None

Other: I'm considering going through carfax to buy. I'm a home owner. Not looking for anything fancy. Any tips for where to get a realiable used car would be appreciated.. Had a car loan on my previous car which was paid off on time.

Re: Used car loan

Appleman — Sat, 06 Feb 2016 12:37:08 GMT

Hello,

Do you have an idea of what is available in the $8,000 range? That will help the forum give you advice.

It looks like between your trade and cash down you are looking to put down 25%, this will work in your favor. What will likely work against you is the probably year of the car you are hoping to finance, this will vary by lender. Also, your retirement income of $21,000 may be a challenge if you have too many other obligations.

I know that a local Kia dealer has an ad that if you bring home @250 a week you are approved. I am always leary of this type of advertising and the terms of an example loan are never disclosed. If reliability is a chief concern you may want to see what some of th entry level vehicles startt at from Kia (Forte), Hyundai (Accent), Chevy(Sonic?), Nissan (Sentra?) etc. Bumping up the cost of the car might get you into something new or close to it.

Hopefully others will chime in with responses. Good luck!

Re: Used car loan

Anonymous — Mon, 08 Feb 2016 02:56:35 GMT

I've been looking at Nissan Xtera's. 2005 - 2007. I'm fairly certain I can't afford anything newer than 2008. I'd like a SUV style car with no more than 90K.I have some wiggle room in term of how much I spend but I don't want to go over 10K. I'm hoping the fact that I have purchased 2 previous cars and paid for them in a timely manner will also work in my favor. I don't trust the Kia programs. I get the feeling that they try to lure people of slim means and/or credit in and put them in cars beyond their means. I'm open to other cars but my current car is a Nissan and even though it's time to trade it in, at 16 years old it still runs.

I've also considered trying for prequalifying loan through CapiltalOne since I have a cc with them. I just don't want to do that yet if it might make a negative impact on my credit rating.

Re: Used car loan

Appleman — Sun, 07 Feb 2016 14:20:28 GMT

My understanding is the Cap! pre-qual is only a soft pull. But please don't take my word for it, confirm that fact on your own. Maybe some others on the forum have used the Cap1 pre-qual?

Re: Used car loan

Anonymous — Mon, 08 Feb 2016 02:58:14 GMT

I think I'll wait. I'm using income tax refund to make my down payment and I plan to pay off at least one other CC next week. Once I have actual funds in hand I'll try Cap One before going into dealer. Cap 1 and/or Honda appear to be my best options. My biggest concern is actual income limiting me so I'd like to be able to show as few obligations as possible. I currently have a few CC's and a PFHA loan.

Thanks for your responses.

Re: Used car loan

cartwrna — Mon, 08 Feb 2016 02:40:05 GMT

Cap 1 pre-qual is a soft pull only. I have done it quite a few times just to see the variances.

Re: Used car loan

Anonymous — Mon, 08 Feb 2016 02:42:38 GMT

Anyone ever use a HELOC to buy a car, idk what the rates would look like. It could be an option worth checking out though.

Re: Used car loan

6speed8 — Mon, 08 Feb 2016 16:29:50 GMT

Yes, Cap One says soft pull. It's my understanding from the 5 pre qual notices a month I receive from them, that they have stipulations. Certain age, less than XXXXX miles etc.

As for Kia/Hyundai offers, they're not that shady. In fact, they have the best incentives to their dealers of any makes. If you know how to negotiate, you can get good deals - new of course. You're looking for a used car. Nissan Exterra isn't bad. I'd just stay away from any car/suv with a cvt trans.

Re: Used car loan

Anonymous — Mon, 08 Feb 2016 16:36:03 GMT

Thanks. I don't want new because I'm trying to keep pymts low.

Re: Used car loan

Anonymous — Tue, 16 Feb 2016 00:28:06 GMT

I did the Cap 1 pre qualify and was approved for up to $15k with an interest rate between 1.9 -7.12% depending on what I buy. I'm going to wait another month but 2 of the dealers I was nterested in are listed as approved lenders so I think I'll be okay.

Re: Used car loan

Anonymous — Tue, 16 Feb 2016 00:30:29 GMT

@Anonymous wrote:
Anyone ever use a HELOC to buy a car, idk what the rates would look like. It could be an option worth checking out though.

I thought about it, but I'd rather not. Not sure what the interest rates would be like. I'll probably go with Cap 1. I'm hoping to keep inerest under 5%.

Re: Used car loan

Anonymous — Tue, 16 Feb 2016 03:27:35 GMT

I'm surprised no ones asked you to get your actual scores yet. I'm assuming those are credit karma scores.
DCU will get you a low rate, and will finance anything as long as its paid off before its 12 years old. My girlfriend bought a 2012 Ford focus last year for 10grand and it will be paid off when it's 8 years old for example.

You've got some leeway if your looking for something around 8k, just don't get gouged on interest. You've got a good range of cards to get to be honest.

Dcu uses fico5 scores and a 675 will get you 2.74%. I'm thinking your scores are good based on the 1.9% cap1 offer

Re: Used car loan

Anonymous — Tue, 16 Feb 2016 04:06:33 GMT

No those scores are from Transunion. CK actually has them 1 - 2 points higher for some reason. I plan to do an actual score within the next month. I'm paying off a Home Depot card and I made some big payments on my other cards to knock down my utilization. I want to give it time to update before requestng them.

@Anonymous wrote:
I'm surprised no ones asked you to get your actual scores yet. I'm assuming those are credit karma scores.
DCU will get you a low rate, and will finance anything as long as its paid off before its 12 years old. My girlfriend bought a 2012 Ford focus last year for 10grand and it will be paid off when it's 8 years old for example.

You've got some leeway if your looking for something around 8k, just don't get gouged on interest. You've got a good range of cards to get to be honest.

Dcu uses fico5 scores and a 675 will get you 2.74%. I'm thinking your scores are good based on the 1.9% cap1 offer

Re: Used car loan

Anonymous — Tue, 16 Feb 2016 05:31:12 GMT

OK, that's a smart move. Don't know if your paying for transunion, if you are though, don't. Sign up for creditchecktotal if you don't want to pay the $20 or so for reports here.
Totally legitimate. $1 for a 7 day trial(which actually lasts 10 days). You can sign up, and cancel one minute later. It will not renew, and you will still get your report foe the next 10 days. Ck unfortunately is what people call a FAKO score(I think it's a play on words to call it fake) but it really is useless for scoring purposes entirely. 100% useful to see what's on your reports, but the score it spits out may as well be 294739848392 or even 27. Regardless of how close/far it is, it is never a used score

Re: Used car loan

dabrian — Tue, 16 Feb 2016 06:00:39 GMT

I would give DCU a call and see what kind of rate they can get you before stepping foot in any dealership.

Re: Used car loan

Anonymous — Tue, 16 Feb 2016 06:04:31 GMT

@dabrian wrote:
I would give DCU a call and see what kind of rate they can get you before stepping foot in any dealership.

Do you think DCU will beat 1.9%?

Re: Used car loan

Anonymous — Tue, 16 Feb 2016 06:07:43 GMT

@Anonymous wrote:
OK, that's a smart move. Don't know if your paying for transunion, if you are though, don't. Sign up for creditchecktotal if you don't want to pay the $20 or so for reports here.
Totally legitimate. $1 for a 7 day trial(which actually lasts 10 days). You can sign up, and cancel one minute later. It will not renew, and you will still get your report foe the next 10 days. Ck unfortunately is what people call a FAKO score(I think it's a play on words to call it fake) but it really is useless for scoring purposes entirely. 100% useful to see what's on your reports, but the score it spits out may as well be 294739848392 or even 27. Regardless of how close/far it is, it is never a used score

It's the $1 trial which I have to remember to call and cancel tomorrow. I just wanted to have an idea if it would be worth doing the preapproval w/ Cap 1.

Re: Used car loan

Anonymous — Tue, 16 Feb 2016 16:44:53 GMT

Dcu won't beat 1.9, but they do have 1.99. The cap1 1.9 is an estimate and not a guarantee, there may be stipulations. Dcu is clear cut pending your score.
Also that's great about TU, but I don't believe that's a Fico score either and that they use a fako as well.
Creditchecktotal Is a good idea

Re: Used car loan

Anonymous — Tue, 16 Feb 2016 16:46:37 GMT

Also dcu rates go to as follows(assuming direct deposit of pension, work, or a couple other things)
675-2.74
700-2.24
730?-1.99

Re: Used car loan

cartwrna — Wed, 17 Feb 2016 04:31:08 GMT

Glad I squeezed into DCU on my vehicles before they changes the tiers. 675 got me 1.49%