topic Re: New car in Auto Loans

New car

bsal — Sun, 08 May 2016 00:32:45 GMT

Well I finally got my dream car 2013 audi a8 L I got approved through carmax financing with 5.2% 21k Miles my scores are in the mid 6's

I just paid down a huge chunk of debt that will bring my credit utilization down to .06% hopefully bringing my scores up to the lower 7's so I can refinance with DCU Hoping to get that 2.49% 60 months no payment

Re: New car

nycplayboy78 — Sun, 08 May 2016 04:03:47 GMT

Congratz on your new car but can you please give us more insight into your credit profile please? Your baddies (if any), DTV, util, past auto loan history, etc..That will help us come to a more clear conclusion with you. I am assuming that you are in the mid-600s if so then DCU will probably approve you with no hassle and/or PenFed will look favorably upon you as well...But like you said wait 30 days and have your scores update etc and see where you are at and also buy/subscribe to myFICO 3B service as well...

Re: New car

RonM21 — Sun, 08 May 2016 10:48:39 GMT

Congrats on the new car. Seeing where you stand will help determine what you can do about refinancing, as the post above mentioned.

Re: New car

bsal — Sun, 08 May 2016 20:51:09 GMT

I don't know what DTV is I'm sorry but my prior auto loan witch was first with navy fed in 2009 (7.99) before I refinanced with penfed @ 3.99%
I have a few paid lates from 2013 but all paid off now
My current utilization is .06% I have 1 cap1 credit card with a 1k limit and I had a closed navy fed flagship card for 20k but it was closed but I paid them off fully
My current scors now are 679 equifax 684 trans and 673 ex looking to refinance with dcu for 2.49 but they use the equifax common mortgage score mine were 631 when I checked couple weeks ago

Re: New car

pipeguy — Mon, 09 May 2016 00:28:35 GMT

@bsal wrote:
@I don't know what DTV is I'm sorry but my prior auto loan witch was first with navy fed in 2009 (7.99) before I refinanced with penfed @ 3.99%
I have a few paid lates from 2013 but all paid off now
My current utilization is .06% I have 1 cap1 credit card with a 1k limit and I had a closed navy fed flagship card for 20k but it was closed but I paid them off fully
My current scors now are 679 equifax 684 trans and 673 ex looking to refinance with dcu for 2.49 but they use the equifax common mortgage score mine were 631 when I checked couple weeks ago

I cetainly don't have a direct link to DCU's underwriting department, but I think if your only current credit referance is a $1000 CL Cap-1 card and a "few lates from 2013" you are not going to be successful getting refinanced for a $40,000 plus used car note right away. Of course your auto loan history will help, but if they take a detailed look I'm not sure they'll like the fact that the NFCU card was "closed by lender".

Bottom line is that you got the car of your dreams at an okay APR, not great, but not that bad considering your limited credit profile - perhaps in 6 months or a year you'll have a better shot through DCU, but right now I don't think I'd waste the hard pull for a quick refi.

BTW, the A8 L is a very sweet ride, sure hope its still under warranty because out of pocket repairs on that sweet ride are brutal.

Re: New car

bsal — Mon, 09 May 2016 00:09:03 GMT

Well I'm sorry to inform you . I was approved for 2.99% 2.49 if I do direct deposit so I'm happy

Re: New car

pipeguy — Mon, 09 May 2016 00:31:37 GMT

@bsal wrote:
Well I'm sorry to inform you . I was approved for 2.99% 2.49 if I do direct deposit so I'm happy

Congrats !

I drove a standard A8 with the 4.2 in Germany on the no speed limit autobaun - sweet ride !!

Re: New car

TXinandout — Mon, 09 May 2016 01:49:36 GMT

Where is the pic? Congrats!!$

Re: New car

6speed8 — Mon, 09 May 2016 16:58:56 GMT

I'm a former Audi service advisor. Congrats on the car. I'd wait till you get 6 or so payments under your belt before trying to refi.

Re: New car

bsal — Mon, 09 May 2016 18:16:57 GMT

6speed8 can I ask you why you think I should wait?

Re: New car

settleordelete — Mon, 09 May 2016 19:51:33 GMT

Congratulations on your new ride and the financing!

It's good to know that when it comes to credit, what works best for some usually doesn't work for others. And what works best for others usually doesn't work for some.

Re: New car

pipeguy — Mon, 09 May 2016 20:02:05 GMT

@settleordelete wrote:
Congratulations on your new ride and the financing!

It's good to know that when it comes to credit, what works best for some usually doesn't work for others. And what works best for others usually doesn't work for some.

Ain't that the truth !! The rates DCU have given the OP are well under what they post on their site and his discount for direct deposit is twice what's advertised - I've love to know his secret so I can use it !!