topic Re: Will I qualify? in Auto Loans

Will I qualify?

minski — Sun, 10 Jul 2016 17:59:45 GMT

I have 4 recent accounts that I opened at the end of May, intending to put off buying a car to the end of the year or beginning of next year. I've changed my mind and looking to buy at the end of August or September. I'm in the garden until then.

Will I qualify for an auto loan (hopefully with a rate less than 3%)?

I am looking at:

1) Alliant (currently in process of making this my main account) - has $100 bonus if I apply for auto loan within 90 days of opening my account (by mid-Sept?)

2) PenFed

3) DCU

4) Capital One

Chase (not sure they will approve with good rate since one of the new accounts was a Chase Freedom but am in good standing with 2 2+ year old credit cards)

Western

Credit Score: EQ 8 800 | EQ 5 787 | TU 8 783 | EX 8 785

AAoA: per myFICO (EQ) 80 months; per Credit Karma, 4 years

# of positive trade lines: Credit Karma shows 18 total accounts

# of negative trade lines: no negatives

Income: > $55,000

Length of Employment: 2+ years (if closer to end of year, 0 since I may be starting a new job)

Previous Loan Experience: student loans currently in repayment; no auto loans

Debt-to-Income (DTI): myFICO showing no more than 4% util; also, $875 in rent

Year of Car: 2016

Miles:

Purchase/Refinance: Purchase

Requested loan term (XX Months): 36 - 60

Down payment amount: $7500

Co-borrower/Co-Signer: hoping none but can obtain if needed

Other:

Re: Will I qualify?

Anonymous — Mon, 11 Jul 2016 15:46:05 GMT

@minski wrote:
I have 4 recent accounts that I opened at the end of May, intending to put off buying a car to the end of the year or beginning of next year. I've changed my mind and looking to buy at the end of August or September. I'm in the garden until then.

Will I qualify for an auto loan (hopefully with a rate less than 3%)?

I am looking at:
1) Alliant (currently in process of making this my main account) - has $100 bonus if I apply for auto loan within 90 days of opening my account (by mid-Sept?)
2) PenFed
3) DCU
4) Capital One
Chase (not sure they will approve with good rate since one of the new accounts was a Chase Freedom but am in good standing with 2 2+ year old credit cards)
Western

Credit Score: EQ 8 800 | EQ 5 787 | TU 8 783 | EX 8 785
AAoA: per myFICO (EQ) 80 months; per Credit Karma, 4 years
# of positive trade lines: Credit Karma shows 18 total accounts
# of negative trade lines: no negatives
Income: > $55,000
Length of Employment: 2+ years (if closer to end of year, 0 since I may be starting a new job)
Previous Loan Experience: student loans currently in repayment; no auto loans
Debt-to-Income (DTI): myFICO showing no more than 4% util; also, $875 in rent
Year of Car: 2016
Miles:
Purchase/Refinance: Purchase
Requested loan term (XX Months): 36 - 60
Down payment amount: $7500
Co-borrower/Co-Signer: hoping none but can obtain if needed
Other:

Assuming that your Fico auto scores are anywhere close to the ones you lost then you shouldn't have any problem getting approved for a loan below 3%. I'd focus on the 3 CUs you list if you are a member of any of them.

Re: Will I qualify?

Anonymous — Mon, 11 Jul 2016 15:55:02 GMT

You will be more than qualify based on the stats provided. What car are you looking at? I think you should try Penfed first before all the others.

Re: Will I qualify?

sccredit — Mon, 11 Jul 2016 16:28:43 GMT

IMO I would take CapOne off the list and focus on the 3 CU's you have listed. I don't see any issues with getting approved.

Re: Will I qualify?

minski — Mon, 11 Jul 2016 19:31:48 GMT

Thanks for your input. I was concerned as I'd recently gotten credit cards and I thought that one should have had a clean report at least 6 months prior to applying for auto loans.

My Auto 8 scores are like 9 points lower; if based on those, I imagine the rates would likely be higher. I've never had an auto loan before. This would be my first car purchase.

EQ Auto 8 791 Auto 5 797

TU Auto 8 774 Auto 4 776

EX Auto 8 775 Auto 2 784

Re: Will I qualify?

Anonymous — Mon, 11 Jul 2016 20:20:59 GMT

@minski wrote:
Thanks for your input. I was concerned as I'd recently gotten credit cards and I thought that one should have had a clean report at least 6 months prior to applying for auto loans.

My Auto 8 scores are like 9 points lower; if based on those, I imagine the rates would likely be higher. I've never had an auto loan before. This would be my first car purchase.
EQ Auto 8 791 Auto 5 797
TU Auto 8 774 Auto 4 776
EX Auto 8 775 Auto 2 784

You will still get approved for less than 3%. Try PenFed

Re: Will I qualify?

Anonymous — Thu, 14 Jul 2016 00:12:51 GMT

Yes shop local cu for low rate promotions. You will ha e no issue with those scores. If you bring your own financing make sure you tell the dealership they are not permitted to run your credit and have someone sign it. I brought my own financing and the dealership still pulled two hard inquiries. I was livid!

Re: Will I qualify?

Anonymous — Fri, 15 Jul 2016 07:39:17 GMT

Depend on vehicle ur planning to purchase and when u purchase. I would consider using captive lending (dealership own financial company) most likely have 0% or .9 or 1.9

Re: Will I qualify?

minski — Sat, 16 Jul 2016 18:07:46 GMT

I am looking at 2016 Nissan Rogue SL with or without the premium package (haven't quite decided yet).

Would it be so bad if the dealership pulled your scores? Wouldn't it fall under auto lending, lumping it all as one for scoring purposes, and showing up as auto lending inquiries? Not that I want my credit report cluttered with yet more inquiries but just curious...

Also, if the dealership has a promotion going on, would they have to pull your scores for it? If so, how many times? They probably wouldn't have 0% promotions for an outgoing car, would they?

Re: Will I qualify?

Anonymous — Sat, 16 Jul 2016 21:09:46 GMT

Yes they will have to pull for promo financing. Most dealerships will pull 3-4 ahopping around for rates. They say fico groups inquiries by classification. i prefer not to have multiple inquiries on my report. I like to negotiate the lowest price and then say thanks i have my own financing. You'll get a better deal because dealership goes low thinking they'll make it up in interest kick backs if they get your financing.

Re: Will I qualify?

MauiMan85297 — Thu, 21 Jul 2016 17:17:58 GMT

@minski wrote:
I am looking at 2016 Nissan Rogue SL with or without the premium package (haven't quite decided yet).

Would it be so bad if the dealership pulled your scores? Wouldn't it fall under auto lending, lumping it all as one for scoring purposes, and showing up as auto lending inquiries? Not that I want my credit report cluttered with yet more inquiries but just curious...

Also, if the dealership has a promotion going on, would they have to pull your scores for it? If so, how many times? They probably wouldn't have 0% promotions for an outgoing car, would they?

I'm replacing a 2014 Rogue with a 2016 Rogue SL, NMAC (Nissan Motors Acceptance Corp) will automatically approve you with those scores even if you've never had a car loan.

It would be Tier 1 at 0% for 72 months and $500 cash, good luck with your new Rogue.

Btw, I was a Nissan New Car Manager for 5 years and know the business for 20+

Re: Will I qualify?

MauiMan85297 — Thu, 21 Jul 2016 17:20:41 GMT

@Anonymous wrote:
Yes they will have to pull for promo financing. Most dealerships will pull 3-4 ahopping around for rates. They say fico groups inquiries by classification. i prefer not to have multiple inquiries on my report. I like to negotiate the lowest price and then say thanks i have my own financing. You'll get a better deal because dealership goes low thinking they'll make it up in interest kick backs if they get your financing.

You can tell your dealer that you only want the CR sent to the auto makers finance and don't "shotgun" it everywhere, the dealer will pull your report then NMAC (if going for Nissan) will pull as well.

Re: Will I qualify?

minski — Fri, 29 Jul 2016 18:01:31 GMT

So, I just signed up for membership at PenFed. The representative I spoke with said that I would be getting HP if I applied for an auto loan. When I questioned this since I had only just signed up, he clarified that they have to mention that there may be a HP. So, I'm a little confused on whether it will definitely be a HP or not - for me. lol. Per the representative, the approval? pre-approval? is good for 90 days.

I am still waiting for the HP for joining to show up. That is an HP, right?

Re: Will I qualify?

minski — Sat, 30 Jul 2016 16:20:28 GMT

Signed up for DCU because I've always intended to do so. Didn't realize that they'd have me pay the organization membership fee at the same time I fund the account so...I ended up paying my chosen organization twice.

On sign up it said I was pre-approved for an auto loan up to $35,000. Not sure what the rate is. I guess I'll find out in about a week when the documents come in...

Re: Will I qualify?

minski — Sat, 30 Jul 2016 22:27:25 GMT

If one finalizes a deal online, how soon do the dealerships expect you to pick up the car?

Re: Will I qualify?

minski — Thu, 11 Aug 2016 19:52:04 GMT

so, I've sent emails requesting quotes with breakdown of drive out prices per the New Car Buying guide stickied on this forum.

Man, these dealerships do not like email. I'm getting requests to provide a phone number so that they can call me or asking me to call them. I hate phone calls, and I work nights so I hate phone calls during the day (Call me at 3 in the morning if that suits you! ). If none of the four refuse to send an internet quote, I'm not sure what I'm going to do.

Maybe I'll just use the car buying service.

Re: Will I qualify?

Anonymous — Mon, 15 Aug 2016 11:33:02 GMT

@minski wrote:
so, I've sent emails requesting quotes with breakdown of drive out prices per the New Car Buying guide stickied on this forum.

Man, these dealerships do not like email. I'm getting requests to provide a phone number so that they can call me or asking me to call them. I hate phone calls, and I work nights so I hate phone calls during the day (Call me at 3 in the morning if that suits you! ). If none of the four refuse to send an internet quote, I'm not sure what I'm going to do.

Maybe I'll just use the car buying service.

How did you make out?

Re: Will I qualify?

minski — Mon, 15 Aug 2016 16:33:58 GMT

@BellaLina

Thanks for inquiring. I'm still working on it. I sent a request for a quote to three more dealerships, one of which is through Alliant's car buying service. My father got a quote from one dealership which he thinks is fair but it (and he) pushes me into accepting financing from the dealership at a higher APR than what Alliant has offered me. I could potentially pay off the loan sooner once I get a better paying job and situation (without penalty? I don't know) and limit how much the dealership can milk from me but I HATE being pushed into something or backed into a corner.

At this point, I'm thinking how nice it would be to never buy another car again.

Edit: I emailed 7 more dealerships this morning. Still no quote.

Re: Will I qualify?

minski — Mon, 15 Aug 2016 18:36:24 GMT

Got a fairly detailed quote! I was danged impressed. But not so much with the quoted price.

Re: Will I qualify?

minski — Mon, 15 Aug 2016 20:39:41 GMT

So my dad decided we were going to visit a dealership or two. I ended up buying a car. Partial down payment on my Blispay since they don't take personal checks. Thank goodness Blispay doesn't report because it's got to be about 60% util