Credit to MarvBear and to Schoolbuskid for an excellent idea on another forum; this thread is to be used for your Auto Loan Approvals for those that got a bit higher priced vehicle.....I'm very intrigued as to who is doing these types of loans I hear CU is the way to go (Yes so I can make notes for myself too) and to see what types of rates came with them etc. just copy and paste!
SOFT PULL/HARD PULL:
CUSTOMER STATE OF RESIDENCE:
YEAR OF VEHICLE:
AMOUNT OF LOAN:
DEBT TO INCOME RATIO:
We already have an ongoing thread started by schoolbuskid with that information.
If you're interested in a higher-priced vehicle and you qualify for Tier 1 credit, then the manufacturer's captive lender (e.g., BMW Finance or Mercedes Benz Financial Services) will almost always be able to give you better terms than a CU.
That's because the manufacturer subsidizes the loans, just like homebuilders do. You'll get the best deals if you wait for a big sale or promotion, such as auto manufacturers offer at year's end. For example, I was able to buy a new Ford truck in December and finance it through Ford Motor Credit with a 0% loan for 72 months.
The only concern--and it's a minor one--is that a few of these subsidized loans get labeled "Consumer Finance Accounts" by the credit bureaus and may negatively affect your credit scores. But that's never happened to me and seems less common with loans from major captive lenders like FMC, MBFS, and BMW Finance. Of course, YMMV!
Actually, I think the OP was attempting to start a thread strictly for expensive vehicles (ones that cost more than $50K). The current thread has approvals for all kinds of loans, and I get why people who are trying to finance expensive cars aren't really helped by seeing the details of loan approvals for significantly cheaper cars.
Yeah, really this sort of information should be in a database similar as to what the credit pulls data should be with good search options.
Nobody has the time and/or interest to really work on that though, wouldn't be a hard project other than getting people to use it.
Yes it was simply to help make it easier for everyone I tried digging and I mean DIGGING through the forum that had open amounts and only found 1 vehicle that was over 50k to sort of get an idea by and that was after going through 20 plus pages....I was trying to make a little 'short cut' I guess you could say?! if all you were interested in was higher amount vehicle OR for those people that had lower credit or shorter history to be like OH ok well if I work on A and B I can get my dream car in maybe 2 or 4 years etc basically help other people who want to eventually or soon
I'm in the same boat.
This forum has been super helpful for me though. I started out with a credit score in the 500s six months ago. Decided I was going to try and purchase my dream car--a brand new Range Rover Sport--at the end of last year and set out on a mission to improve my credit. Custom ordered the specific truck I wanted from the Land Rover dealership in February. Just passed 700 with TU yesterday, with two months to go until the truck will be ready for delivery. I'm expecting to be able to put 30K down and have to finance about 78K. So 50K+ financing deal stats are way more helpful to me.