Auto Loan Approvals!

[TheFIGuy]

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@CreditCuriosity wrote:

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@TheFIGuy wrote:

APPROVING BANK: NFCU
BUREAU PULLED: EQ
CREDIT SCORE: EQ FICO 8 - 700

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: USA, CA
NEW/USED: NEW
YEAR OF VEHICLE: 2019
MAKE: TESLA
MODEL: MODEL 3
MILEAGE: N/A
FINANCE/LEASE: FINANCE

PURCHASE PRICE: 54k
AMOUNT OF LOAN: 45.5k
TERM CONTRACTED: 84/months
APR/LEASE RATE: 5.39%
MONTHLY PAYMENT: $585.68
ANNUAL INCOME: 100k +
DEBT TO INCOME RATIO: N/A—(Sorry I don't know this)
MISCELLANEOUS COMMENTARY: 

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ouch 84 months...  Just gotta sak why as would never consider something over 60 months..  Cognrats none-the-less of the majority of the approval

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Great Questions!

I have no auto loan history on my credit report and it's been VERY difficult to get a financial institution to finance the full 54k balance. I have high scores 710+ FICO 8 but "limited credit experience" as most FI's are stating. Now I understand I could save up a 10+% downpayment and it would be more financially smart but I think everybody has different strokes lol. So, my approval chances increased drastically when I choose 84/months instead of 60/months after speaking with NFCU. I'll be making $800/month payments which will decrease my loan term by 26/months and put me back in 60/month term. I do understand I could have possibly got a lower interest rate with 60/months but that's for my next car as we all gotta start off somewhere right!

Trust me I know there are 100+ different ways I could have done this but I guess I don't mind the pain in this way lol.

P.S—(If you know a bank/CU that will finance the full 54k for me with "limited credit experience" let me know myFICO FAM! I have student loans, credit cards, and a clean report. I know that's probably not enough DP's but DM me and maybe we can talk.

[Anonymous]

APPROVING BANK:  Palmetto Citizens FCU (Columbia, SC & surrounding counties only)
BUREAU PULLED: Equifax
CREDIT SCORE: 744 (FICO5 confirmed)

SOFT PULL/HARD PULL:  Hard
CUSTOMER STATE OF RESIDENCE: SC
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: Chevrolet
MODEL: Traverse
MILEAGE: 4024
FINANCE/LEASE: Finance

PURCHASE PRICE: 30,600
AMOUNT OF LOAN: 34,000 (included warranty and gap insurance. Say what you will, I don't like dealing with maintenance)
TERM CONTRACTED: 72mos
APR/LEASE RATE: 3.69%
MONTHLY PAYMENT: 524
ANNUAL INCOME: 85k
DEBT TO INCOME RATIO: Nill
MISCELLANEOUS COMMENTARY: The loan process took less time than the freaking negotiation with the car dealer.  Very nice folk and easy to work with.  Note: They did charge me an extra 1% because of a paid collection in 2017 that was not (quite) two years old. Annoying, but acceptable. Otherwise, their rate would have been exceptional.

[Jannelo]

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@rushingjr wrote:

APPROVING BANK:  Citizens Bank
BUREAU PULLED: Transunion
CREDIT SCORE:  695 (Equifax is 725)

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE:  MD
NEW/USED:  Used
YEAR OF VEHICLE:  2018
MAKE:  Toyota
MODEL:  Highlander
MILEAGE:  8266
FINANCE/LEASE:  Finance

PURCHASE PRICE:  $36,900
AMOUNT OF LOAN:  $40,413
TERM CONTRACTED:  6YRS
APR/LEASE RATE:  4.63
MONTHLY PAYMENT:  $643.90
ANNUAL INCOME:  $105K
DEBT TO INCOME RATIO:  It's Up There
MISCELLANEOUS COMMENTARY:  Capital One had approved me at 5.63%.  Dealer offered extended warranty for a 1% off the interest rate.  I keep cars a long time (I traded in a 2006 Armada) and I know things go crazy after the factory warranty, so I went for it.  Otherwise, I would not have bought the EW.

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Congratulations!  I love the Toyota Highlander.  I'm sure you maintain your vehicles anyway, but you will find your Toytoa Highlander problem-free as far any big issues arising after warranty.  My sister has a Toyota 2005 4Runner, she bought in 2006 with very low miles, and it has never been serviced for any major problems beyond routine maintenance, etc.,  and is still going strong.  She's getting ready to get a new vehicle, as in a one-year-old vehicle, and insists it will be the Toytoa 4Runner again.  Her whole family (husband - 2015 Avalon/daughter - 2018 RAV 4) are Toyota converts now.  

[Gotham-]

When your approval goes through

***you can always get GAP Ins from your Insurance Company **** good price too😮😁

maintenance free is da thing to Be
He He (Michael Jackson Voice) 😆

[SarahJo]

APPROVING BANK: JP Morgan Chase
BUREAU PULLED: TU
CREDIT SCORE: 777

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: NY
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: Subaru
MODEL: Forester Sport
MILEAGE: 7
FINANCE/LEASE: Finance

PURCHASE PRICE: 31,500
AMOUNT OF LOAN: 27,000
TERM CONTRACTED: 72 months
APR/LEASE RATE: 2.74
MONTHLY PAYMENT: $415.00
ANNUAL INCOME: $75,000
DEBT TO INCOME RATIO: 11%
MISCELLANEOUS COMMENTARY: Was approved by the local credit union for the 2.74% rate, the dealership matched it as I would rather be with Chase.  A paid for trade in covered all taxes and fees+ and made a $2000.00 down payment. 

[ando35]

APPROVING BANK: Bank of America
BUREAU PULLED: TU
CREDIT SCORE: 795

SOFT PULL/HARD PULL: hard
CUSTOMER STATE OF RESIDENCE: FL
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: Kia
MODEL: Optima LX
MILEAGE: 0
FINANCE/LEASE: Finance

PURCHASE PRICE: $23,700
AMOUNT OF LOAN: $23,700
TERM CONTRACTED: 72
APR/LEASE RATE: 3.5%
MONTHLY PAYMENT: 
ANNUAL INCOME: $60,000 
DEBT TO INCOME RATIO: unknown
MISCELLANEOUS COMMENTARY: I am a platinum customer with them meaning I have investments with them so that probabaly factored into my rate

[SoundoftheSuburbs]

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@Gotham- wrote:
When your approval goes through

***you can always get GAP Ins from your Insurance Company **** good price too😮😁

maintenance free is da thing to Be
He He (Michael Jackson Voice) 😆

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GAP is inexpensive. However, there are some insurers that do not sell GAP coverage. For example, my own insurer, GEICO, does not sell GAP coverage.

[addicted_to_credit]

APPROVING BANK: PENFED
BUREAU PULLED: EQ
CREDIT SCORE: 792
SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: AL
NEW/USED: NEW/refi
YEAR OF VEHICLE: 2019
MAKE: GMC
MODEL: Sierra
MILEAGE: 1200
FINANCE/LEASE: Finance
PURCHASE PRICE: 63,300
AMOUNT OF LOAN: 62,618
TERM CONTRACTED: 84
APR/LEASE RATE: 4.49%
MONTHLY PAYMENT: 902.00
ANNUAL INCOME: 85,000.00
DEBT TO INCOME RATIO: 20-25%
MISCELLANEOUS COMMENTARY:

[mystikal1]

APPROVING BANK: Bellco Credit Union
BUREAU PULLED:Equifax
CREDIT SCORE:594
SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE:Colorado
NEW/USED:New
YEAR OF VEHICLE:2019
MAKEodge
MODELurango GT AWD
MILEAGE:35
FINANCE/LEASE:Finance
PURCHASE PRICE:36000
AMOUNT OF LOAN:
TERM CONTRACTED:72 Months
APR/LEASE RATE:7.19
MONTHLY PAYMENT:539
ANNUAL INCOME:70k
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: 2 Weeks post discharge of BK7

Very happy with rate and approval. If I can do it anyone can

[Anonymous]

APPROVING BANK: Logix Credit Union
BUREAU PULLED: Experian Fico 9
CREDIT SCORE: 740
SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: used
YEAR OF VEHICLE: 2015
MAKE: Lexus
MODEL: ES 350
MILEAGE: 63,000
FINANCE/LEASE: Finance
PURCHASE PRICE: $18,740
AMOUNT OF LOAN: 17,000
TERM CONTRACTED: 48 months
APR/LEASE RATE: 3.24 (with 1% discount for automatic withdrawal). This is their Tier One rate
MONTHLY PAYMENT: 378
ANNUAL INCOME: $120,000
DEBT TO INCOME RATIO: not sure
MISCELLANEOUS COMMENTARY: Pre approved with Logix. Lexus dealer also pulled, "without permission" Lexus and BofA (experian hard pulls), Chase (Transunion hard pull) and Ally (experian hard pull). My auto enhanced score was 763 (used by Lexus) but Logix didn't use that.  I say "without permission" because I made it clear that I was pre approved and had no intention of using any other financing.  They pulled BofA and Ally 2 days after I already had the car.  Logix credit union was great to deal with but I think they only finance cars in CA (not 100% positive).