APPROVING BANK: Suntrust
BUREAU PULLED: Equifax Beacon
CREDIT SCORE: 712
CUSTOMER STATE OF RESIDENCE: Maryland
NEW/USED: Certified Used
YEAR OF VEHICLE: 2010
MAKE: Chevrolet
MODEL: Equinox Ls
MILEAGE: 36584
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 17177. The price of the car is 16,977. I was approved for the total amount of the loan including tax and fees which is 18007.56.
TERM CONTRACTED: 72
APR/LEASE RATE:3.59
MONTHLY PAYMENT:265.94
ANNUAL INCOME:
MISCELLANEOUS COMMENTARY: Ok, So I just bought this car, a few hours ago, this is my very first Auto loan and I should actually be happy but I'm actually worried that maybe I didn't get a good deal? You tell me:
I meant to just go and look I wasn't going to buy today but they kind of pressured me. At the same time, I'm relieved that I got this thing over with, I have been very stressed lately about this. I think I got a nice deal but it could've been better I'm sure. I went in with a Bank of america approval of 15000 at a rate of 3.87 (3.2 if I had bought the car with one of their dealer. This one wasn't one of them) and 257/mth for 60mths.
I left the dealership with a loan that they ran for me for 18007.56-everything included (tax, fees,,), I paid the tax ($1300) as a downpayment and it's 17177 that's left, which includes the dealer fee of 199. The first payment is due in april. I have one month free. The car is certified by GMC so, 100,000m/5yrs for the engine and additional 1 year/12000m bumper to bumper... well, I'm not worried about the certification, my only thing is the length of the loan and the rate. Did I get a good deal??
He's telling me that eventhough I have a good score, there isn't much in the report ( History is 4yrs and 9 months and I only have two credit card currently, 3 closed accts and 1 student loan that's been deferred). He basically called my score a "fake score" It's good but there's not much in the credit rport. I know that my CR is very thin compared to others but for this score I thought I could get a better interest for a shorter term. He also tols me that this is a good rate for someone that's getting an auto loan for the 1st time, the average is 24% from what he told me. He also said it's more difficult to get approved for an Auto loan than a mortgage???
Did I make a good choice or should I return the car? I have 5 days/250 miles to return it. I guess the good thing is that there won't be any penalty fees if I pay it off earlier (which I intend to do anyway). The guy was nice but I was giving him a very hard time as I read a lot about how dealers will try to trick you when they see you're not knowledgeable about cars.. So, What do you guys think?
