Auto Loan Approvals!

[Anonymous]

Did you apply online to Ally or did the dealer get you financing through them?

[busyscmom]

I applied with Cap On online before I started car shopping.  I didn't want to fall in love with a car to find out I couldn't afford (or didn't want to pay) a high interest rate at the dealership.

I don't know which credit they pulled.  

Very happy Cap One offered me a much lower interest rate than I thought I could get.

[Anonymous]

Totally cool busymom! 

I will be doing the EXACT same thing to get the EXACT car ;-) love that Altima SL! Enjoy it, glad you got approved!

[busyscmom]

I've been researching cars for about a year and decided on the Altima.  Was going to get the SV, but decided to go for it and get the SL.  Car sales people sure are slick!  Will try to get you to pay a much higher price.  I like True Car, but if you use it, you'll be bombarded with emails and phone messages.  I set up a separate email just to deal with buying a car.  If only I could now stop the phone calls!  

It's a beautiful car and I'm totally in love with it.  Very happy!  

Hope you have a good car shopping experience!

[Anonymous]

Congrats on the SL! Can you tell me what the rate was from Cap One?

[Anonymous]

APPROVING BANK: Honda
BUREAU PULLED:?
CREDIT SCORE: 529 or 545
CUSTOMER STATE OF RESIDENCE:NY
NEW/USED:New
YEAR OF VEHICLE:2013
MAKE:Honda
MODEL:CRV EX-L
MILEAGE:2
AMOUNT OF LOAN: 24,500
TERM CONTRACTED:72 months
APR/LEASE RATE:5.59
MONTHLY PAYMENT:405.xx
ANNUAL INCOME:130,000

MISCELLANEOUS COMMENTARY:
My mortgage was showing as 30 days late at the time of the pull. I had to get proof that I was current before Honda would approve me. My credit report has since updated and my score jumped to a 593. I put 5,000 down. All in all I think I got a really great rate considering how low my score was/is. I went to the dealership with financing already arranged through Roadloans(Santander) but with much worse terms - 72 mos @ 9.63% with 3,500 required down. I expected Honda to beat that rate - but not by 4 points.

[I-Eat-Cookies]

APPROVING BANK: Honda Financial
BUREAU PULLED: TU
CREDIT SCORE: 560
CUSTOMER STATE OF RESIDENCE: NJ
NEW/USED: New
YEAR OF VEHICLE: 2013
MAKE: Honda
MODEL: Civic SI
MILEAGE: 10 was written
RETAIL/LEASE: $22,195 (includes d&h)
AMOUNT OF LOAN: $24716
TERM CONTRACTED: 72
APR/LEASE RATE: 4.79%
MONTHLY PAYMENT: 439.99 (got a warranty that covers scratches, dings, dents)
MISCELLANEOUS COMMENTARY:  Couldn't have done it without the finance guy tbh.  He and my sales guy worked hard to get me down to that APR (average with my score I was looking at 22%).  Big props to them for getting me such a great rate and approval.  Seriously the waiting for approval process was one of the most stressful things ive encountered.

[SLbaddie]

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@I-Eat-Cookies wrote:

APPROVING BANK: Honda Financial
BUREAU PULLED: TU
CREDIT SCORE: 560
CUSTOMER STATE OF RESIDENCE: NJ
NEW/USED: New
YEAR OF VEHICLE: 2013
MAKE: Honda
MODEL: Civic SI
MILEAGE: 10 was written
RETAIL/LEASE: $22,195 (includes d&h)
AMOUNT OF LOAN: $24716
TERM CONTRACTED: 72
APR/LEASE RATE: 4.79%
MONTHLY PAYMENT: 439.99 (got a warranty that covers scratches, dings, dents)
MISCELLANEOUS COMMENTARY:  Couldn't have done it without the finance guy tbh.  He and my sales guy worked hard to get me down to that APR (average with my score I was looking at 22%).  Big props to them for getting me such a great rate and approval.  Seriously the waiting for approval process was one of the most stressful things ive encountered.

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Congrats!  Gives me hope!

[I-Eat-Cookies]

Haha thanks!  And definitely going in face-to-face helps a lot with financing.  If you can talk to the F&I guy (or loan officer) and just explain your situation and don't come across as a scumbag, you'd be surprised in how far they'd be willing to go to help you out.  And also be patient.  Patience is key I learned 

[djshifted]

I got hit with a 16.87% interest rate, but I was rather happy because my last one was 24.XX% through Santander/Drive Financial.  I am hoping to have this paid down to +\- trade-in value within a year and get my next one preapproved through the CU (maximum for CU is 12.9%) so that I have some aditional leverage.