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Auto Loan Approvals!

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New Member

Re: Auto Loan Approvals!

My Credit score was 609 Equifax Autoscored with a dismissed Chapter 13 in April of 2018 ( filed but did not go through with it; however, still shows on credit report). Perfect payment history on current auto loan for two years. Of course, I was being turned down because of Chapter 13 on the report - I was able to speak with the credit analyst at American Honda ( Finance Manager called and I spoke on my behalf) and explained the situation and asked that she look at the car credit ( two paid auto loans in the past). American Honda approved, but at 17.5% - which I will refinance once my credit improves. The car is a 2018 Honda Accord Sport 2.0 ( 6-speed) - the loan was done at $29,200.00

Message 3951 of 4,392
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Member

Re: Auto Loan Approvals!

APPROVING BANK: Digital Federal Credit Union

BUREAU PULLED: Trans Union

CREDIT SCORE: 730

CUSTOMER STATE OF RESIDENCE: GA

NEW/USED: Used

YEAR OF VEHICLE: 2015

MAKE: BMW

MODEL: 550i

MILEAGE: 39,400

RETAIL/LEASE: Retail

AMOUNT OF LOAN: $35,000

TERM CONTRACTED: 72 months

APR/LEASE RATE: 2.99%

MONTHLY PAYMENT: $566

ANNUAL INCOME: $85K

DEBT TO INCOME RATIO: less than 20%

MISCELLANEOUS COMMENTARY:  Online app, instant approval for requested amount.  Pulled both TU FICO Auto Score 8 and EX.  I had a block on EX, got approved for best rate anyway. 

Message 3952 of 4,392
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New Member

Re: Auto Loan Approvals!

APPROVING BANK: Honda Financial
BUREAU PULLED: Transunion & Experian
CREDIT SCORE: TU Auto 4 -697  EX Auto 8- 686  EX Auto 2 - 671
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: New
YEAR OF VEHICLE: 2018
MAKE: Honda
MODEL: Accord Sport 2.0
MILEAGE: 60
RETAIL/LEASE: retail
AMOUNT OF LOAN: $33,196
TERM CONTRACTED: 60
APR/LEASE RATE: 2.9%
MONTHLY PAYMENT: $595
ANNUAL INCOME: $136,000
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: Sticker price was $31,200. We ended up agreeing on $29,393. $0 Down payment and after GAP insurance, TTL total came to $33,196. I was surprised that we were able to qualify for the tier 1 financing at 2.9% for 60 months. I thought that my credit score wasn't high enough for tier 1.

Message 3953 of 4,392
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Member

Re: Auto Loan Approvals!

Congrats! I applied to 3 credit unions for my loan and got rates ranging from 2.99 to 6.1, my car is preowned though. Interesting how different lenders rate the same scores.
Message 3954 of 4,392
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Established Member

Re: Auto Loan Approvals!

APPROVING BANK: J.P. Chase Morgan (Mazda)
BUREAU PULLED: Equifax (FICO Auto 9), Experian (FICO Auto 8), TransUnion (FICO Auto 8)
CREDIT SCORE: 706, 711, 729 respectively
CUSTOMER STATE OF RESIDENCE: Oregon
NEW/USED: New
YEAR OF VEHICLE: 2018
MAKE: Mazda
MODEL: Mazda3 Touring with Bose/satellite/moonroof package
MILEAGE: 7 / 10,000 per year
RETAIL/LEASE: Lease
AMOUNT OF LOAN: $23,485 including fees
TERM CONTRACTED: 36 months
APR/LEASE RATE: MF translates to 3.6%
MONTHLY PAYMENT: $261 with $3,000 down
ANNUAL INCOME: $36,000
DEBT TO INCOME RATIO: 25% (prior to lease)
MISCELLANEOUS COMMENTARY: This was my first time financing a car, so it was exciting, but somewhat nerve-wracking. Got $800 in lease rebates. Probably could have put less money down, but not too bothered by it.

I have a clean credit history, but my oldest account is only 4 years 10 mos, with an AAoA of 2 ½ years. Credit card utilization at 9%. 2 installment loans with fairly low balances (federal direct student loans). Obviously, I don’t have a very big income.

Overall, I absolutely love the car and feel good about the experience. This is also my first forum post!


Starting Scores (AUG 18) EQ: 706 TU: 724 EX: 715 Goal Score 1: 760 Goal Score 2: 810
Message 3955 of 4,392
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Established Contributor

Re: Auto Loan Approvals!

Congratulations on your new car, thanks for posting! 🤗

Current Scores & Increase since May 2020:

EX: 701 (+38)| TU: 692 (+32)| EQ: 681 (+36)| TU Fico 9: 704

Next Goal: Min. 700 w/all CRAs

Subsequent Goal: Chase FU

Gardening Until: 06/01/2021| App: 5/26/2020
Message 3956 of 4,392
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New Member

Re: Auto Loan Approvals!

S55AMG....All I see on the DFCU Site is a 4.24% for 72 months. How did you qualify for 2.99%?

I'm searching for an Auto Loan for a '15 M6. Would love to get a 2.99% loan.

Thanks!

Message 3957 of 4,392
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Member

Re: Auto Loan Approvals!


@SouthernGentleman wrote:

S55AMG....All I see on the DFCU Site is a 4.24% for 72 months. How did you qualify for 2.99%?

I'm searching for an Auto Loan for a '15 M6. Would love to get a 2.99% loan.

Thanks!


I am not sure to be honest.  I received an email stating my loan application had been approved, I called them and they stated the loan rate was approved for 3.49%, but could save .5% if I established direct deposit and set the payment on auto pay.... which I chose to do.

Message 3958 of 4,392
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Valued Contributor

Re: Auto Loan Approvals!

At the request of another user i've updated some information

 

APPROVING BANK:
BUREAU PULLED:
CREDIT SCORE:

SOFT PULL/HARD PULL: 
CUSTOMER STATE OF RESIDENCE:
NEW/USED:
YEAR OF VEHICLE:
MAKE:
MODEL:
MILEAGE:
FINANCE/LEASE:

PURCHASE PRICE:
AMOUNT OF LOAN:
TERM CONTRACTED:
APR/LEASE RATE:
MONTHLY PAYMENT:
ANNUAL INCOME:
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY:

Rebuilding and Reducing Debt, is my game plan.
Message 3959 of 4,392
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New Member

Re: Auto Loan Approvals!

Thanks for the Info!!

Message 3960 of 4,392
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