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Auto Loan Approvals!

LazarusLong
Regular Contributor

Re: Auto Loan Approvals!


@disdreamin wrote:

@barca wrote:

The irony of these kind of comments are guys who usually buy the cheapest cars on the market and try to justify thier purchase.

Why single anyone out like this? What was said about the purchase was out of bounds, but so is this.

 

What anyone purchases for a vehicle is ultimately up to them. Do I usually buy the cheapest car on the market that will suit my purposes? Yeah, I kinda do. Has it worked out for me? Yes, yes it has. Did we opt to finance pretty much 100% of the truck we bought recently, including the associated taxes and fees? Yep, because 0% interest and why the heck not.

 

Basically, you do you boo - but don't judge if others want to make different decisions. That's not what these boards are about.


Actually @barca was supportive of my purchase - he was replying to someone else (whose comment has now been deleted).  That person mentioned always paying cash for a vehicle (and I think something about always buying a 6 figure vehicle?)...

 

Anyways, I remember hearing a financial advisor once who said if you can borrow money at low rates and use your cash to make more than you're paying in interest, take the money.  Pretty sure you can make more than 4% nowadays (or pay down anything else you have at a higher interest rate).

AAoA = 6.8 yrs
AoOA = 22.6 yrs
Message 4641 of 4,650
Dadof31978
Member

Re: Auto Loan Approvals!

The issue is cars go down in value. 

Message 4642 of 4,650
Loquat
Moderator

Re: Auto Loan Approvals!


@Dadof31978 wrote:

Why would your loan be $6k over purchase price and if you make $170k plus why $0 down and 84 months on a used car? Recipe for disaster especially w a Chrysler product. 


@Dadof31978 No one needs to justify the reason they do anything to anyone on this here forum.  It is not your job, my job, or any one else to set one's financial compass straight.  We all go about our lives in the way we see fit and it doesn't have to fit the mindset of anyone else.  I ask that you keep that in mind as you navigate this here forum.

 

We're all here to help and learn from each other.  It's okay to have an opinion different from that of others but I ask you kindly that your comments stay within the forum guidelines found here.  If you have any questions you can reach out to myself or any of the other moderators listed here. 

 

I appreciate your understanding and cooperation.

 

Message 4643 of 4,650
Loquat
Moderator

Re: Auto Loan Approvals!

@LazarusLong Congrats on your purchase!  I'm a Mopar guy myself with my recent purchase being a '21 Charger Scat Pack.  I absolutely love the car and I'm sure you'll love your Jeep just the same.  

 

Ignore the noise in the background about Chrysler products (or any vehicle for that matter) having major mechanical issues. 

 

The truth is, every car manufacturered have issues, there's no way around it.  I like to explain it as such.  

 

Attached to 99% of all dealers is a service center.  Within that service center are mechanics.  These mechanics are often paid VERY well.  A typical ASE manufacturer certified mechanic, regardless of geographical location, is probably making close to, if not exceeding 6 figure salaries if they're at a volume store.  

 

These mechanics don't make such salaries by just changing oil and rotating tires.  They're able to collect such salary for their hard work that is often associated with repairs that are a lot more extensive and routinue maintenance.  So, with that being said, just know that your Jeep, my Dodge, or any one elses are, are likely to have issues at some point...there's no escaping it.

 

I worked as a Finance Manager for MANY years at a very large dealer network.  I can tell you that while most folks think the highest paid person in the dealership is the Sales Manager, they'd be wrong.  At a volume store, the highest paid person within the building, shy of the owner, is usually the Service Manager with the Finance Manager and the General Sales Manager not far behind.

 

Again, ignore the noise in the background and enjoy your new set of wheels!  Congrats again!

Message 4644 of 4,650
Goodcreditoneday
New Visitor

Re: Auto Loan Approvals!

Thank you soo much for this! People are waaay too concerned about other people's live and what grown adults choose to do with it. It's none of our business. 


@Loquat wrote:

@Dadof31978 wrote:

Why would your loan be $6k over purchase price and if you make $170k plus why $0 down and 84 months on a used car? Recipe for disaster especially w a Chrysler product. 


@Dadof31978 No one needs to justify the reason they do anything to anyone on this here forum.  It is not your job, my job, or any one else to set one's financial compass straight.  We all go about our lives in the way we see fit and it doesn't have to fit the mindset of anyone else.  I ask that you keep that in mind as you navigate this here forum.

 

We're all here to help and learn from each other.  It's okay to have an opinion different from that of others but I ask you kindly that your comments stay within the forum guidelines found here.  If you have any questions you can reach out to myself or any of the other moderators listed here. 

 

I appreciate your understanding and cooperation.

 


 

Message 4645 of 4,650
SUPERSQUID
Established Contributor

Re: Auto Loan Approvals!


@Loquat wrote:

@LazarusLong Congrats on your purchase!  I'm a Mopar guy myself with my recent purchase being a '21 Charger Scat Pack.  I absolutely love the car and I'm sure you'll love your Jeep just the same.  

 

Ignore the noise in the background about Chrysler products (or any vehicle for that matter) having major mechanical issues. 

 

The truth is, every car manufacturered have issues, there's no way around it.  I like to explain it as such.  

 

Attached to 99% of all dealers is a service center.  Within that service center are mechanics.  These mechanics are often paid VERY well.  A typical ASE manufacturer certified mechanic, regardless of geographical location, is probably making close to, if not exceeding 6 figure salaries if they're at a volume store.  

 

These mechanics don't make such salaries by just changing oil and rotating tires.  They're able to collect such salary for their hard work that is often associated with repairs that are a lot more extensive and routinue maintenance.  So, with that being said, just know that your Jeep, my Dodge, or any one elses are, are likely to have issues at some point...there's no escaping it.

 

I worked as a Finance Manager for MANY years at a very large dealer network.  I can tell you that while most folks think the highest paid person in the dealership is the Sales Manager, they'd be wrong.  At a volume store, the highest paid person within the building, shy of the owner, is usually the Service Manager with the Finance Manager and the General Sales Manager not far behind.

 

Again, ignore the noise in the background and enjoy your new set of wheels!  Congrats again!


I had MOPARs way back in the day when most of them were monsters. 69 dodge charger 383 4 speed, i blew 3 engines in that car so it was 383/440/383. then a 70 GTX 383 4 speed, but my favorite car i had years ago was my 69 pontiac GTO , 400, 4 speed, convertible, A/C, worked engine including racing cam and headers etc, electric everything including top, windows, antenna etc. My 2nd favorite was a 66 chevy impala ss, 283 v8 4 speed, sky blue with white leather interior.

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NFCU >cash rewards 3700




>BABY NEEDS NEW SHOES !!!!!
Message 4646 of 4,650
millyann
Valued Member

Re: Auto Loan Approvals!

APPROVING BANK:  Vystar Credit Union
BUREAU PULLED:    TransUnion
CREDIT SCORE: 710
CUSTOMER STATE OF RESIDENCE:  FL
NEW/USED: Used
YEAR OF VEHICLE: 2020
MAKE: CanAM
MODEL: Spyder RT Limited
MILEAGE: 220 < Yes only 220 miles on a used bike
RETAIL/LEASE: Retail
AMOUNT OF LOAN:  19000 < was approved up to $35,000
TERM CONTRACTED: 36 months
APR/LEASE RATE: 4.8
MONTHLY PAYMENT: $570 ish 
MISCELLANEOUS COMMENTARY: Used VIP check from Vystar. Simple process. Applied, signed agreement, given draft to complete purchase. Rate was 3 points lower than what dealer offered. Did not even let dealer run an application.
Things I never do:
Finance a car for more than 36 months
Finance taxes or extended warranties
No need for gap ever
Message 4647 of 4,650
Aimfor800
New Member

Re: Auto Loan Approvals!

APPROVING BANK: PENFED
BUREAU PULLED: EQUIFAX
CREDIT SCORE: UNKNOWN

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: TX
NEW/USED: NEW
YEAR OF VEHICLE: 2022
MAKE: TOYOTA
MODEL: CAMRY
MILEAGE: 5
FINANCE/LEASE: FINANCE

PURCHASE PRICE: $45,000
AMOUNT OF LOAN: $45,000
TERM CONTRACTED: 72
APR/LEASE RATE: 8.00% 
MONTHLY PAYMENT: $700
ANNUAL INCOME: $70,000 (NOT COUNTING SELF-EMPLOYED INCOME)
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: FIRST TIME CAR BUYER. NO DOWN PAYMENT. SURPRISED TO BE APPROVED. GAP/EXTENDED WARRANTY INCLUDED IN PURCHASE PRICE.

Message 4648 of 4,650
bobvette
Regular Contributor

Re: Auto Loan Approvals!

APPROVING BANK: NFCU
BUREAU PULLED: Equifax
CREDIT SCORE: 828

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: GA
NEW/USED: New
YEAR OF VEHICLE: 2022
MAKE: Lexus
MODEL: IS500
MILEAGE: 2
FINANCE/LEASE: Finance

PURCHASE PRICE: $73,500
AMOUNT OF LOAN: $47,500
TERM CONTRACTED: 72 mos
APR/LEASE RATE: 2.29
MONTHLY PAYMENT: $706
ANNUAL INCOME: $300,000 +
DEBT TO INCOME RATIO: 22%
MISCELLANEOUS COMMENTARY: Traded a 2016 IS350 with 81,000 miles, paid $28K in 2017 and got $25K on trade.  This is the Launch Edition, 290/500

BOA Cash Rewards $80,000, AMEX Delta Reserve $50,000 AMEX BCP $30,600 CSP $32,000 Pen Fed Plat Rewards $25,000 Citi Thank You Preferred $14,500 Chase Freedom $14,000
Delta CU $10,000 Cap 1 X 2 $7,500 Discover $12,000
HSN $1,700 Kohls $4,000 BBRZ $700

Starting Score: EQ-592 TU-606
Current Score: EQ-818 TU-808
Goal Score: 850

Take the FICO Fitness Challenge

Message 4649 of 4,650
ToughFistFight
Frequent Contributor

Lexus Financial 1.9 on 18-21 certified inventory

Purchased a 2018 GX 460 Premium 1.9% with 720 credit score through Lexus Financial.   


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Message 4650 of 4,650
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