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Auto Loan Approvals!

lovebackwards
Contributor

Re: Auto Loan Approvals!


@Credit4Growth wrote:

@lovebackwards wrote:

@Gladius wrote:

@lovebackwards wrote:

APPROVING BANK:  Chase Bank
BUREAU PULLED:  Equifax
CREDIT SCORE:  670

SOFT PULL/HARD PULL:  Hard
CUSTOMER STATE OF RESIDENCE:  TN
NEW/USED:  Used
YEAR OF VEHICLE:  2017
MAKE:   Audi
MODEL:  A3 2.0T Premium
MILEAGE:  49,544
FINANCE/LEASE:  Finance

PURCHASE PRICE:  $31,296.80
AMOUNT OF LOAN:   N/A - Financed at dealership
TERM CONTRACTED:   72 months
APR/LEASE RATE:   7.89%
MONTHLY PAYMENT:   $548.83
ANNUAL INCOME:   $43,200
DEBT TO INCOME RATIO: 1%
MISCELLANEOUS COMMENTARY: First car ever with single digit financing! Base price was $24,556 with about $5000 worth of warranties and extra $2000 in taxes and fees. I'm super proud of myself; I've come a long way!


7.89 is still high considering your credit score and DTI.  Are you a member of a credit union?


Yes, I'm a member of NFCU.


My $0.02,  if you were worried about time passi g before refinancing, do not be!

Re-explore your options.  Now that you should a car loan on your reports you may be surprised at your options just from doing prequals on CU sights.

 

I am sure a much lower number of lenders will lean toward a no.

 

Give it a shot.  Lower your rate and your payments!

 

Edited to add:

View this short thread... Navy Approved Auto Loan with lower score, maybe this could push you to make the decision to refinace.

 

https://ficoforums.myfico.com/t5/Auto-Loans/NFCU-Auto-Loan-Appoval-580-score/m-p/6490554/highlight/t...

 


Thank you for this!

 

My car loan hasn't hit my reports just yet, but when it does, are you saying that I'm able to refinance right then without having to wait 6 months?

Starting Score [FICO 9] - Nov 2020    Current FICO 8 Scores - 7/08/2022
                                   
Goal Scores

Credit Cards - Total: $10,500

Inquiries - 24 Months                                                   Most Recent Hard Pull
   
Goal Cards

Gardening since 05/04/2021 - Goal: 24 months
Message 4721 of 4,736
Credit4Growth
Senior Contributor

Re: Auto Loan Approvals!


@lovebackwards wrote:

@Credit4Growth wrote:

@lovebackwards wrote:

@Gladius wrote:

@lovebackwards wrote:

APPROVING BANK:  Chase Bank
BUREAU PULLED:  Equifax
CREDIT SCORE:  670

SOFT PULL/HARD PULL:  Hard
CUSTOMER STATE OF RESIDENCE:  TN
NEW/USED:  Used
YEAR OF VEHICLE:  2017
MAKE:   Audi
MODEL:  A3 2.0T Premium
MILEAGE:  49,544
FINANCE/LEASE:  Finance

PURCHASE PRICE:  $31,296.80
AMOUNT OF LOAN:   N/A - Financed at dealership
TERM CONTRACTED:   72 months
APR/LEASE RATE:   7.89%
MONTHLY PAYMENT:   $548.83
ANNUAL INCOME:   $43,200
DEBT TO INCOME RATIO: 1%
MISCELLANEOUS COMMENTARY: First car ever with single digit financing! Base price was $24,556 with about $5000 worth of warranties and extra $2000 in taxes and fees. I'm super proud of myself; I've come a long way!


7.89 is still high considering your credit score and DTI.  Are you a member of a credit union?


Yes, I'm a member of NFCU.


My $0.02,  if you were worried about time passi g before refinancing, do not be!

Re-explore your options.  Now that you should a car loan on your reports you may be surprised at your options just from doing prequals on CU sights.

 

I am sure a much lower number of lenders will lean toward a no.

 

Give it a shot.  Lower your rate and your payments!

 

Edited to add:

View this short thread... Navy Approved Auto Loan with lower score, maybe this could push you to make the decision to refinace.

 

https://ficoforums.myfico.com/t5/Auto-Loans/NFCU-Auto-Loan-Appoval-580-score/m-p/6490554/highlight/t...

 


Thank you for this!

 

My car loan hasn't hit my reports just yet, but when it does, are you saying that I'm able to refinance right then without having to wait 6 months?


 

@lovebackwards 

I was not trying to say exactly that.   As I first read your post I assumed this was your 1st Auto loan and that maybe some what irrelevant to directly answering your question.

 

You can refinance right now (or Monday morning) over the phone with Navy.  It will be considered a used car by them, a 2017, and under 50,000 mile if that still hold true when you refi.

 

Provide the necessary information:

Loan holder - institution  & account number; - namely, Chase's info concerning the Auto Purchase (PO)

Amount desired if they they approve a higher amount;

Automobile Make, Model; etc

 

Navy or any other institution will have questions about the details.  (Presuming) Now you have possesion of the vehicle and/or the loan documents (because it is not on your reports as of yet).

 

Your 3 days right of recession - .ie pertaing to Cunsumer Protection Law (Lemon Law) - has past since being approved and signing documents for the Audi A3. That time probably past the begining of this month (including the weekend  You signed and created a note.  A Car Note, and now you may obtain financing/refinancing to pay-off the note for that 🚗  either online, via phone or in person and create another note by doing so.  It is a collateralized note - financing secured by the car.

 

you already got approved for it, signed for it.  Now it is more about who wants the interest on it (who wants your business).

 

Hope that helps clear up my previous post for you.

I am not the best conversationalist but I do try.  Refinancing auto loans is and has been discussed at length in other threads.  You may not lose out, other than another inquiry.

 

edited:  IMHO, if this is your, "First ever car with single digit financing", you definitely do not have to wait 6 months.  I think that may relate more to a credit scoring thing concerning installment loans. 

Someone, @Birdman7 correct me if I am wrong.

 

Definitely if its been since the end of May, go and get a lower rate which could also lower your payments.  Having a used car under 50K Miles is also a milestone with refinancing underwriters.

 

Message 4722 of 4,736
Mdowning30
Frequent Contributor

Re: Auto Loan Approvals!

APPROVING BANK: Tower Federal Credit Union

BUREAU PULLED: Experian/Transunion

CREDIT SCORE: 650s

SOFT PULL/HARD PULL: Hard 

CUSTOMER STATE OF RESIDENCE: Florida

NEW/USED: Used

YEAR OF VEHICLE: 2015

MAKE: Toyota

MODEL: Camry 

MILEAGE: 88500

FINANCE/LEASE: RE-FINANCE 

 

PURCHASE PRICE:

AMOUNT OF LOAN: $17,728

TERM CONTRACTED: 60 Months

APR/LEASE RATE: Interest rate 5.49% / APR 6.45%

MONTHLY PAYMENT: $357

ANNUAL INCOME: $45K

DEBT TO INCOME RATIO:

MISCELLANEOUS COMMENTARY: Auto Refinance

 

Refinanced old loan from January 2021, it was a 72 month loan and i had about 55 months left, so although i could have done 48 months, i went up to 60 for the monthly savings. The great thing about Toyotas is that they depreciate slower than other companies.

Chase Freedom Unlimited (1/2022): $1500 | Discover It Chrome (5/2022): $2000 | AmEx Charles Schwab Investor Card (5/2022): $6000 | Chase Sapphire Preferred (6/2022): $5000 | Chase Amazon Prime Rewards (7/2022): $500
Total Credit Limit : $15000
As of 4/2022: Experian FICO 8 : 659 | Experian Vantage : 677 | Equifax FICO 8 : 622 | MyEquifax : 630 | TransUnion FICO 8 : 629 | TransUnion Vantage : 677
Starting Score: 512
Current Score: 659
Goal Score: 670+

Take the myFICO Fitness Challenge
Message 4723 of 4,736
mike-fico
Valued Member

Re: Auto Loan Approvals!

APPROVING BANK: Spire Credit Union
BUREAU PULLED: Experian 
CREDIT SCORE: Fico Auto Score 8 - 705E/730TU/732Ex

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: Minnesota
NEW/USED: NEW
YEAR OF VEHICLE:  2022
MAKE:  FORD
MODEL:  BRONCO 
MILEAGE:  29
FINANCE/LEASE:  Finance

PURCHASE PRICE:  $50,191.00
AMOUNT OF LOAN: $47,504.35
TERM CONTRACTED: 72 months
APR/LEASE RATE:  4.60
MONTHLY PAYMENT:  $757.62
ANNUAL INCOME: ~$156k
DEBT TO INCOME RATIO: 
MISCELLANEOUS COMMENTARY:  This was on May 28th, took a while to get the final paperwork.  Went in with a Capital One preauthorization for 70k but of course no details.  They ran me against Capital One, Ford Credit, and Spire with Spire at 72 months having a rate very close to what Ford was doing at 60 months. (4.6 vs 4.56) coming so close to the 60-month rate, I went with the 72 to make the payments more reasonable as my wife transitions to retirement.   The down payment was $500 I put down when I ordered the vehicle in November of 2021 plus $5500 for my trade-in (a 2014 Ford Focus with 92k miles).  

Message 4724 of 4,736
Mdowning30
Frequent Contributor

Re: Auto Loan Approvals!

Good luck with that Bronco i read recently alot of them are breaking down randomly for no good reason.

Chase Freedom Unlimited (1/2022): $1500 | Discover It Chrome (5/2022): $2000 | AmEx Charles Schwab Investor Card (5/2022): $6000 | Chase Sapphire Preferred (6/2022): $5000 | Chase Amazon Prime Rewards (7/2022): $500
Total Credit Limit : $15000
As of 4/2022: Experian FICO 8 : 659 | Experian Vantage : 677 | Equifax FICO 8 : 622 | MyEquifax : 630 | TransUnion FICO 8 : 629 | TransUnion Vantage : 677
Starting Score: 512
Current Score: 659
Goal Score: 670+

Take the myFICO Fitness Challenge
Message 4725 of 4,736
bicboiOD
Contributor

Re: Auto Loan Approvals!

APPROVING BANK:  MACU
BUREAU PULLED:  Experian
CREDIT SCORE:  704 (FICO Auto 8)

SOFT PULL/HARD PULL:  Hard
CUSTOMER STATE OF RESIDENCE:  NV
NEW/USED:  Used
YEAR OF VEHICLE:  2017
MAKE:   Lexus
MODEL:  IS 200T F-Sport
MILEAGE:  60,705
FINANCE/LEASE:  Finance

PURCHASE PRICE:  $36,729.27
AMOUNT OF LOAN:   $33,729.27 (used old beater as a $3000 trade-in/down payment)
TERM CONTRACTED:   72 months
APR/LEASE RATE:   4.24%
MONTHLY PAYMENT:   $532.00 (with GAP insurance)
ANNUAL INCOME:   ~$160,000
DEBT TO INCOME RATIO: 14%
MISCELLANEOUS COMMENTARY: No POI

  • Other Datapoints: Only negatives are a paid in full C/O from AMEX from ~2020, and a few isolated 30-day lates from a now closed Capital One CC that are 3+ years old

Super thankful to everyone here in the community that helped with getting my personal finances/credit profile cleaned up! Was super excited to get approved at this amazing rate and finding the exact car I was looking for!  

Current Stats:

03/2021 EXTUEQ

FICO8

(01/2020)

INQ (24mo)875
INQ (12mo)775
AAoA4y 2mo4y 2mo4y 2mo
AoYA2 mo2 mo2 mo

Personal Revolvers:

 
 
Credit Limit$300$2000$1000$1000$1250
Age4y 4mo2 mo1 mo1 moN/A
Utilization0%11%N/AN/AN/A
Message 4726 of 4,736
Pworld
Regular Contributor

Re: Auto Loan Approvals!

APPROVING BANK:  California Credit Union 
BUREAU PULLED:  Not Sure, but dealer scores pulled are below
CREDIT SCORE:  754 Eq, 715ex, 714 trans (FICO Auto 8)

SOFT PULL/HARD PULL:  Hard
CUSTOMER STATE OF RESIDENCE:  CA
NEW/USED:  Used
YEAR OF VEHICLE:  2018
MAKE:   Volkswagon 
MODEL:  Golf GTI
MILEAGE:  62,000
FINANCE/LEASE:  Finance

PURCHASE PRICE:  $27,606
AMOUNT OF LOAN:   $23,106 
TERM CONTRACTED:   72 months
APR/LEASE RATE:   2.74%
MONTHLY PAYMENT:   $348
ANNUAL INCOME:   $123,000
DEBT TO INCOME RATIO: 25%
MISCELLANEOUS COMMENTARY: 

This was a credit union I had an account with 25 years ago but haven't had that account opened in 12, or 13 years. I guess I am back! The rate was so good, that I went for a refi on my other car on the same credit pull. Refi is 2.74% as well on 66 months for my 2016 BMW M4 for 31k. I have a baby coming so this buys me a little extra cash flow when needed, even though I always pay more than the car note. 

2 for 1 punch! 


Current EQ:719 EX: 701 TU:713


Amex Zync/NPSL | Amex Green/NPSL | AMEX BCP/25k | Chase Freedom/2.2K | Discover IT/6.4K | Citi HHonors Reserve/3K | Chase Hyatt/5k | Sapphire Preffered/13K | Ink Business Preferred/13K
Message 4727 of 4,736
ndl0520
New Member

Re: Auto Loan Approvals!

APPROVING BANK: Toyota Financial Services
BUREAU PULLED: Equifax
CREDIT SCORE: 744

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: New
YEAR OF VEHICLE:  2022
MAKE:  Toyota
MODEL:  Venza XLE (Hybrid)
MILEAGE: 8
FINANCE/LEASE: Finance

PURCHASE PRICE: $43,588
AMOUNT OF LOAN:  $38,588
TERM CONTRACTED:  60
APR/LEASE RATE: 4.9
MONTHLY PAYMENT:  $730
ANNUAL INCOME:  $110,000
DEBT TO INCOME RATIO:  3%
MISCELLANEOUS COMMENTARY: 4.9% apr was the lowest offered from TFS.  I'm going to refinance after 6 months. 

Message 4728 of 4,736
tiger_uppercut
Established Contributor

Re: Auto Loan Approvals!

APPROVING BANK: Navy Federal Credit Union
BUREAU PULLED: TransUnion
CREDIT SCORE: 783

SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: New
YEAR OF VEHICLE: 2022
MAKE: Toyota
MODEL: Rav4 Hybrid XSE
MILEAGE: 7
FINANCE/LEASE: Finance

PURCHASE PRICE: $47,007 ($42,216 + TTL)
AMOUNT OF LOAN: $32,007
TERM CONTRACTED: 60 months
APR/LEASE RATE: 2.99%
MONTHLY PAYMENT: $655
ANNUAL INCOME: $163k
MISCELLANEOUS COMMENTARY: Taxes in CA stink!


Message 4729 of 4,736
babygirl1256
Valued Contributor

Re: Auto Loan Approvals!

@tiger_uppercut Congrats on your NFCU auto approval.

Starting FICO 8 Score in 06/2019: EQ-625, TU-649, EX-640
Current FICO 8 Score in 06/2021: EQ-796, TU-806, EX-812
Goal FICO 8 Score in 06/2022: EQ-825, TU-850, EX-850
Message 4730 of 4,736
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