Auto Loan Suggestions

cbneale09 · ‎01-13-2022

Hi all,

I've worked hard on my credit and have since gotten my scores up to about 760 where as 4 years ago they were around 530 or less. My current vehicle is on its way out and I want to get a truck for lifestyle purposes and work pays me for it (855/month tax free). I typically try to just include this in my income box, but wish I could explain to the lender that I have extra money set aside JUST for a vehicle every month.

Anyway, I applied last year and realized my credit just wasn't good enough yet and NFCU would only approve me for 30k, but I'm hoping to get a new or much newer truck which means I'm looking at around $45k-60k. Are there banks out there that are more likely to lend this amount? NFCU's reasoning was that I haven't had a loan this high before so they wanted me to take a smaller one.

I appreciate any feedback.

Thanks.

4sallypat · ‎01-13-2022

With how crazy the automotive market ( new and used) has been, have you tried Capital One Auto Navigator ?

They do a SP on your credit and pre-qualifies you.

Do you have a CU you bank with ?

dunn2500 · ‎01-13-2022

your scores are fine......get a pre approved loan before you buy and if dealer can beat it than great....at least you have a check ready to go and that carries alot of weight....yes market is crazy now.......bought new in every year last 4 yrs and been looking recently for another and dealers are very reluctant to give anything away for less than full pop......worst ive seen in 4 yrs actually, emails and phone goes dead when asking for a decent price

talk to alot of dealers has been my best experience (out of state even).....get pre approved and see what comes from it

just bought a 60k truck ( 2500 HD) few months ago for less than what most were charging but it took some work/time........good luck man

cbneale09 · ‎01-14-2022

Thank you both!

I have the extreme luck of ordering at $100 under invoice. I'm just worried if I wait too long my car's value will drop more and I'll have to shell out $3k for a new turbo. which will negate those savings. If only I could find a decent certified pre-owned in the area- great cars and they will usually move a little on the price.

disdreamin · ‎01-14-2022

@cbneale09 wrote:
Thank you both!

I have the extreme luck of ordering at $100 under invoice. I'm just worried if I wait too long my car's value will drop more and I'll have to shell out $3k for a new turbo. which will negate those savings. If only I could find a decent certified pre-owned in the area- great cars and they will usually move a little on the price.

The dealership I dealt with locked in the price of the trade when I signed, but it depends on whether you've put money down on an built vehicle that's inbound or special ordered from the ground up.

As far as pre-owned trucks, lots of people have traded late-model trucks toward an ordered vehicle and made money on the deal. The market for used trucks is ridiculous. My 6-month old truck has a kbb trade in range that starts above what I paid for the vehicle new.

Loquat · ‎01-15-2022

OP, have you given any thought to maybe trying DCU or PenFed to see if you can get what you need? With your scores you shouldn't have any issues with the dealership as well as long as your income is sufficient for the amount you're looking to finance.