Can't get financing with 700+ Fico 8.

Anonymous · ‎03-15-2015

I've been trying to get financing for a new-used vehicle and have been unsuccesful thus far.

Scores:

Equifax - 773

Transunion-757

Experian-749

I do have a personal loan for 1500/5000 and 12% credit utilization.

I'm only 20 so that's probably a huge factor due to lack of credit history but I have a 100% track record for on time payments.

What must I do to help my score and be considered for financing? I've tried places like associated credit union, suntrust, and roadloans. Was approved for 13k at roadloans but at a crazy 25% APR. Thanks in advance for any help.

Anonymous · ‎03-16-2015

No other loans but the one? Could be why. Your credit score is great so it's definitely not the problem. Just getting your foot in the door. No dealerships will work with you?

Anonymous · ‎03-16-2015

I just have the 1 loan with Wells Fargo. Haven't tried any dealerships yet, i hear that often dealers perform multiple hard inquiries with 1 permission, which is unsettling. Better chance at a dealership? Credit union turned me down.

_jb_ · ‎03-16-2015

@Anonymous wrote:
I just have the 1 loan with Wells Fargo. Haven't tried any dealerships yet, i hear that often dealers perform multiple hard inquiries with 1 permission, which is unsettling. Better chance at a dealership? Credit union turned me down.

With your scores and lack of history, I'd think you have a better chance going through a dealership. For a first auto loan it might not be the lowest APR offered, but maybe in the 6-10% range. You could do that and then refinance in 6 months with a credit union for a lower APR.

Starting Scores: myFICO EQ: 678, myFICO TU: 676, myFICO EX: 678 (01/2013)
Latest Scores: myFICO EQ: 789, myFICO TU: 782, myFICO EX: 788
My Wallet: American Express BCE, NFCU cashRewards, Capital One Quicksilver, Discover It, Chase Freedom, Chase Amazon Rewards
Gardening since 02/07/17

Anonymous · ‎03-16-2015

@_jb_ wrote:
@Anonymous wrote:
I just have the 1 loan with Wells Fargo. Haven't tried any dealerships yet, i hear that often dealers perform multiple hard inquiries with 1 permission, which is unsettling. Better chance at a dealership? Credit union turned me down.
With your scores and lack of history, I'd think you have a better chance going through a dealership. For a first auto loan it might not be the lowest APR offered, but maybe in the 6-10% range. You could do that and then refinance in 6 months with a credit union for a lower APR.

I agree with this...

CreditCuriosity · ‎03-16-2015

@Anonymous wrote:
@_jb_ wrote:
@Anonymous wrote:
I just have the 1 loan with Wells Fargo. Haven't tried any dealerships yet, i hear that often dealers perform multiple hard inquiries with 1 permission, which is unsettling. Better chance at a dealership? Credit union turned me down.
With your scores and lack of history, I'd think you have a better chance going through a dealership. For a first auto loan it might not be the lowest APR offered, but maybe in the 6-10% range. You could do that and then refinance in 6 months with a credit union for a lower APR.
I agree with this...

double agree.. Dealers have alot more power of pushing stuff through as they have direct connections either through the car financing wing or other lenders that they have a relationship with. With that score they will get you approved, but being your first auto loan, ya you will be paying a bit higher apr%

StartingOver10 · ‎03-16-2015

@Anonymous wrote:
I've been trying to get financing for a new-used vehicle and have been unsuccesful thus far.

Scores:
Equifax - 773
Transunion-757
Experian-749

I do have a personal loan for 1500/5000 and 12% credit utilization.

I'm only 20 so that's probably a huge factor due to lack of credit history but I have a 100% track record for on time payments.
What must I do to help my score and be considered for financing? I've tried places like associated credit union, suntrust, and roadloans. Was approved for 13k at roadloans but at a crazy 25% APR. Thanks in advance for any help.

What is your gross income?

Getting a loan is more than just credit. You need enough income to support the loan too.

Anonymous · ‎03-16-2015

I suspect income is a factor here. Please share those details also so we can assist.

Anonymous · ‎03-17-2015

Income has to be the issue..

Anonymous · ‎03-17-2015

Thanks for all the replies. I went to a few dealers and got several approvals. First approval was for a 2010 civic si at 16.9 apr. Ended up taking home a 2009 VW gti at an amazing 6.5 apr through capital one. They made me get the 2 year powertrain warranty for the low rate. They pulled a 726 through their scoring. As a first time car buyer, im pretty happy and think i fot a great deal. Let me know what you guys think.