Hey all.
Just applied for my first auto loan ever. My credit history consists of three credit cards, and is about 2 years and 8 months old. No bad marks, just very limited. My oldest account was with Wells Fargo, so I applied with them and was twice denied - and told to not apply again. That was offputting.
So, I look around, and found one of the only credit unions that would finance a 2003. As a side-note, the reason I'm financing a car is because I want to build enough credit to buy a house in a year or so. Specifically, because of my job, I am able to purchase vehicles wholesale, and this vehicle was particularly undervalued (which gave me immediate equity with no down payment!). That's why I was looking for a loan on such an old vehicle.
Anyway, after being given the run around by wells fargo, this little credit union approved me at 1.4% on a 2003! I found this to be nothing short of miraculous.
Just wanted to share. I got a ton of info from this board while applying (also just applied for a CSP card-approved same day as my auto loan!!). Hope this is encouraging to any other very young (under 20) first time car buyers. Just look around! I was denied at SO many places not just Wells Fargo and I ended up getting an insanely good approval. Persistance pays off!
