Going big first time car loan NISSAN GTR....your thoughts..

[Creditaddict]

Yup, I get best rates from State Farm and currently have auto and rental with them for partner and I

[hatetheordinary]

Goals of making this ambitious first time loan on a rather expensive and unique car are shaping up. A couple of paid collections have been removed from my credit report due to goodwill letters and requests. Now only one collection is showing on my credit report and it has been paid in full as well. I do not know if I will be successful in getting the last one removed due to who it is with [ the dreaded Central financial control] and their reputation for being callous A holes. Nevertheless here are my current credit scores: 

TU - 671

EQ- 686

EX- 676

Its interesting how much they have improved in just two weeks with the removal of two of the three collections. It makes me curious if they will continue to rise or if they have leveled out for a while until the last collection is either removed or gains age and works its way out of the bureaus. I will check the scores again in two weeks. Would rather be as close to prime rates with coinciding scores before applying for finance , but am willing to also put my money down now with the scores I have to feel the waters. 

[ExplicitElicit]

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@Creditaddict wrote:
Yup, I get best rates from State Farm and currently have auto and rental with them for partner and I

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unrelated to everything else.. but I'm at work right now and read this! Go State Farm - Especially since they give me a pay check lol!!

[ExplicitElicit]

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@hatetheordinary wrote:

Goals of making this ambitious first time loan on a rather expensive and unique car are shaping up. A couple of paid collections have been removed from my credit report due to goodwill letters and requests. Now only one collection is showing on my credit report and it has been paid in full as well. I do not know if I will be successful in getting the last one removed due to who it is with [ the dreaded Central financial control] and their reputation for being callous A holes. Nevertheless here are my current credit scores: 

TU - 671

EQ- 686

EX- 676

Its interesting how much they have improved in just two weeks with the removal of two of the three collections. It makes me curious if they will continue to rise or if they have leveled out for a while until the last collection is either removed or gains age and works its way out of the bureaus. I will check the scores again in two weeks. Would rather be as close to prime rates with coinciding scores before applying for finance , but am willing to also put my money down now with the scores I have to feel the waters. 

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Congrats on the improvements!

[hatetheordinary]

Recent news regarding my goal of owning this car: Credit score EQ went from 686 to 692 strangely enough after a Nissan dealer pulled my credit. If I am not approved with 10k down then I will simply wait until October and put 20k down. Still waiting for news from the dealer regarding my credit application but unfortunately I am out in the middle of the ocean and this guy I am dealing with is one of those 60-70 year group types that doesnt know how to use email. I am quite serious. The guy said that "maybe I can figure it out".  [FACE PALM]  Are you kidding me?

[Creditaddict]

That makes me nervous for an approval already... Old school doesn't always know how to push or get creative or maybe he old dog that knows all the tricks!

[SwiftTone]

Try DCU. I recently financed a car through them at 1.24%. I believe the lower FICO to get that rate is 675.

I love the GTR but a car like that is far far away for me. Also full coverage is required if you hae a car loan on a car.

[Remember0]

I disagree. I would NOT recommend DCU in this case. He's asking for a loan of over 50k. I don't see DCU touching that loan given his FICO and income.

If anything, he should try the bigger banks a la BofA, etc or perhaps even start with dealer financing if he can stomach a higher APR. Perhaps a local bank/CU if he has a relationship with them or if he knows they are pretty liberal in their lending.

[hatetheordinary]

Ok so here is the deal. According to the sales **bleep** at the Nissan dealership, my credit application was only approved for up to 25k with NMAC. The sales man said that due to lack of finance history with automobiles that 25k was the limit of what NMAC could loan. Anyone have any other suggestions as to how I could make this happen in the next 6 months? Finance a cheaper car perhaps and trade it in after making 6 months of over the minimum payment or pay it off in 6 months? Will have at least 20k in October to try again with. Maybe I am just working with the wrong dealer? Again helpful suggestions welcome. Thanks for reading and contributing.

[mo15473]

Yea hit up your local CU or Bank. Transfer all you assets to them and began a relationship with them. Most dealers go by auto history. But most local CU and banks dont. My first car loan was with NFCU 32k loan no auto history what so ever. Thats the only way I see it happening. Unless anyone else has any ideas.