So I decided a while back to make a ridiculous financial decision and finance an expensive car, a custom built 2017 Dodge Charger RT Scat Pack with lots of bells and whistles. It's due to arrive within a few weeks and I went to the dealer today to run credit, they ran it just for themselves and told me my credit looks "flawless" and I should have no problem getting approved by the banks. So I took it into my own hands to apply for an 84 month loan through PenFed. Please no lectures on how stupid a 7 year loan is, I know. Never been a member, applied today, and got a pleasant suprise!!
APPROVED:
$43,000 at 3.44% for 84 months!!
I'm putting around $5k down on the car, which is around $48k after tax, title, license, etc. Rough idea of my credit situation:
Only about 2+ years of history, 1+ years AAOA
20 cards, $94k+ in available credit, 8% util, DTI is pretty low due to balances on only two cards and low rent payments on my condo
Chase (Mazda Finance) Auto loan, $20k at 4.74% for 72 months, 15 months of history on this, owe $15,600 (right around the value of the car, trading her in)
10-20 inquires across the bureaus
730-760 FICOs across the bureaus
Yes I realize I'm a little reckless, but I am just on a cloud right now knowing that this car is FOR SURE happening. I am also impressed that for $399 PenFed offers GAP coverage which includes $1000 cash towards a new car if it gets wrecked. Payments should be around $583 with the GAP included. I AM SO PSYCHED to be cruising in that mean monster of a car!! I started with a CapitalOne secured card with $200 on a $49 deposit, driving an old beater. Thanks for all the knowledge folks!
