Credit Score: 772 (EQ), 786 (TU), 781 (EX)
AAoA: 2 years 11 months
# of positive trade lines: (I am not sure what this is asking about)
# of negative trade lines: (I am not sure what this is asking about)
Income: $110k
Lenght of Employment: 4 years 2 months
Previous Loan Experience: No previous auto loan
Debt-to-Income (DTI): 9%
Year of Car: 2025
Miles: 30
Purchase/Refinance: Purchase
Requested loan term (XX Months): 72
Amount needed: $28,000
Down payment amount: $10,000
Co-borrower/Co-Signer: No
Other: Check below
Car price is $38,000 (excluding all fees and sales tax as that will be paid in cash separately from the loan and down payment)
I'm pretty sure I'd be fine but I opened some cards recently and have 5 inquiries on my credit report and I don't know if auto loans care about that as I haven't seen it mentioned in any posts that I've found for denials or approvals.
I've never missed any payments, no collections, no bankruptcies. I have a personal loan that I still owe $10,000, as well as roughly $3,000 on a 0% interest credit card, I was told on this forum in a different post a few months ago that the personal loan won't affect anything.
with a $10,000 down payment, the world is yours.
I highly doubt you would have any problems.
@dfwxjer wrote:Yup with $10k down on that size of unit you're good to go. Don't let them mark the rate up and tell them you want their captive lender.
What do you mean by captive lender?
@sccredit wrote:
@cashorcharge wrote:
@RedundantCredit wrote:
@dfwxjer wrote:Yup with $10k down on that size of unit you're good to go. Don't let them mark the rate up and tell them you want their captive lender.
What do you mean by captive lender?
A captive lender is the bank that a manufacturer has an ownership or relationship with that the majority of their financing goes through.
For example, Ford or GM's lenders are "Ford Motor Credit" and "General Motors Financial" and I'm guessing Mazda is Mazda Financial Services. Some manufacturers partner with Chase such as Land Rover or Subaru.
The "captive" lender is where most dealers in your position would send the contract too first.
I believe Mazda uses Toyota Financial Services now, used to be Chase.
I did some research on this and it seems like a lot of people have actually had issues since they switched over to using Toyota financing.
It seems like it's difficult to make principal only payments as you have to mark the check as principal only or call and wait to talk to someone rather than being able to do it online?
I've also seen people say that sometimes they make a payment and it doesn't go through and counts it like a late payment.
Not sure if these are isolated incidents or people making mistakes, makes me wonder if I shouldn't just stick with NFCU for financing (assuming they approve me) as I was only considering financing through Mazda due to their lower special rates.
I thought I'd give an update on this.
I was approved for the loan from Mazda Financial for 3.9% over 72 months for $33,558.84 on a CX-5 Turbo Premium, I put $8,000 down.
I spoke to several people about the loan at Mazda as well as the finance guy who closed the deal and they actually said that Mazda has moved away from using Toyota Finance and is doing their own thing now through a banking relationship they have, I've setup my account on there today and so far it seems like an easy website to use.