cancel
Showing results for 
Search instead for 
Did you mean: 

SPRINGBOARDAUTO Financing - Uses Vantage 3.0 - A++++++ SOFT PULL

tag
Anonymous
Not applicable

SPRINGBOARDAUTO Financing - Uses Vantage 3.0 - A++++++ SOFT PULL

So wanted to post some information that may be useful.  Carvana isn't the only player offering financing using Vantage 3.0 scoring from Experian and using SOFT PULLS to do it.  They are a dream to work with and gave me twice the deal that Carvana offered for financing.

 

Vantage Score: 690 at time of Soft Pull

Bankruptcy 09/16 with (Collection, Charge offs, etc from then)

Financed Amount: $40,000

Interest Rate: 9.25%

 

I would suggest ANYONE looking to finance a vehicle to at least check them out.  I am very pleased.

 

8 REPLIES 8
bigpoppa09
Established Contributor

Re: SPRINGBOARDAUTO Financing - Uses Vantage 3.0 - A++++++ SOFT PULL


@Anonymouswrote:

So wanted to post some information that may be useful.  Carvana isn't the only player offering financing using Vantage 3.0 scoring from Experian and using SOFT PULLS to do it.  They are a dream to work with and gave me twice the deal that Carvana offered for financing.

 

Vantage Score: 690 at time of Soft Pull

Bankruptcy 09/16 with (Collection, Charge offs, etc from then)

Financed Amount: $40,000

Interest Rate: 9.25%

 

I would suggest ANYONE looking to finance a vehicle to at least check them out.  I am very pleased.

 


Thats nice u got approved but there is now way i would take a 40K auto loan at 9.25%

Message 2 of 9
Anonymous
Not applicable

Re: SPRINGBOARDAUTO Financing - Uses Vantage 3.0 - A++++++ SOFT PULL

With 650 FICO's a BK and accounts from that BK it's one of the lowest rates I was able to find. Now in 12 months with possibly 710-730 scores refinancing to 5-6 (plus paying down principal along the way) - is the plan.  Its not really the scores as much as the "recent" (16 month old history haunting me) 

 

Message 3 of 9
Anonymous
Not applicable

Re: SPRINGBOARDAUTO Financing - Uses Vantage 3.0 - A++++++ SOFT PULL

Carvana's car pricing is built into everything from delivery to financing? its higher by atleast $2500 maybe lot more on a $10000 priced car. 

i was recently shopping and using many different autobuying programs from costco to cars.com. Yes its very convenient to buy thru carvana and if $$ are no issue they are good. They claim a rigorous 100+ point inspection. Beware of any claim of rigorous inspection. 

My most recent very bad experience came thru when buying from those rental car companies who tout the 100/150 point rigorous and detailed inspection. In fact, when you buy and point out that you missed a big ding here and the back of your seat cushion is falling off the seats, the rental car companies selling their cars do not care whether its small potatoes or big item ; to them its costing them money and thats just not acceptable. One rental car company selling me a used car with very noticable damage refused to repair or reimburse a upholstery damage and refused to sell the car becoz they had no one on their repair shop able to handle it. (no i didnt buy it on a sat/sun or holiday).

Message 4 of 9
Anonymous
Not applicable

Re: SPRINGBOARDAUTO Financing - Uses Vantage 3.0 - A++++++ SOFT PULL

9.25?!?! That is like a horrible rate my friend. Do you realize we live in low interest times and even with the recent fed hikes, the base fed rate is like 2%? You are getting ripped off on a car you can't afford at an outrageous interest rate. Never buy a depreciating asset when you are credit challenged. Budget and buy something cheap with cash

Message 5 of 9
Anonymous
Not applicable

Re: SPRINGBOARDAUTO Financing - Uses Vantage 3.0 - A++++++ SOFT PULL

To be quite honest. How would you know what I can financially afford ? Don’t make assumptions on information you don’t have. While I can appreciate a fed rate < 2-2.5 points I also recognize the ‘cost’ associated over the next 12 months to restablish. At a 720 let’s say I pulled 5.75 on a used car. We are talking 4% juice to restablish over the next 12 months. I define that as cost over and above. And I can assuredly afford the cost associated.

Now while you may not agree with the rate I would say why not offer up something more positive like if you think with a 650 fico and a bk 16 months ago - you know of lenders who can do better on 40k. I’m all ears. But until then I’m doing just fine.

My bankruptcy and low fico costs approx: $107 month. Or $1200 for the first year. So I am completely comfortable with that and will most likely trade in/trade up after th first year so the loan and the rest of my credit has aged. Again. If you know of a lender who would do better I’m all ears Smiley Wink
Message 6 of 9
Anonymous
Not applicable

Re: SPRINGBOARDAUTO Financing - Uses Vantage 3.0 - A++++++ SOFT PULL

I'd be happy to provide you with a more positive and sane approach. You don't need a 40K car, simple as that. Doubly so if you're able to 'afford' paying hundreds more than an average person to get it. You are on a guaranteed path to another bk. You are leveraging yourself to the hilt again and one major setback and that $900 a month car is going to collapse you. Buy a 10K car for now till you improve your credit

Message 7 of 9
Anonymous
Not applicable

Re: SPRINGBOARDAUTO Financing - Uses Vantage 3.0 - A++++++ SOFT PULL

Again your logic doesn’t make sense. First off it’s not a 900 payment. 2nd improving my credit reduces the payment by $100 (which I’ll enjoy starting in 12 months). I own a vehicle free and clear this is a 2nd. I don’t pay hundreds more to get a vehicle I pay 100 more a Month in interest.

As for your assumption on that I don’t need a 40k vehicle. Lol. Again what I can afford is most definitely above average. So please stop assuming what I can afford and is within my budget because it’s considerable.

Address the topics at hand. You stayed 9 percent is too much. Which is 100 more a month than someone with very good credit on 40k. So again based on a 650 fico and bk what lenders would lend at 5.25? I’m all for saving money and getting th best deal.
Message 8 of 9
Anonymous
Not applicable

Re: SPRINGBOARDAUTO Financing - Uses Vantage 3.0 - A++++++ SOFT PULL


@Anonymouswrote:

I'd be happy to provide you with a more positive and sane approach. You don't need a 40K car, simple as that. Doubly so if you're able to 'afford' paying hundreds more than an average person to get it. You are on a guaranteed path to another bk. You are leveraging yourself to the hilt again and one major setback and that $900 a month car is going to collapse you. Buy a 10K car for now till you improve your credit


You can’t say he can’t afford a 40k car. Not without knowing what he makes. And he doesn’t have to tell anyone what he makes. While I agree that this is a high rate for a car, if he can afford it there isn’t a problem. People on here go from on disability to very high incomes. You can’t assume. I would suggest to refinance when your FICO score rises. Any extra interest than needed is a waste. When those scores rise I suggest a bank of your choice with good rates. I hope the LTV remains well under 100% so it’s easy to do.

Message 9 of 9
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.