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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.
@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%
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)
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).
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
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
@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.