Oh and they will also only put up to 80% of what the car is worth. They use NADA or retail value whichever is lower
@Remember0 wrote:I'm not liking this one bit. Based on the two reports, I'm going to personally stop recommending DCU for the moment.
The above two posters clearly have enough income for what they desired, and DCU wouldn't budge off of 15k. I find 15k to be unreasonable because most new, used, and refi loans are above that number.
@edavis: By any chance, do you happen to have a local CU or bank you have a relationship with? They might be the next best one. Honestly with a 681 FICO, most every finance company will finance you, the only question is APR. If no local bank/CU, my next recommendation would probably be a place like BofA. But seriously, if you're buying new, just go to the dealer. Tell him you got 1.79% from DCU (don't talk about the 15k) and you'd like him to beat it. My guess is he comes close if he doesn't quite beat it. Just say you prefer his to keep things simple and like the (insert dealer's bank here) customer service more. If used, I'd apply to BofA (or maybe Chase, preferably BofA based on what I've seen) and see what they give you. Then go to the dealer. Don't accept a dealer apr greater than like 3.75% on new, 4.75% on used in my opinion.
@Anonymous: If you don't have another approval, same advice as Edavis. Apply maybe to a place like BofA. Regardless of what they give you, go to the dealer say DCU gave me 1.74%, beat it...
Ok so what you think i should do remember? i tried my local CU an they run EX which is like 643 yea a big difference from my 710 EQ lol. They offered me a loan but it was like a 7% or 8% interest rate thats a little high i think. Should i wait for the pre-approvalloan from DCU to come in before i call the dealership an tell them about the 1.74% rate?
@Remember0 wrote:I don't think you have to wait. If they approved you, they approved you. Head on over. (If you want, try to submit an app to BofA, not sure who they'll pull). What's TU look like?
Also if the dealer initially comes back with your FICO is low, tell him EQ is higher and if he can use that with lenders (dealers can do that, don't let him tell you he can't.) If he says he can't tell him you'll see if the dealership next door pulls EQ. You'll likely get a call the next day exclaiming he managed to get you financed!
Also if he says just use the DCU approval, say something like they still have to send the check and I'm not a fan of their customer service, but tell him he can confirm the 1.74% rate over the phone (he won't confirm lol).
My TU is 668 on myfico. Should i apply BofA online or call in
@Remember0 wrote:So I don't know which they'll pull. It'll probably be EQ or TU based on the data I have. We can hope EQ. Generally with them I've seen a 700+ pull translate to <5% rates.
I'd do online.
I just applied and was approved for $22,000 with 5.04% through BofA
FICO score: ZERO.....4 month history
Approval Amount: $14,500
Instant online approval or did you need to call/wait a few days? Instant plus $1000 visa
Monthly Income: $2,200
Rent/mortgage:$600
Aggregate minimum payments of all other debts (do not include rent/mortgage or car to be traded in): $50
APR 8.49% Was told to refinance in 2 months
Starting Score: 565