Two Auto Loan Questions - Aliiant

[geekhou05]

Hello all,

I will be purchasing a preowned vehicle in Q2 of 2010, I already have the model in mind and the year will more than likely be a 2004. However, when looking at Alliant's auto loan rates, it does not list anything older than a 2006. Does anyone know if Alliant will still finance a 2004?

The vehicle will cost arround $22k (in line with book value). I'll have a $9k trade in and I plan to put $3k down. Will this make the loan attractive to any lender because they are financing less than 50% of the value?

My EX is at 681 and I expect to be over 700 around that time.

Thanks

[propertyvirgins]

BEFORE I WENT WITH WELLS FARGO. I WAS APPROVED FOR A 28K AUTO LOAN WITH ALLIANT CU. THE PROBLEM WAS THAT ALL THE CARS I FAXED TO THE LO  DIDNT FIT THE PARAMETERS SET BY THEM TO FINANCE..IT NEEDED TOO BE A 2006 OR BETTER.. AND THEY TOTALLY DIDNT CARE ABOUT MILEAGE....IN THE END I WENT WITH WELLS FARGO TOO FINANCE MY 2005 PORSCHE CAYENNE. AND WILL LIKELY TRY TO REFINANCE WITH ALLIANT.. BECAUSE THEY OFFERED ME LIKE A 6% INTEREST RATE/VERSUS WELLS FARGO 14%

08/08  EQUIFAX 701

07/16  TRANSUNION 608 

[Lyythine]

14% interested rate with your FICO's? ??????!!!!!! Assuming they were close to the ones listed below, you got a crap deal - I would refi ASAP!!! you would save yourself hundreds if not thousands of dollars

[Anonymous]

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@Lyythine wrote:
14% interested rate with your FICO's? ??????!!!!!! Assuming they were close to the ones listed below, you got a crap deal - I would refi ASAP!!! you would save yourself hundreds if not thousands of dollars

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For purposes of car credit a FICO score is only one aspect of how the terms are set by the lender.

Someone with three $500 CCs for 2+ years, and income of $1,000 a month can show scores in the 700s. And they wont be getting a car.

Past car/big credit history, general credit history, length of employment with same company, income level, particulars of the car being financed, DTI and LTV all weigh heavily in what interest rate you may be eligible for.

And frankly a true FICO of mid 600s to touching 700 is not really considered excellent by most banks.

[Anonymous]

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@geekhou05 wrote:

The vehicle will cost arround $22k (in line with book value). I'll have a $9k trade in and I plan to put $3k down. Will this make the loan attractive to any lender because they are financing less than 50% of the value?

Thanks

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I am not sure what vehicle you can be trading in that you are guaranteed a value of 9K 8 months from now. That may be a monkey wrench in your plan.

[geekhou05]

Thanks. If I cannot trade the vehicle in at 8k-9k, it can be sold for 12k. I'm in no rush to get a new vehicle as I will be trading a 2001 Lexus LS430 for a 2004 Lexus LS430. 

Here in Texas, one does not usually have a problem "getting rid" of a LS430!