What are the best rates for my situation?

Anonymous · ‎09-22-2015

not sure if anyone can help me out. there might be too many of these posts.

Im looking to trade my truck in for a small car. Interested in new. I will most likely be rolling $4000 in negative equity into the new purchase. (I know that isnt ideal, what this is the situation, please no should haves or could haves). I will be hunting something with great rebates/cash incentives.

Desired New Car loan amount $18k-$25k for 60-72 months. (price of car, tax, lic/fees, + negative equity 4000$)

Scores: EQ 676 TU 691 EX 683 (auto enhanced are similar)

Area: Southern California

Income: $75k+ Verifiable income- paystubs - Same job for 4 years

Residence: Rent - Same address for 7 years

Downpayment: 1000$-2000$ (no more than that)

Previous Auto Loans: 2 PAID (Chrysler Cap & Local CU) Reported on all three CRs, 1 PAID from 10+ years ago (only shows on Experian), 1 CURRENT through Ally Loans Reports on all 3 CRs

Late payments: ZERO across the board

# of Positive trade lines: 6 (zero negative)

Oldest accounts: 24 months (outside of the one auto loan 10+ years ago only shows on Experian)

Collections: 1 PAID $61 from 4 years ago (only shows on Equilfax)

Judgements/Liens: NONE

Credit Card Utilization: 65-70% (currently paying off in chunks, knocking off 15% per month)

Debt To Income: 5-10%

What APRs can I reasonably expect?

Does anyone think I would qualify for 0%-1.9% that some manufacturers are offering like KIA, Nissan, Toyota?

lincar66 · ‎09-22-2015

Honestly I think your best bet would be dcu or Chrysler capital since you have a loan paid off through them I think they have 0% up to 72 months right now and with a loan paid off and your scores a good finance manager will get you that rate

Eq-670(dcu)ex-664 tu-693
NFCU Cash Rewards---8500k Joint Cash Rewards 2k NavCheck----15000 cap one 2500 cap one 2k synchrony furniture card 1500 walmart store card 6k walmart mastercard 6000 Firestone 1400 amazon 6k Lowes 12k serta 4k care credit 4800 rotman furniture card 1500 stash visa 2k bp visa 1500 PayPal MasterCard ????

Anonymous · ‎09-26-2015

Consider PNC or TD Bank if the dealership you go to has them. TD Bank pulls Transunion and PNC pulls Experian...If the deal is structured right and sent to the bank within their guideline with your credit score it should be an instant approval. Chrysler Capital is a weird lender when it comes to approving on prime tiers...if you don't qualify for their Incentivized Rates then I would not recommend going through them because they aren't really competitive with other prime lenders rates. Also if you do get approved for the Incentivezed Rates you will lose some of your rebates so make sure and see what pans out the best for you with how long you keep your vehicles.

Anonymous · ‎09-28-2015

Thank you. Although neither of those banks offer auto loans in Southern California...

Chrysler capital only offers "prime" rates on their products. I strongly dislike dodge jeep chrysler ram fiat.

I'm looking for Japanese cars. Nissan toyota mitsubishi mostly.

Anonymous · ‎09-30-2015

ok so I just called burbank city federal credit union in burbank california. Spoke with a super helpful gentleman that went through the entire process with me.

You have to set up an account for 15$ to apply for any of their credit products. One hard inquiry only through TransUnion. One pull for all their products.

I received a call back about an hour later. My score came in at 680 TU. That pre qualified me for a $25k car loan at 2.99% apr for 60-83 months, my choice on the length, no change in rate. No down payment needed if under $25k. Also approved for a 2000$ mastercard at 10.9%. Nice.

they will need proof of income, last 1-2 paystubs

he said 720 to 740 scores get their best rates 1.49% up to 63 months

680 range is around 2-3% apr. depending on the length of the loan.

Im impressed. this bank is competitive and extremely helpful thus far. CUs are awesome.

Dj4Money · ‎09-30-2015

By not identifying what you want makes it hard to suggest things.

Ford Credit is giving 0% down to Tier 2, IE all you need is 670 Auto 08 and no negatives to get it. This and Toyota or Nissan's 0% are by far the best you can get from the captives.

If you can get DCU or PenFed's lowest rates, then take that and the rebates available.

Anonymous · ‎09-30-2015

@Anonymous wrote:
ok so I just called burbank city federal credit union in burbank california. Spoke with a super helpful gentleman that went through the entire process with me.

You have to set up an account for 15$ to apply for any of their credit products. One hard inquiry only through TransUnion. One pull for all their products.

I received a call back about an hour later. My score came in at 680 TU. That pre qualified me for a $20k car loan at 2.99% apr for 60-83 months, my choice on the length, no change in rate. He said getting approved for 25k shouldnt be a problem they said (amount desired). No down payment needed. Also approved for a 2000$ mastercard at 10.9%. Nice.

they will need proof of income on this offer, last 1-2 paystubs

he said 720 to 740 scores get their best rates 1.49% up to 63 months

680 range is around 2-3% apr. depending on the length of the loan.

Im impressed. this bank is competitive and extremely helpful thus far. CUs are awesome.

That is good news, I liked the 83 months at same low

rate, it would afford you some flexibility. Also congrats on the new credit card... Hope you didn't rule out the Rogue yet.

Anonymous · ‎09-30-2015

@Dj4Money wrote:
By not identifying what you want makes it hard to suggest things.

Ford Credit is giving 0% down to Tier 2, IE all you need is 670 Auto 08 and no negatives to get it. This and Toyota or Nissan's 0% are by far the best you can get from the captives.

If you can get DCU or PenFed's lowest rates, then take that and the rebates available.

looking at the nissan rogue awd , mitsubishi outlander sport awd, toyota rav4 awd

sccredit · ‎10-01-2015

@Anonymous wrote:
@Dj4Money wrote:
By not identifying what you want makes it hard to suggest things.

Ford Credit is giving 0% down to Tier 2, IE all you need is 670 Auto 08 and no negatives to get it. This and Toyota or Nissan's 0% are by far the best you can get from the captives.

If you can get DCU or PenFed's lowest rates, then take that and the rebates available.

looking at the nissan rogue awd , mitsubishi outlander sport awd, toyota rav4 awd

At 680 a good finance manager can get you 0% at either toyota or Nissan if offered.

Anonymous · ‎10-06-2015

@sccredit wrote:
@Anonymous wrote:
@Dj4Money wrote:
By not identifying what you want makes it hard to suggest things.

Ford Credit is giving 0% down to Tier 2, IE all you need is 670 Auto 08 and no negatives to get it. This and Toyota or Nissan's 0% are by far the best you can get from the captives.

If you can get DCU or PenFed's lowest rates, then take that and the rebates available.

looking at the nissan rogue awd , mitsubishi outlander sport awd, toyota rav4 awd
At 680 a good finance manager can get you 0% at either toyota or Nissan if offered.

maybe..maybe not. a good finance manager would shop that rate around and add a few % to it. And shorten the term to 60 months. I wanted an auto loan on my terms, not what some stranger finance manager can "do for me". thanks for the tip though. besides, those 0% offers are for 60 months max. Usually that lower interest rate comes with a hike in the selling price. Dealerships are there to make money on you, not help. a good finance manager knows this.