dcu and scores

[juggalo9er]

not asking for myself but for my friend. he has a 2010? town and country and owes something like 24000 on it. his interest rate is currently 10.79% while his credit scores are imho awesome @ a 761 fico 08 and 731 fico 04. with these scores and a relatively low dti what rate would he qualify for at dcu?

[Anonymous]

i was just qualified for a 3.4% with a 668 fico. So he should be well below that at least. 

[black_citi]

I was approved for 6.5% with a score of 669.

[zioncres]

I was approved for 1.74% with 711. I can drop that to 1.24% if I bank with them, which I plan to if it's just to pay that loan. Now comes the difficult part...reading a n00b's guide to car building since I've never bought a car before.

[Remember0]

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@zioncres wrote:

Now comes the difficult part...reading a n00b's guide to car building since I've never bought a car before.

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Congrats, but you're building your own car?! jk.

There's plenty of guides like it online, but I have one that I posted here. Feel free to skip the part on leasing if you're definitely purchasing. Also think about freezing your bureaus so the dealer can't pull. Even if they can beat 1.24% for 1.65%, I doubt it'll be by much at all.

Link to the guide I wrote up: http://ficoforums.myfico.com/t5/Auto-Loans/Guide-to-Financing-Leasing-and-Refinancing-a-Car/td-p/289...

[juggalo9er]

thanks for the replies..he applied last night and they did not call him today and idea when they call

[reckedhim]

It's easier just to call them.  They're friendly and very helpful.

[Remember0]

Also definitely seems like your friend maybe very underwater. What's NADA Retail on that car? They might require him to put money down to bring the loan amount down to NADA.

[juggalo9er]

the nada of his car is 22,500 i could not believe it until he showed me....dcu says on the website that they will finance up to 120%

[Remember0]

I wouldn't believe you if weren't such an established member here haha. To say the least, I think used cars at the moment are a bit shall we say overvalued/in a bubble. Hopefully it cools down this year and next.

Not sure if they do 120% for refis. Either way, he only has $1500 to bridge so that's good...I'm sure he can scrabble it together if needed to get from 10%+ to 1.24%. Let us know if they do a 120% on refi though, it'll help in the future with recommendations. I'd wait to see if they bring it up at all and not mention that it's underwater haha.