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#1005 of 1033 Re: Auto Loan advice requested [im_brentwood]
by MrShift@Edmunds HOST
Sep 28, 2011 (7:13 am)
If you lived in Texas right now, wouldn't YOU want to go to Ohio?
It's ironic in a way to see lending institutions suddenly transforming themselves from their not too distant behavior akin to pirates with eye patches or dance hall girls with red dresses, into proper and sober Victorian businesspeople. You gotta laugh.
#1006 of 1033 Re: Auto Loan advice requested [Mr_Shiftright]
Sep 28, 2011 (7:54 am)
Oh it's actually funny...
There's one bank that's rather liberal in their lending practices... with regards to advance and term, but their rates are high.
Piracy ain't dead yet.
#1007 of 1033 Re: Credit denied after taken possession [timmy15]
Dec 29, 2011 (9:56 am)
This smelled bad from the beginning, my main question was: Why didn't you have FINAL approval before you left? I have never left without final approval on a car finance. I usually have pre-approved loans from USAA and let the dealers try to match the rate and term, but if they do, its a final approval, not pending.
#1008 of 1033 Re: Advertised financing rates - negotiable? [knight_ru]
Dec 29, 2011 (10:01 am)
Sometimes your preferred bank / CU can get better, sometimes not. Back in March the best i could do was 3.4% from USAA on a 2008 for approx 16K. The dealer could get it a little lower (approx 2.9) but the total dollar difference over the two years term was too low for me to change my mind.
This past Nov, USAA was quoting the same 3.4% but on a 2009 for 33K for 3 years (max term at that rate) but GM's Ally (new name for old GMAC) offered 0.9% up to 3 yrs, same 33K amount. I couldn't pass that up. It took FIVE SECONDS for FINAL approval, and i drove of that night.
#1009 of 1033 Re: Auto Loan advice requested [fushigi]
Dec 29, 2011 (10:12 am)
I hope this displays correctly:
"...or you have a high amount of unused credit (empty credit cards with high credit limits). "
"Also, the credit card thing. If you have a lot of available credit you're basically screwed. They won't give you a loan because there's risk of you racking up other debt & not being able to pay it. "
This is not necessarily true. My wife and i have approx $200,000 total available credit on our CCs, and we got 3.4% on a loan in Mar (for 16K for 2 yrs) and me, by myself, as a sole applicant, got 0.9% on a 33,000 loan (3 yrs) in Nov. We only have about 10,000 balance on two cads (both mine) That I'm finally going to zero out in Jan. We have had one card closed by the bank in the past 5 years, for non-use. I told my wife to "exercise" the cards, every six months while i was in afghan to keep that from re-occurring.
We run thousands through the cards each month, but pay the balances off each month (except those one or two).
Again, it's more of what you do with you cards than how many or how high the total limit is. Total debt to (stated, because its not on the reports) income, as well as balance to limit ratio are also important though. I'm sure no bank would loan us anything if we had 120K balance on 200K of avail credit.
There has to be something else the proposed lender is not mentioning. Or perhaps something was left out.
Jul 29, 2012 (11:15 am)
Greetings all. Got a 1999 Accord with 282000 miles, a/c not working, paid off of course. Wondering what options I have if I can do no money down with a credit score in the high fives, no co-signer either. I did apply for financing at my credit union but they wanted the co-signer. Preferably payments under $250/monthly..I've been looking at cars in the $10000 range. Honda CRV is my first choice. Any tips would be greatly appreciated.
Jul 29, 2012 (12:05 pm)
Yeah, if you could get a $10000 loan at around 10%, then $250/month would be possible on a 48 month loan with no money down.
Question is, would you get 10% for 48 months with your score and no down payment? That's "iffy" IMO.
Credit unions have fairly strict requirements. If a regular bank won't help you out, you might be forced to consider the financing offered by a used car dealer (the "mouse house" they use), and that might stick you with a pretty high interest rate. Last resort, that one. Be very careful what you sign.
#1014 of 1033 returned to car shopping?
by Stever@Edmunds HOST
Nov 06, 2012 (2:01 pm)
A reporter would like to speak with a recent buyer or current car shopper who stayed on the sidelines or was turned down for a car loan during the recession and has since returned to market or is about to buy. If you fit this description and would like to speak to a reporter, please send your daytime contact information to predmunds.com no later than noon PT/3 p.m. ET, Wednesday, November 7, 2012.