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Credit Scores and Vehicle Financing

1023 messages,  Last post on May 07, 2013 at 3:37 AM

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What is this discussion about? Car Financing

Messages Page 102 of 103

#1008 of 1023 Re: Advertised financing rates - negotiable? [knight_ru] by cadillacmike

Dec 29, 2011 (11:01 am)

Replying to: knight_ru (Sep 01, 2011 10:07 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 1023 Re: Auto Loan advice requested [fushigi] by cadillacmike

Dec 29, 2011 (11:12 am)

Replying to: fushigi (Sep 27, 2011 2:44 pm)
I hope this displays correctly:
 
"...or you have a high amount of unused credit (empty credit cards with high credit limits). "
 
and:
 
"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.

#1011 of 1023 options? by yusuf1

Jul 29, 2012 (12:15 pm)

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.

#1012 of 1023 Re: options? [yusuf1] by Mr_Shiftright HOST

Jul 29, 2012 (1:05 pm)

Replying to: yusuf1 (Jul 29, 2012 12:15 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 1023 returned to car shopping? by steve_ HOST

Nov 06, 2012 (3:01 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.

#1015 of 1023 Auto loan payment question by carhunt07

Jan 03, 2013 (10:05 pm)

Hello everyone:
 
I got a approved auto loan for $12062.00 from a local credit union (ufcu.org). The interest rate is 2.55% (if I have direct deposit with the union it goes down by 1%-> 1.55%
 
loan amount: $12062 or $11000
loan term: 24month
loan rate: either 2.55 or 1.55%
link to the calculator: https://www.ufcu.org/calc/loan.php
 
I run the loan calculator for loan amount $12062 (1.55% APR), it showed that my monthly payment would be $510.74
 
I run the same calculator again for loan $11000(1.55% APR), the monthly payment became $465.77.
 
I don't understand why with extra $1000 in the loan amount, my payment went up for $46.00 per month. Could someone give me some insight on this? So I understand what factors affect the loan payment. Thanks!

#1016 of 1023 Re: Auto loan payment question [carhunt07] by kyfdx HOST

Jan 04, 2013 (5:34 am)

Replying to: carhunt07 (Jan 03, 2013 10:05 pm)
$1062 more.... divided by 24 months to pay it back = $44.25 per month .. (plus more interest)
 
Higher loan amounts result in higher payments, all else being equal...

Messages Page 102 of 103

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