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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 103 of 104

#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...

#1019 of 1023 credit challenged? by kirstie_h HOST

Mar 05, 2013 (2:15 pm)

A reporter would like to speak to a recent car buyer who purchased a car despite a bad credit report. If you have a ding on your credit report, but were still able to secure a car loan, and you would like to share your story, please send your daytime contact info no later than Wednesday, noon PT/3 p.m. ET to predmunds.com.

#1020 of 1023 84-months? by steve_ HOST

Mar 05, 2013 (5:31 pm)

Another press request.
 
A reporter is looking for a new car buyer who is financing their car for 84 months or longer. If you have an 84-month or longer term, and you would like to share your story, please send your daytime contact to predmunds.com no later than Wednesday, 3/6/13 at 1 p.m. PT/4 p.m. ET.

Messages Page 103 of 104

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