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Smart Shopper Credit Scores and Vehicle Financing
956 messages, Last post on Feb 11, 2010 at 7:14 PM
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Replying to: rroyce10 (Mar 20, 2005 9:46 am) I am looking to trade in my car for another. Last August I received approvals from Capital One and Roadloans and bought my car from a dealership. Since then my FICO's have improved at least 20 points with each of the 3 bureau's, my salary has grown considerably, balances on my credit lines have dropped, and I have made 8 months of on-time payments to my existing RoadLoans loan. RoadLoans flatly declined my new application because I need to make 12 months of payments before they will let me trade in my vehicle and finance another. Capital One declined too but would not say why. (Have to wait for snail mail) Is it likely CapitalOne declined for the same reason that RoadLoans did? Am I better off just waiting until 12 months have passed or should I go into a dealership and let an F&I guy assist? Do I need to sell my car, pay off the loan, and then wait a few months before buying? I need some professional advice!  Thanks!
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Replying to: basscadet (May 27, 2008 1:28 pm) You could try going thru the dealer. Or,you could wait and let your credit improve more. 20 points on a low score isn't much of an improvement.
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Replying to: volvomax (May 27, 2008 2:54 pm) Transunion 533 - > 609 Experian 515 - > 546 Equifax 599 -> 619 All terrible scores, no doubt. But if I got a loan offer at the before scores it seems odd that the after scores wouldn't pull some offers. Unless, of course, what you say about the 12 months thing is accurate.
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Replying to: basscadet (May 27, 2008 3:08 pm) Not only in jobs and residences but in loans as well. I would wait and get your score up to where it will really make a difference. Even if that means you have to keep your current car for another year. |
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Replying to: basscadet (May 27, 2008 3:08 pm)
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Replying to: joel0622 (May 30, 2008 11:51 am) Update: Without any prompting Roadloans changed their mind and sent me an approval notice contigent upon trade of my current car. It is 2% higher than my loan a year ago. Very confusing. 8 months of on time payments and they want a higher interest rate? I'm going to wait past the year mark and then go to a dealer to try this again. All I expect is a rate equal to the one I had last year.
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Replying to: basscadet (May 30, 2008 12:03 pm) Not an unreasonable expectation give the fact that prime is about 3% lower than it was 8 months ago. Unfortunately lenders are not as keen on less than prime borrowers as they were even last year.
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Replying to: grandtotal (May 31, 2008 12:28 am) It makes me wonder if I should bother waiting past the 1-year mark on my current loan before trading in. |
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| Does anyone know what the lowest interest rate is thru toyota on a new Prius 60 month loan? I recieved a 5.5, I know this is lower than the local credit union but Ihavent been able to find what Toyota rates are on the Prius. | |
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