nlsqba

iTrader: (1)

I just finished the online pre-approval request form and they rejected me

They did send me a nice email saying that I should go to the dealership and fill out the full credit application... beacuse based on the internet application they do not have suffucent data....

I will buy 04 enthusuiast for 27k MINUS around 12k for my trade in MINUS 1k cash. So I will be looking to finance around 15k for 5years at 3%.


My payment should be around 250 a month

abstrakt

iTrader: (10)

It all depends on your credit and income...I financed a whole lot more than you plan on financing and I received 4.5% interest for 5 yrs...I would just go into the dealership and talk to their finance guy and let him run the numbers but based on what your going to put down on the car...you shouldn't have a problem getting financed through them...but if you do, go check a credit union near you.

capnfrantic

What is your beacon score? That's the key. You can get this by running your credit.

FairladyZ

something isnt right. If you can get 3% interest on a new car than you should have no problems getting financed. Also are you purchasing new or used? I have very very good credit and I got 4.45% on a used car through my credit union. Thats the best I have seen for now in the used car market.

tacomaboy

My wife and I are Tier 2... both score very high 600s, and we got 4% on a new Murano for 5 years. 100% financed.

Credits a ***** aint it. I wish I had known how important it was back in college or Id be well into the 700s...

Camel

Odds are they can get you financed thru somebody, just goto the dealer and have them run an app real quick. The interest rate will be the part that varies, depending on your score. Typically with a score of 700 or more its an automatic approval and an aggressive interest rate.

mr2fasterthanyo

i'm with you tacomaboy..............

killed myself in college, and ended up missing a payment for a couple of cards when i got stuck traveling for a month for work and forgot about them. finally about two years later my scores are getting back in the upper 600's. ( i was mid 700's in college)

after about 720 you really won't ever get turned down, and you get closer to 800 they basically pay you to buy the damn thing. a girl here at work. she is 23. scores ranging from 780-820 from the 3 credit agencies. just bought a 2005 liberty...... 95% financed 0.0% APR for the life of the loan (5 years) so basically she no interest...

tacomaboy

ahh the joys of the 800 club... maybe one day

mr2fasterthanyo

i dream as well............. damn it would be nice for buying this house right now..... the difference of 50 points is killing me.

nlsqba

iTrader: (1)

I am buying a new 04 - they have a current promotion on these... 3% financing

I graduated in november '04 - so my credit isn't all that good. My parents used to pay for everything... (those were the good times)

They told me I need to bring some graduation proof and they will work it.

I changed the color for SS => hopefuly will close the deal tomorrow.

I wanted the Redline, but thought that red will cause 2 much attn. And I do not need Chi-cops on my a$$...

SekZee

iTrader: (1)

wanna hear something funny?

a 350z is my second loan, well...after having a POS 99 Grand Am, with 21% apr for 6 months, and fixing it all the time, i realized i needed to get rid of it.

so.... i had to trade the GA in for a 350z.....got about 3000 on a GA, 1000 down ... the car was 25000 an "03 performance Z with 14k miles on it...spotless, scratchless... so beautiful, i fell in love with it the first time i looked at it...

They fixed all the dings that i found (very minor, but i wanted a brand new looking car), waxed it, changed the oil to synthetic, and gave me a full tank of gas. One of my good friends who used to co-own that dealership, was able to help me out a bunch... so I got it... with 18% APR. But he said he's gonna help me refinance it, in about a year or so... when my credit gets a little better.

So, I guess, I can handle close to 500 bucks payments for a year. I dont wanna drive a POS, I still go to school...and got like 3 years left. I wanna drive a cool car tho, and the payments are pretty affordable.

You think it was a stupid thing to do?

It's just....lately i've been thinking that i shouldn't have done it. Oh well, what's done is done....

and then, i saw your post and got so jealous....

250 bucks a month...

ehhh...

mr2fasterthanyo

wow......... at 18% it would have almost been cheaper to put a huge down payment on a credit card for that..... (assuming you have a card with a lower interest rate).

that is tough. hopefully you can refinance. that is good that you know about it, most people forget that they can do that. good luck

rxtrom

iTrader: (1)

I didn't know they can lower the financing. I thought it was 4.99 fixed for new Zs
BTW my credit score is almost 800

Alonjar

Actually SekZee, a lot of people do that. First timers get horrible horrible interest rates a lot of times, and dont really have any other choice. So they pick up the loan, pay it for a year or two, and then refinance at a lower rate, now that they have established credit. Just dont miss any payments! It sucks, but sometimes you just gotta do crap like that in life .

Credit is such a pain... heh

tacomaboy

Well it wasnt THE most efficient or cost effective thing to do, but then again, buying a sports car never is... so we couldnt come down on you for it.

My advice is do a credit check every 6 months. Make more than min payments on all your cards and NEVER EVER be late. Do not apply for any more cards or loans until you see a good jump in your score, 50 points or so. Then, the first thing I would do is refinance at a local credit union. Maybe try one or two other good places to try and get it under 10%. That will save you 100 bucks a month I am sure.

Alonjar

Does anyone have any good websites or anything they would recommend for checking credit scores?

I'll do most things on the internet, but man i don't trust random people with that kind of information.

rxtrom

iTrader: (1)

Usually if you apply for some kind of credit and you get denied, they will give you an address to write and get a free credit report.
otherwise you can go to Equifax.com and buy one for like 10-15 bucks

mr2fasterthanyo

www.myfico.com
www.freecreditreport.com

you will have to pay to get your scores, but it is worth it. i check mine every 3 months. i have had stolen CC's and someone who went to school with me that had the same name, and their stuff showed up on my report, so i try and keep a carefull eye on it.

tacomaboy

Also, keep in mind you will get 3 scores from three credit beureaus.

Experian
Equifax
TansUnion

They will all vary. You can get one score from any of the three for 12 bucks or all three for 35 bucks usually. For your first go, I would do all three...

mr2fasterthanyo

yup. mine vary by about 50 pts from each of the three