just applied to peoplefirst and eloan...keep you all posted.

 

Sorry the higher the better. 689 is good is considered on the high end of Medium risk, low to medium risk starts at 700. If your credit history is clean you should be able to get a loan. What may bring your score down is such things as late payments, too many credit cards/too many credit cards with high or close to limit balances.

 

You need to try eloan.com I was turned down by peolefirst and got 5.39 from eloan.com.

 

Found 4.9% at Pentagon Federal Credit Union. Says for 2001 and 02 models, would guess it's for 2003 too.

Looks like you have to be DOD or ex-military.. Some here should qualify.

Gonna check it out...

http://www.penfed.org/promo/bankrate/newcar.html

 

Oh okay, well at least I got the whole credit rating system down now. I suppose 689 is good enough. Maybe by the time I get the loan/my car, I'll have a few higher balances paid down. Thanks for all the info. I'm just hoping for a rate at/under 7%.

Matt

 

How bad would it look on my credit record to apply for two loans on the same day?

 

How's this for cool. I applied at E-Loan and got 4.89% for 6 to 30k, 60 mo. Then I called up PeopleFirst (where I was already accepted for 5.49%) and they beat that rate so now I'm at 4.85%!

I wonder if I can get E-Loan to beat that rate now?

--
Jeff

 

I was asking my realtor about the whole credit report stuff (he used to be a banker) and he said that the scoring system was smart enough to treat loan applications that are for the same thing and close together in time as one request.

In other words if your credit report shows 5 requests for a 25k car loan during the same week then that will only be treated as one request. I would suggest you call up Equifax and ask for more details if you're worried.

--
Jeff

 

That is one of those catch 22's they gig you for having credit inquiries but how can you get credit if you don't request it. They look at total amounts of requests so whether it is the same day or same month it will affect your score the same, actually if you do it the same day you have a chance that it wont affect it or that the different companies use different credit report companies. In other words if you are going to reapply somewhere else in the near future might as well do it now.

 

Thanks Jeff... now my concerns feel somewhat alleviated... I just applied for the eloan.com loan... I'll see what happens...

 

Huh.

I think peoplefirst and Eloan are pretty much gonna be financing the whole Z preorder process if we keep this up.

I tried myself, got denied by ppl1st but approved thru eloan for 5.29 @ 60 months, $6k-31k. ppl wanted me to find a cosigner but i told em no way. I even gave them my IRA info, which eloan didn't need... oh well.

Gonna go try lendingtree now and the pentagon federal.

 

Well that is great but I think you are getting to point of no more, with that 0.04% difference you will save 55 cents a month on a 30K 60 mo loan, at that point unless I could get it down to 4.25 or less where you can save 10 bucks or so I would stay with eloan out of principle since they gave you the low rate without negotiating, also remember that the dealer may be able to beat it so take it in to them as well.

 

I don't understand this at all... my request was denied at eLoan...

 

Yeah, I'm just going to stick with what I got. Going to use PeopleFirst though for the convenience of their check instead of waiting for the dealership finance manager to do all the faxing/FedExing that E-Loan appears to require. The only thing I will try next is to see if the dealer can beat it the day I go to pick up my car.

--
Jeff

 

I don't get it either. I had a good credit score from Equifax (I think it was 753) but eloan.com rejected me for some reason. Weird. But my plan is to use a special deal my credit card is offering that gives me 3.9% until the balance is paid off (and put about $17k down). Sounds strange to use a credit card, but with a deal like that (and no additional fees of any kind), why not?

 

No, on some of the applications they will ask if ther is a tradein or if you are single they will assume that it is a tradein and if there is a doubt they will ask, I have three cars on mine (my car, the wife's and the son's)

 

Thanks again for recommending Peoplefirst. Just applied and they called me back in a few minutes with my approval. How easy is that?
5.49% 60months on a max of 40k.

 

I just got off the phone with Chase Auto Loans (Chase Manhattan) I'll give the phone # if it is allowed.

I have a check comming from them in 3 business days (valid for 45 days...my delivery date is Sept. 4th) and that was accomplished after 3 short minutes with the rep. No detailed info needed except basics, i.e., SSN, annual income. Nice that I didn't have to go through providing her w/ credit card accounts..etc.

The rate is 5.19% (when I checked in March it was 6.2%...schweet). I financed 30K over 60 months with a resulting monthly payment of $578. There's no pre-payment penalty so I can pay if off early if I want to.

Hope this helps someone.

 

Could you please tell us how (with #) you got 5.19. I went to the web site and they list 5.94 for Excellent credit. I am in the starting phase of a mortgage refi with Chase, so perhaps a Auto Loan may be in the works instead of Peoplefirst. thanks.