Topic: Car Loan Approval!!!

Tagged: auto loan, car loan

This topic contains 6 replies, has 3 voices, and was last updated by fontanaman 1 year ago.

Viewing 7 posts - 1 through 7 (of 7 total)

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March 31, 2012 at 3:29 am #1980

fontanaman
Moderator

A year and a half of rebuilding has finally paid off. I was approved today for an auto loan at a local dealership. I was approved by Ally Financing at 6.9 APR to buy a new Jeep Patriot.

They pulled all three reports, which kind of sucks but it was worth it. I feel this is an important milestone for me as I am also self-employed and qualifying for credit has been pretty hard in the past, specially since I don’t have stellar credit as you all know But I’m getting there!

I just checked my Experian report and even though I have 4 new names under hard inquiries, they are being counted only as one as I had read before, so I can confirm this is true. It looks like my score only dropped a couple of points because of this new hard pull, so I’m happy!

March 31, 2012 at 4:38 am #2912

Christie0909
Participant

Congrats!

March 31, 2012 at 1:30 pm #2913

fontanaman
Moderator

Thank you Christie! I have to say that I’m both excited and nervous about all this, but it’s all good…

March 31, 2012 at 2:26 pm #2914

Christie0909
Participant

It really is a good thing. If I remember correctly you are trying to get a house eventually? If that is correct then you are just one step closer.

March 31, 2012 at 3:07 pm #2915

fontanaman
Moderator

Yes, this is all about qualifying for a house loan eventually!

April 19, 2012 at 4:22 am #2916

anwesharry
Participant

Nice! It’s been bad news on my front. I am an international student and so my credit history started six months ago with a secured CapitalOne card. I got my first credit score a couple of weeks ago. A pretty decent score 730, if you may. I had a decently saved stash for downpayment and so I thought I would try my luck with used car auto loan of $3000. Apparently my history isn’t matured enough to be approved of one. I guess I’ll just have to wait a bit more.

April 20, 2012 at 8:55 pm #2917

fontanaman
Moderator

Hello anwesharry, sorry to hear about your denial. However you shouldn’t be discouraged. Did you apply at the auto dealer or did you apply online for a car loan? I can tell you from this past experience that no mater what your score is, with a good down payment most dealers are willing to work with you. And you have a good credit score, so that’s a good combination.

Also, you should be aware that you can shop around for a car loan. This means that all the inquiries made for an auto loan within a specific period of time will count only as one (If I remember well I believe is within 30 days). I applied at the auto dealership and later found out that a lot of banks denied me, but Ally Bank approved me. Also, a lot of car dealerships have their own financing and will offer you financing if necessary (at higher rates of course).

You should shop around for a car loan, and don’t be discouraged if you get denied by one bank, specially if you have a good credit score. You can also apply at a credit union, they usually have the best auto loan rates.
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