Cam

iTrader: (1)

I applied at a credit union (BECU) on Tuesday night for my RX8 loan, and still havent heard. Its just me being impatient as it did state it takes 2 business days.

Anyway I just want to know so I can go pick up my 2004 6 speed Black Sport package Rx 8.


I feel like Im 7 years old waiting for x mas morining to come.


I am APPROVED!!!, but not for as much as I needed. Im $2500 short. Now I have to decide if I want to put $2500 "down" on my credit card. I dont really want to, but the CC is at 4% interest which is actually lower than the loan interest rate.

Denzalo

build your credit even more.. why not Grats on the purchase, I'm still waiting on my order, should be in 4-6 weeks. The wait is torture indeed.

Grabitquick

You never really want to use a credit card for a down payment, but if the rate is only 4%, then I'd say go for it. I just got my new 8 yesterday with $2,500 down in cash that I had been waiting for for several months, but if I had a card with only 4% interest, I probably would have used it and had the car months ago. (Maybe I need to find a new credit card or two.) Anyway, good luck--I don't think that you'll regret it either way.

Cam

iTrader: (1)

I am going to do the deal, but now I might not be able to get all my paperwork together in time to get it tonight. I may have to wait one agonizing day!!!

knowledge1213

before u take that deal go apply on eloan.com and capitalone.com (peoplefirst.com)..........and see what they can do for you............how much did they approve u for? and at what interest rate and length of loan..........try to avoid using your credit card .........and these are two extra ways to try..........

knowledge1213

by the way u will have your answer in 15-30 min on both of them. then they will overnight u a check........simple............

Cam

iTrader: (1)

Ive got!!!!!

Thanks for the info knowlegde.

My loan is 72 months at 5.49%

I put $2500 on my credit card, but my card is on 4% interest, so no biggie.

Im so stoked!!!!!!!

Jedi54

iTrader: (7)

What ever you do, do NOT take that advice... (sorry knowledge1213) Trust me on this one.... (check my profile)
Applying with multiple financial institutions in short amount of time will only lower your FICO and raise suspicion once your lender sees the prior inquiries.

CONGRATS on the financing!

I'm sure you'll have TONS of fun in your new car!

Grabitquick

Jedi54, I'm not so sure that you're correct on this one, at least if conventional wisdom holds true about auto loans. Lenders know that someone has to shop around for an auto loan, so they would not be surprised to see multiple credit pulls within a short period. Also, the credit rating agencies know this and generally treat multiple credit pulls within a 30-day period as one pull, perhaps not immediately, but it will be adjusted to reflect one pull eventually. If someone else out there in the loan biz has a different take on it, it would be good to hear from them.

Jedi54

iTrader: (7)

Grabitquick: Yes and NO....

Unfortunately our friends at the credit bureas and banks do not use conventional wisdom when underwriting these types of loans...

When reviewing a preson's credit bureau, there are always 4 factors that are provided as to why the client does not have a prefect FICO score. And, guess what one of the reasons usually is: "Too many recent credit inquiries"
Sure, shopping around for a rate would be adventageous to the client but it often gives concern to an underwriter. Example: When reviewing a credit burea, I see 3 inquiries within the last 30 days.
1. Eloan - car loan? HOME loan?
2. Capital One - Credit card? auto loan? Line of Credit?
3. Bank of America - TOO many products to list...

Hmmm, how do I know these are all for the same thing? (New RX-8) I do NOT, thus I must assume and be prepared that the client is in the process of acquiring additional credit which could ultimately increase his or her revolving debt, thus potentially changing their DTI, thus why score could drop...

How often do we hear this advice, "Don't let them run your credit until you're ready to buy the car"
Is it because we do not want every dealership in town to know what STELLAR credit we have?! If that were the case, everyone with good credit would be BEGGING the dealers to run their bureau!
It is because every time a burea is pulled by a potential creditor, your score dips by a few points (3-7 points... give or take a couple)
Anyone ever heard of stories of the poor guy who gets offered 7% financing, runs around town trying to beat that deal and ultimately ends up getting a loan for 9%?! I've seen it, trust me.... It's NOT pretty trying to explain this one to a client!
Hence the advice we all give our friends, "Don't let them pull your credit!" *laughing*

I am however, not an underwriter so I am just trying to share from some of my experiences in this field... If there is someone else out there who could add to this or even prove me wrong, please feel free to do so.

knowledge1213

I am a former loan officer......... shopping rates on cars or homes.........does not lower your score.......... the truth is the so called inquiry is only 10% of your score.....90% is based on timely paying of bills........amount of debt versus credit limit...........types of accounts..........and length of those accounts..........the FICO score already has a mathmatical adjust that takes any shopping of rates........over a 2-4 week period and uses it as ONE ENTIRE INQUIRY AND NOT 5-10. I suggest all of you research credit scoring...........and dont believe what people tell you....... the truth is .....if your score is already avg (around 660-675)........yes inquiries could effect you some............but if you are a prime borrower 680-699............"A" borrower 700-719 or an "A plus" 720 plus............you should have no problems..... www.fico.com is a great place to learn............besides........u always get your money together before going to the dealer........not at the dealer..........if u want to allow them to beat your rate thats fine........but have your money approved and ready before you shop.