Vehicle help please

[roguedog]

Hey CWR,

I agree with Mr Silver...

Other info for you for what it's worth...

Two of the largest auto lenders are Citi and Capital One. I'm not sure if you're going to run into problems with other lenders because you're in Alaska.

I know our auto division didn't lend in some states.. and I *think* Alaska was one of them. Only telling you this in case you run into issues.

I'd follow Mr. S's advice and definitely shop for a loan. Also, I believe it's very powerful to come to the table prequalified. At the place I worked, once you applied, we fed ex'd you a check basically so you can buy on the spot.

And lastly, as you know.. I'm a Toyota person

[Tuckervill]

i did call my credit union. they said they could do it, but it would take 2 weeks for everything to go through.

I have had to buy a couple of cars recently that I didn't intend to buy, but because they were unplanned, I had to use credit. I used Capital One's instant check program....The check is FedExed to you after you've picked out your car. You can go to the dealer or wherever you get your car and it's just like buying with cash. Sellers love that.

Karen

[Tuckervill]

Beware: If you know your credit score and the dealer asks for your name/address/ssn BEFORE you've picked out a car, give them your credit score instead...otherwise, they may be running a credit bureau report on you and every time someone (not you) pulls one, it's about 18 points off the score. SO, save them the trouble in 'prequalifying' you by giving them the score and making them wait to pull the credit bureau once you've settled on the car and the price.

Yes. Absolutely do NOT give them your identifying information that they could use to pull a credit report. That would just be giving them the advantage. Any dealer that would even ASK before negotiating on the car is the dealer I would walk right out of.

Just go in with your own financing and then you don't have to negotiate on anything but price and features.

Karen

[chickwhorips]

i went to freecreditreport.com and checked my score.

its 774. i've had one auto loan (and only loan besides credit cards) i had it for 3 years. does this mean i have a good chance of getting the loan by myself with no one to co-sign and at a low rate?

[Mr. Bloom]

i went to freecreditreport.com and checked my score.

its 774. i've had one auto loan (and only loan besides credit cards) i had it for 3 years. does this mean i have a good chance of getting the loan by myself with no one to co-sign and at a low rate?

There are other factors, but this score is outstanding. Depending on your debt/income ratio, they may even reduce the downpayment requirement, unless your car payment is a huge % of you income (say 40% or 50%). I'm a commercial banker, so I'm not totally up on consumer underwriting...and every institution is different.

Once, I was told by a dealer that 750 would qualify for no downpayment, but that was several years ago.

[chickwhorips]

i paid off my debt, only the foot surgeries are on my card at the moment. but the ratio between what i have as credit and what i owe is probably about 5-10%.

i don't plan on having a loan that makes me over 20% of my monthly income.

thank you mr for all your help! i feel much more confident about getting this vehicle on my own.

thank you everyone else for your vehicle knowledge. i have so much to think of when i start test driving cars!

[Tuckervill]

I haven't had anyone ask for a down payment on a car in quite some time. Credit score is similarly outstanding. I can imagine the only folks who do ask for a down payment would be more conservative local banks. Capital One will probably qualify you. My two 20-something sons have recently bought cars and neither had to make a down payment, either.

It could be different in Alaska.

Karen

[Tuckervill]

Oh, of course, it's better if you DO make a down payment, because it saves you money on interest. It's better still if you pay cash for the whole thing, but that's not always possible, as I have suffered recently.

Karen