Jump to content

Purchasing new car need help finding loan


Recommended Posts

I am purchasing a new car but I need to really find someone who pulls EQ as my EQ score has not one baddie. I have used HSBC since they pull EQ and do a Turbo check like E-Loan for my last 3 cars and have never had a late payment with them but is there something better out there. I will need roughly $35,000. Any help is appreciated....:)

Link to comment
Share on other sites

Here in Texas there are many car loan company's who look at Equifax. I can tell you that as a sales manager in the car business when I submit an applicant to these finance companies they pull Equifax: Americredit, Capital One, HSBC, Citizens Auto Finance (they own CapOne) - prime lender 640 or higher, Wells Fargo Auto Finance, CitiFinancial, Bank Of America - 640 or higher.

If you visit there websites and apply there I cannot guarantee they will look at Equifax - especially Wells Fargo, but you could probably get a phone # and call and ask someone. If you know your score on Equifax it would help me direct you to which of these to concentrate on.

If you more than 3 ($2000 or higher) installment loans that you have paid good on it greatly increases your approval chances.

let me know how it goes.

Link to comment
Share on other sites

Hi Spring'm,

I have a Fico EQ score of 678 with no baddies at all. I have never had one late payment in the last 6-7 yrs that I have had 3 cars with HSBC. As a matter of fact I have 164 months of no late payments on my CR period and the only late I have is 10 yrs ago on a school loan thats actually incorrect. Now here is my problem...My utilization is high on two CC's and I have school loans that at the present time are in deferment for another year, don't know if the school loans will hurt my utilization right now.Also, I will probably be rolling over about $12,000 into this new car thats why I need around $33,000-$35,000. Now last time HSBC gave me a loan for up to $50,000 but for only 5 yrs on a used car does anyone do longer terms ? I just want to get my dream car and I'm not getting rid of it any time soon. Which would be the best lender to go with and your sure they will pull EQ and have the best rates and longer terms ? I know HSBC pulls EQ and I have good history with them but maybe there is something better. Hey your a car salesman in TX...lol...I can't have a bunch inquries so I need to barrell down to one...I'm glad you answered my post...look forward to hearing from you and Merry Christmas....:)

Link to comment
Share on other sites

Am I understanding correctly that you are rolling over $12k of negative equity? WOW.

I think with your score and no negative on your Equifax, I would try Citizens Automobile Finance (877-265-3278). This is a great bank and would let you carry some negative, but I'm not sure about the $12k.

What is this dream car you are talking about and what are you trading?

Let me know if you need me to give you a NADA bookout on your trade.

Link to comment
Share on other sites

tmac01, I hate to sabotage your thread but I really need to refinance also. I live in KY and bought a 06 in October FICO 590 back then approved with Americredit for 18% apr. Now however I have scores in the 640's and would really like to refinance because I am buying a house and would like the extra money. What would I do?

I spoke with a local dealer and told me that I would need to trade the vehicle in and would eventually lose because of the negative equity. I don't know who to believe or what to do?

Please advise...........

Link to comment
Share on other sites

Spring M I am trading in a 2000 BMW 3231 with 57,000 miles. It is in near flawless condition. My dream car is a corvette and I am looking at 98-2000 models with the newer body styles. Now HSBC will let you roll over whatever you want they don't care. They just see a car being financed and that its costing me this much. As long as you pay them thats all they care about. When I financed my car the last time with them they gave me the best rate but my scores where in the 700's back then. I still have no baddies but my score is lower because of utilization. I will probably be rolling over closer to $10,000 as my payoff is around $24,000 on my BMW and I just made a $1,000 payment so that will bring it down even lower. Will Citizens do at least 72 on a 98-2000 corvette ? Will they rollover $10-12 k ? Thanks a million !! I will call them after Christmas...You have a Joyous Holiday !! And Got Fico your not sabotaging me ask all you want and join in..watch out for Direred he can be grumpy sometimes...:mrgreen: J/K

Link to comment
Share on other sites

IHCAS,

are you talking about negative equity on my present car or over all negative equity ? As for the car I see where you are coming from but over all I do not have a lot of negative equity and I am very responsible. I have decided to slow down and when the right car comes around then I'll purchase it I'm just looking for a good loan my friend.....:)

Link to comment
Share on other sites

I know that HSBC will refinance an existing loan for the full amount owed regardless of what the cars actual value is. When you purchase another vehicle the rules generally change. Most lenders will not allow you to finance more than 125% of the cars trade-in value. This rule is not always true and with Wells Fargo Auto Finance you can borrow up to 145% of the cars trade-in value (although I have never seen this done, it helps with folks who have a large amount of negative equity).

If HSBC will loan you the amount you need for this vet it would be a good idea to investigate their program a little more. You also need to watch out for the year model, you may have to purchase an "01 model or newer to accomplish your goal.

Link to comment
Share on other sites

Sorry to jump in, but if your CC utilization is very high and you have school loans in deferment, what the hell are you doing getting out of a car that you'll roll over $12k of negative equity into your "dream" car. I'm not an auto finance manager, but if you wanted to roll over $12k onto a loan of a vehicle with a blue book of $22k, I'd say your odds of getting it approved are next to nothing. Pay down your negative equity, THEN get your dream car.

It's no wonder why some people will never get out of credit hell when they have one decent credit score and will damn near mortgage their ability to pay for stuff with maxed out credit cards and then do something like this.

About 6 years ago, I went from having about $20k in credit card debt and buying 2 new vehicles with monthly payments of over $900. I got the credit cards paid and got through one lease and traded in the 2nd vehicle 2 years later. I had $8k in negative equity on that car, $4k of which I paid down and rolled over another $4k into a 2 year lease and got free and clear of that car in June '06. I replaced it with a nice used Rendezous for less than $240/month and when my lease is up on my Envoy($325/month) in February '08, it's going to be replaced with a "beater" that I'll pay $2k-3k in cash for it.

Word to the wise: Remember, cars are a depreciable asset. While it's fun to look cool in a car, can you really justify spending $500+/month on a car that in my case generally spends over 22 hours a day sitting around doing nothing?

Link to comment
Share on other sites

Forgop first of all you don't know my finances and you are new to this forum so let me tell you a little about myself. First off I work my a$$ off and my loans are in deferment because I am pursuing my Doctorate not because I put them in deferment. I have two credit cards that only have $4500 on one and $6,000 on the other and they are not maxed out. My total debt is around $8000 in CC's at the most. I am a high school principal so my salary is decent. As far as getting approved I already have and its not just based on one score. I have 2 providian Nightmare TLs from hell accts on my EX and TU CR's. They are not mine and I have been fighting them for over 5 yrs other than that I am clean. So before you go acussing people of things you have no idea about please PM them or get to know them better before you bash them. I'm very responsible and like I said I have educated myself and I work very hard everyday. Sometimes in life we are alloowed to treat ourselves and Yes you may be right about rolling over 12k but one thing I know about myself is that I understand when I can't afford something and how to pay my bills. I have not had a late payment on my CR in 10 yrs my friend...So since you say I am or was in credit HELL I guess you know me ? Bottom line I was never in credit hell I just had my identity stolen and WHALA!!!! several accts popped up on my CR that were not mine. I have spent 2 yrs cleaning up this mess and I'm almost there. Just remember not every person on this forum is iresponsible Forgop if you read a little you will see that many people here are very knowledgeable and helpful. If I sound harsh I apologize but those who know me on this forum know I never get mad but I won't allow someone to accuse me of being iresponsible and making rude comments about me that are not true !! You have a good day.....

Link to comment
Share on other sites

Forgop first of all you don't know my finances and you are new to this forum so let me tell you a little about myself. First off I work my a$$ off and my loans are in deferment because I am pursuing my Doctorate not because I put them in deferment. I have two credit cards that only have $4500 on one and $6,000 on the other and they are not maxed out. My total debt is around $8000 in CC's at the most. I am a high school principal so my salary is decent. As far as getting approved I already have and its not just based on one score. I have 2 providian Nightmare TLs from hell accts on my EX and TU CR's. They are not mine and I have been fighting them for over 5 yrs other than that I am clean. So before you go acussing people of things you have no idea about please PM them or get to know them better before you bash them. I'm very responsible and like I said I have educated myself and I work very hard everyday. Sometimes in life we are alloowed to treat ourselves and Yes you may be right about rolling over 12k but one thing I know about myself is that I understand when I can't afford something and how to pay my bills. I have not had a late payment on my CR in 10 yrs my friend...So since you say I am or was in credit HELL I guess you know me ? Bottom line I was never in credit hell I just had my identity stolen and WHALA!!!! several accts popped up on my CR that were not mine. I have spent 2 yrs cleaning up this mess and I'm almost there. Just remember not every person on this forum is iresponsible Forgop if you read a little you will see that many people here are very knowledgeable and helpful. If I sound harsh I apologize but those who know me on this forum know I never get mad but I won't allow someone to accuse me of being iresponsible and making rude comments about me that are not true !! You have a good day.....

I'm not bashing you and I didn't question your current ability to pay and your past use of credit. I only questioned how it would be deemed a WISE use of credit at a sub prime rate. Do you really think ANY reputable bank is going to let you roll over $12k of negative equity on a loan? Remember-the only collateral they have on your loan is the existing vehicle and giving you a loan at roughly 50% more than the value of the Corvette isn't likely going to happen. You know that they do want to risk as little of their money on your car and assuming $12k of your negative equity on a previous loan isn't likely to happen. If you go out and find a "Vette with a Blue book of $26k and can buy it for $20k, sure, they'll likely let you have $26k and a portion over that, but not the full amount.

Let's just say for argument's sake that you roll over the full $12k on an additional $20k loan. $32k @ 10% interest(which you can pretty much bank on with your house of auto loan shark candidates) over 6 years comes out to $592.83/month. Let's say you pay down your negative equity and get a loan total for $22k, you'll likely qualify for a loan at 6%, over 72 months your payments will be $364.60. You'll be paying over $4k in interest on your negative equity alone.

If a student approached you asking you for advice under the same scenario, would you tell them to follow in the footsteps you're wanting to take or perhaps practice a little wiser judgement? I think you'll probably find most people on this board would probably say that what I'm saying makes sense. Off the record, the auto manager in this thread will tell you the same thing. If you showed up at his store, he'd LOVE to sell you the car as he'd make a KILLING on you. I went down the road of paying WAY to high of an interest rate with the intention of refinancing at a lower rate instead of fixing my credit FIRST and such. The result-$8k of negative equity in 2 years time. I know I could have made better use of $8k in those 2 years than to pay $4k cash out of my pocket and an addtional $200/month for 2 years on my lease.

In my current situation, my "dream" would be to just go out and spend $6k to put new carpet in my house because I WANT it. However, practicing a little better use of judgement says that I pay off my Citi card with $2k on it first and I'll have the money is 6-8 weeks after filing my taxes. My scores below reflect around a 55% utilization. The FICO simulator makes it look like my scores should get a 30-50 point boost alone by getting my usage under 20%, which it is now.

Link to comment
Share on other sites

Forgop you are correct !! and by reading your post you seem to be one of those people on this forum I was talking about who have a lot of knowledge. Its funny because your post states exactly what I am looking at...a $20,000 vette rolling over around $12,000 and having a payment in the high 500's....and to your other question"No" I wouldn't tell any of my students to do what I am looking at doing but My BMW is at 58,000 miles and the warranty ran out 8,000 miles ago. I just put $350 into it and the mechanic I use told me that these small problems will start to need to be fixed and BMW parts are not cheap. Yes I though of this when I bought the car but I can find Chevy parts at my local Autozone..:mrgreen: Now as for my loan I have been approved by HSBC for 7.8 % with up to $50 k I can use. Now of course I know how much I can spend as we all have budgets but I would be lieing to you if I say what you just posted didn't make sense. I appreciate your post and it definately gives me something to think about, I also apologize. I guess when we work so hard to get somewhere that at times we finally feel we can get things in life that we want if we can afford them. Thats where I am in life right now..I have no kids and I am the only income in my home at the present time but I make ends meet...Thank you for the information and I apologize if I jumped the gun. Most people who know me on this board know thats not my nature and I was not yelling I promise...I never do that..:mrgreen:

Link to comment
Share on other sites

Credit junkie I have tried everything but Sue...Well at least I think I have tried everything...There was a poster on this forum who got rid of Providian by hassling their CEO's by email. He sent me copies of the letter or emails that he used but I think some of those CEO's are no longer there. I have posted this several times so I don't want to go to far with this but Providian verifies every single time with the CRA's in 1 day. I reported them to the BBB and they finally responded to them by lieing and saying they had sent me information on my account which they hadn't . Well what do you know in the mail comes two days later the info only problem is that they are not my accounts. The acct #'s are marked off and so are the S.S. #'s. They are both chargeoffs and I was finally able to get Midland removed from my CR but I am sure they will be back, its just been a nightmare. I actually have a lawyer looking over this info as we speak but I wish I could handle this myself and not have to pay this lawyer but what choice do I have..anyway if you have any ideas please PM me...Thank you !!!!!!!!!!!

Link to comment
Share on other sites

Tmac01!

Hey everyone has been telling you to file the ID theft if the accounts are not yours.

Is there a reason why you don't want to take that route?

I have a Providian as well but sadly it is mine I did use the card so ID theft is not an option for me. I if I have to watch a collection paid or unpaid on my report for the next 2 years the money should at least be in my pocket not theirs.

Link to comment
Share on other sites

I agree with the many. We're trying to help, not be nosey. It simply doesn't sound like you are in position to buy a "dream" car. You already said your current car is flawless. Why pay to get rid of it? Spend a few years improving your financial position, then you may have a new dream car. Wonder what the 2010 Corvette will look like? Maybe in 2015, we'll have floating cars.

It's going to cost you sooo much for this "dream." This dream will break down, get scratched, gain miles, and depreciate. Would it not be just as satisfying to pay down student loans and your current car? That would be my dream for my situation.

Link to comment
Share on other sites

tmac, I actually agree with you about pursuing your dream. I bought an expensive car because I just moved and was looking for a girlfriend in this area ;-)

However, please keep in mind that your Corvette would be more than 5 years old, and by car standards that's reasonably old. You may have to spend a fortune to maintain it.

Link to comment
Share on other sites

Yeah everyone has awesome advice !! Credit Junkie I guess you see where I am coming from as I went through a nasty divorce where I was only married 4 months and my ex cheated on me with my best friend. She took everything and I mean everything I ever owned including my money. I moved away and started over with a better job and a new home. I have been building my way back up and have come along way in near 3 yrs now. I guess thats the way I look at...I still have some yrs to finish my doctorate but thank you everyone for your advice... thats why we ask questions on this board and everyone has their opinion....This gives me something to think about ;)

Link to comment
Share on other sites

Hey Tmac01,

If you dont need the car don't do it. I am a woman and I have yet to date a guy because of his car. Get a grip.

" I actually agree with you about pursuing your dream. I bought an expensive car because I just moved and was looking for a girlfriend in this area"

Wow and them we wonder why they leave. Why would you want a girl who is interested in you because of your car? I hope you were joking.

Tmac01 your dream is the phd. I hope and not the car. I have a 2002 civic. I will be in it until it cost more to keep and maintain than to get a new one. Maybe next 10 years at a minimum. Hopefully the 200,000 student loans will be paid off then and I will be moving into that multimillion dollar home.

Car is transportation. It should not be self esteem.

I will make the decision for you :Domina: Tmac01 you dont need it; forget about it.

Let it be a present when you are finish with the degree if you can afford it then.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.