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Is it just as hard to get an auto loan these days?


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Guest FICOfreak
This was my car buying experience 3 months ago. My scores are in the mid to high 500s depending on which CRA you look at.

I had a very difficult time & despite just paying off my last auto loan 10 months previously with always on time payments couldn't get the same CU to finance me again nor anyone else. The dealer was surprised to get me financed at all he said with my scores. Most places wanted huge amounts of money down and/or co-signer.

They checked a ton of places (some of which I didn't authorize & had they asked I would have told them would not finance me like Cap 1, etc) & finally got me financed with Nuvell (division of GMAC) for 21% interest. They told me it was 19% & I didn't realize until I signed the final paperwork that it was 21+% interest plus 6 years instead of 5, but I had been there all day long, it was 12 degrees outside, & I absolutely had to have a car before I left that day.

BUT one good thing that came out of all of the above is that in order to get me financed they had to knock off over $4,000 on the price of the vehicle. I've never had any luck with a dealer lowering the price ever. I knew when I signed the paperwork that I would re-fi it some day so I think really getting that much knocked off was almost the same as me putting that much down cash so hopefully if I can get re-fi soon I won't be upside down in the car at all.

So actually if I had gone for a cheaper car (which I really couldn't do seeing that we have 4 dogs & they are too big to fit in a little sedan LOL) they wouldn't have knocked anything off & I would have been stuck paying what they wanted & still got junk financing.

Also because of the financing I got a nicer car. I was looking at SUV/crossovers & after test driving a bunch of stuff the closest thing I liked was the Pontiac Torrent (I had a Blazer & would have liked a Trailblazer but way too much $$$$$) but they claimed they couldn't get me financing on it. The price was around $13,900. It was just the basic model, etc So anyway somehow they were able to get me financing on a super nice Chevy Equinox (its the same car as the Torrent but its Chevy) & it was around $18,500. It had all the bells & whistles too for options. (leather, CD player, etc etc) So anyway as I said to get the financing through though they had to knock the price down to around $14,100. So I think all things considered & assuming I am able to re-finance I may have come out better in the end.

21%!? Eeeeee-YIKES! I hope you're in love with the car... because my friend didn't even have to pay that rate on his wedding rings, and he is in love with his wife, lol. I've seen this happen before, when the dealer knows you're fatigued, they will REALLY get you, and then joke about it afterward. My friend "had" to have the GTO back when Pontiac started making them again, and he got taken to the BANK by the dealership, and to this day he is still paying that car off, is upside down, and has wrecked it once and doesn't even wash it anymore. The novelty wore off... and he's being killed in his wallet month after month!

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