How EXACTLY do auto loans work?

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13 posts
Dylan1982
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Location: Chicago

Postby Dylan1982 » Thu Feb 14, 2013 2:48 am

paparoach429 wrote:Wow! I never thought of it like that! It doesnt matter to me one way or the other, I just figured I would get approved easier if I asked for a lesser amount or told them I had a 2k down payment.. If I could get the higher loan then im all for it. As far as credit unions go, dont you have to live in very close proximity of the credit union? I live on the southwest side near Archer and California. (I can see your face already. "Yikes"!) lol Anyways, like I said I thought I had a decent shot at a car loan. My oldest accounts are going on 2 years next month, only 1 30 day late ever, under %5 utilization as of right now on my cards.. Am I really that big of a risk!? lol

Its always good to do your homework first with loans before you pull the trigger. I really don't think, and don't quote me on this, that $2k will make a lot of a difference.

As for CUs, I'm not sure what the distance is that you have to live. Again, if you want the information to my CU which I use let me know. I will tell you who to talk to. The CU that I use pull credit reports for Trans Union.

LOL when I read Archer and Cali I really did say YIKES!!! :ppp

I take it that you're young, being that you're oldest acct will be 2 yrs? You might not get approved because "lack of credit history"
Chase Freedom - $12,500 (2/2013)
GM Card - $7,700 (7/2002)
CitiBank (Thank You Preferred) - $6,400 (6/2012)
CitiBank (Diamond Preferred) - $4,600 (6/2012)
Rogers & Hollands - $3,300 (3/2006)
Target REDcard - $3,000 (11/2014)
BestBuy - $1,600 (9/2003)
Discount Tires - $1,000 (2/2004)
Kohl's - $300 (4/2012)


paparoach429
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Postby paparoach429 » Fri Feb 15, 2013 1:08 am

Yes my oldest accounts will be 2yrs next month. Today I got denied for USbank auto loan because like you said, lack of history. They said my credit looked good but being I havent had any installment loans that was the no go. Yea il check out the CU your talking about. I appreciate it.

Daniel
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Location: US

Postby Daniel » Fri Feb 15, 2013 12:38 pm

paparoach429 wrote:Yes my oldest accounts will be 2yrs next month. Today I got denied for USbank auto loan because like you said, lack of history. They said my credit looked good but being I havent had any installment loans that was the no go. Yea il check out the CU your talking about. I appreciate it.


I would like to agree that CU's tend to be good options for auto loans. As an additional thought, there are some online rate comparison places that will send your application to multiple lenders. If I am not mistaken, CapOne Auto Finance and others will target people with little to no installment history and good credit performance otherwise. From the documentation I have seen, the comparison sites use 1 hard pull and submit multiple applications.



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