Is this normal?

[Master1545]

Hey guys. I ordered my camaro about a month ago and my dealer gave me a price quote which is at MSRP and told me what the ballpark figure for what my final price would be. When I asked about how much my interest rate would be and what my monthly payments would be, he said he couldn't tell me because he said that the interest rates changes and he could give me all that info once the car comes in and I go through the finance department. I can't go with other credit unions or my bank because even though my credit rating is very good, I just started my job about a few weeks after I placed my order. My dealer used a couple of recent jobs that I had to check my credit and was shocked that I couldn't get a loan elsewhere. My worry is that once the car comes in, they get me on the interest rate because every time I ask for the interest rate, he doesn't tell me. Now this may be normal or this just may be something they normally do. I just don't want to get caught up with a high interest rate. I was also told by a couple of credit unions that my interest rate is based off of my credit rating. Thanks guys.

[Camaro509]

Yes and No. Yes, most lending institutions do somewhat base the interest rate on an individuals credit rating, but there is a window they usually stay within regardless. Yes, interest rates fluctuate daily, so if he told you what it is today, it more than likely would change by the time you sign on the dotted line a month or more from now.

Ask him what the interest rate for you would be 'today' and see what he says.

[67 Convertible]

Your interest rate is based on your FICO score. Loan interest rates don't vary that much over a month or two. Maybe you should ask "If we were to close the deal today, what would my interest rate be?" That estimate should be within a couple of tenths of the actual interest rate.

[Master1545]

Originally Posted by Camaro509

Yes and No. Yes, most lending institutions do somewhat base the interest rate on an individuals credit rating, but there is a window they usually stay within regardless. Yes, interest rates fluctuate daily, so if he told you what it is today, it more than likely would change by the time you sign on the dotted line a month or more from now.

Ask him what the interest rate for you would be 'today' and see what he says.

I tried to ask him that but he still wouldn't tell me. He said he didn't want to tell me one thing and it turn out to be another rate. I just want a ballpark figure so I can calculate how much I would be paying each month.

[PAUL SS]

They will probably never tell you the interest rate, just your monthly payment. You really need to get your own financing through a credit union rather than through the dealer. Your interest rate is based on your credit score and you will do much better at a credit union. Good luck.

[Master1545]

Originally Posted by Paul SS

They will probably never tell you the interest rate, just your monthly payment. You really need to get your own financing through a credit union rather than through the dealer. Your interest rate is based on your credit score and you will do much better at a credit union. Good luck.

I would if I could. I've tried 2 credit unions and my bank. Each said that they could not finance me because of how recently I started my job. I started my job July 16th, but I just went from one job to another. I haven't been out of work in years. I just go directly from one job to another. I never got fired from a job. I just really needed to get out of my last job I had because it was a really bad job and bad situation. This job is much much better.

[Augie1978]

Go talk to a local community bank.

[jrboyd_1980]

They would have to get the deal approved to get you the exact interest rate. With the new red flag policies, dealers can get fined $10k plus for violating policies, and the Finance manager is the one to review that with you.

What's your job history before? How long where you there. If you can show 3 years of solid employment, then you should be able to get approved.

[SlingShot]

Originally Posted by Master1545

I would if I could. I've tried 2 credit unions and my bank. Each said that they could not finance me because of how recently I started my job. I started my job July 16th, but I just went from one job to another. I haven't been out of work in years. I just go directly from one job to another. I never got fired from a job. I just really needed to get out of my last job I had because it was a really bad job and bad situation. This job is much much better.

Hate to say it but, you will be a high risk loan due to employment history. Don't be shocked if you end up around 8% .... Plan high and be happy if you get in a few points lower.... Most loan agencies like to see longevity in a job, rather than jumping all around....

[Master1545]

Originally Posted by jrboyd_1980

They would have to get the deal approved to get you the exact interest rate. With the new red flag policies, dealers can get fined $10k plus for violating policies, and the Finance manager is the one to review that with you.

What's your job history before? How long where you there. If you can show 3 years of solid employment, then you should be able to get approved.

I started my current job July 16th and my job before that was from January 15th to July 15th and the job before that ended October of last year, but I started that job in 05. If you count all three jobs, its way over 3 years. I think the last CU that I applied for, needed 6 months of job history. I spoke with my cousin who works at the CU and she said that she may need to put the two recent jobs together since they were the same position and count both as one, which will equal 9 months exactly.

[nova]

Originally Posted by Master1545

I started my current job July 16th and my job before that was from January 15th to July 15th and the job before that ended October of last year, but I started that job in 05. If you count all three jobs, its way over 3 years. I think the last CU that I applied for, needed 6 months of job history. I spoke with my cousin who works at the CU and she said that she may need to put the two recent jobs together since they were the same position and count both as one, which will equal 9 months exactly.

3 employers within 12 months may hurt you still though. Lenders like to see > 2 year employment with each job...

[jrboyd_1980]

Shouldn't be a problem, as long as you show that the job changes were lateral shifts, and not demotions, or the reasons for dismal being adverse.

[Master1545]

Originally Posted by jrboyd_1980

Shouldn't be a problem, as long as you show that the job changes were lateral shifts, and not demotions, or the reasons for dismal being adverse.

I'm actually making more here than I was at my last job

[CyberGray2SSRS]

Are you working as a contract employee? From my experience, in times like these, contract (temps) are the first to go. That could be scary for a lender.

Try Chase. I got a better rate with Chase then Navy Federal Credit Union. I was supprised.