APR question? Might be dumb.

[trudawg660]

the company am getting my loan from has the blank check program also.

[LT1Jeep]

Originally Posted by ChevyBoiSS

... taxes is what hurts most.

the new stimulus package should help that:

"As part of the stimulus package, taxpayers will be able to deduct the both local and state sales tax paid on new car purchases up to $49,500. The tax break will cover the purchase of any new car, domestic or foreign, through the end of 2009. Additionally, the deduction is "above the line," which means that it reduces the amount of a filer's taxable income. Eligible taxpayers must have an annual income below $125,000 for individuals or below $250,000 for families"

[NightmareSS]

Question...If I put my mother or grandfather down as buyer versus co-signer would that have an effect on me establishing credit? I dont have bad credit but I dont have any history and I will need a co-signer...thats what the dealer told me when he ran my credit. My grandfather too was in the Navy. I hope this means i can get a loan with that PenFed place you guys are talking about...i dont want a 6+ APR...

[Mr_Draco]

Originally Posted by NightmareSS

Question...If I put my mother or grandfather down as buyer versus co-signer would that have an effect on me establishing credit?

If you put them down as the buyer then it will not help your credit score or history.

[Mr_Draco]

Originally Posted by LT1Jeep

the new stimulus package should help that:

"As part of the stimulus package, taxpayers will be able to deduct the both local and state sales tax paid on new car purchases up to $49,500. The tax break will cover the purchase of any new car, domestic or foreign, through the end of 2009. Additionally, the deduction is "above the line," which means that it reduces the amount of a filer's taxable income. Eligible taxpayers must have an annual income below $125,000 for individuals or below $250,000 for families"

It's not really enough to make a difference. The way deductibles work, most of the people here will only get back $200-$300 back after paying $2,000 in taxes. Depending on what state you live in it's even less. North Carolina's taxes is 3% on cars so for me I'll only be getting $100 back. I would much rather the fed's offer to pay for tag and title.

[diddiyo]

Originally Posted by trudawg660

When you apply for a loan they use your FICO score to determine your credit score. And you can only get this score through MyFico.com. it sucks but that is how it is. if you get a score from any other website etc: myfreecreditreport.com, experian.com its called a Fakko score and it is not what the companies use, and the differences between these numbers can be dramatic. so a 719 Fako score can be a 670 Fico score. Go to MyFico and read about it in the Forums there.

so who's speaking the truth here?

Originally Posted by THE EVIL TW1N

what bureau did you run your credit through? experian, transunion, or equifax? TransUnion and Equifax both will generally show a much higher score, but Experian is the one usually used for automobile purchases.

[trudawg660]

you have it mixed around, equifax has the lower score and its the one that is pulled the most. And if you dont believe me go to the fico boards. www.myfico.com

[Embalmer]

Got approved from PenFed but, I didn't see where you put the type of car you were buying in?

All I saw was the collateral section - which is for a vehicle you already own.. Even though mine is a lease I think I put the information in correctly. Dunno, prolly gonna call to make sure it's all good.

Anyway... pre-approved at 3.99%. Thanks guys....great find.

[trudawg660]

Originally Posted by Embalmer

Got approved from PenFed but, I didn't see where you put the type of car you were buying in?

All I saw was the collateral section - which is for a vehicle you already own.. Even though mine is a lease I think I put the information in correctly. Dunno, prolly gonna call to make sure it's all good.

Anyway... pre-approved at 3.99%. Thanks guys....great find.

do you know how long they will keep your loan active before they make you re-do it.

[diddiyo]

Originally Posted by trudawg660

you have it mixed around, equifax has the lower score and its the one that is pulled the most. And if you dont believe me go to the fico boards. www.myfico.com

that would actually make sense, since my equifax score is 40pts lower than my transunion score. for some reason experian is always giving me an error message, but after reading on those forums that they're not offering the scores anymore it kinda makes sense i guess.

[Embalmer]

Originally Posted by trudawg660

do you know how long they will keep your loan active before they make you re-do it.

I didn't call yet, but I think someone said you have 60 days to accept it and then another 90 days after that to actually use the "blank check" they send you.

[trudawg660]

with all the credit talk i decided to call my bank and ask for a credit limit increase. they increased my american express 4000 dollars, and the increased my mastercard 3000 dollars. lucky day i guess, other than am sick.

[gtjacket]

Originally Posted by Embalmer

I didn't call yet, but I think someone said you have 60 days to accept it and then another 90 days after that to actually use the "blank check" they send you.

BINGO! Pre-approval is good for 60 days, and once check is issiued you hae 90 days to redeem

[gtjacket]

Originally Posted by trudawg660

with all the credit talk i decided to call my bank and ask for a credit limit increase. they increased my american express 4000 dollars, and the increased my mastercard 3000 dollars. lucky day i guess, other than am sick.

Be careful about messing with your credit cards (whether it is canceling or increasing limits) because these things could effect your FICO in a negative way.

[GothamCamaro]

Originally Posted by SSOOCH

http://www.cars.com/go/advice/financ....jsp?mode=full

that way you can dick around with interest rates and your total down. Know before you go to the dealer.

"Now you know and knowing is half the battle!!"

Thanks Duke!

[sac-au-lait]

Originally Posted by Mr_Draco

If you put them down as the buyer then it will not help your credit score or history.

In my case ,I added my 18 yr old son to a car loan and his score shot to 700 quickly by his next birthday.And on the question of pulling scores,most dealers don't approve or deny credit,they submit it to the banks.The banks use all of the bureaus ,you don't usually know which one because the dealer just gets the approval and the buy rate from the banks.They also have posted rates for particular scores,they put it in tiers and this rate is marked up as profit for the dealership.Most times they can spot a deal on a score. Dealerships use any of the 3,it costs them each time a bureau is pulled.Most in our area use equifax.

[LT1Jeep]

Originally Posted by Mr_Draco

It's not really enough to make a difference. The way deductibles work, most of the people here will only get back $200-$300 back after paying $2,000 in taxes. Depending on what state you live in it's even less. North Carolina's taxes is 3% on cars so for me I'll only be getting $100 back. I would much rather the fed's offer to pay for tag and title.

yeah i know, but this is an ABOVE THE LINE deduction so its better than the usual ones.

[Tim Adams]

Ok, I may be ordering a Camaro. Now if I get a check from say Capital One, and it has a 45 day window for the rate lock, how accurate are the delivery dates once you see your car is going to be built?

I do plan on waiting until June 1 to see how things are going to go with the government deadline.

[GothamCamaro]

Originally Posted by Tim Adams

Ok, I may be ordering a Camaro. Now if I get a check from say Capital One, and it has a 45 day window for the rate lock, how accurate are the delivery dates once you see your car is going to be built?

I do plan on waiting until June 1 to see how things are going to go with the government deadline.

Dude, there are tons of threads on that, some have been built and over 40 days without delivery. I suggest you wait before pulling the trigger on a rate lock. That's what I'm doing.

[camarossrs2150]

better off with a loan shark then gmac