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Old 05-15-2009, 11:11 PM   #1
UltimateAdam
 
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Worried.... auto financing help

Hello, so I signed up for PenFed, and after going through the motions, they denied me an auto loan. Where should I best go to get a loan?
I bought a house a year ago, have like 5 credit cards, make about $4400.00 after taxes, and my credit score is like 630... any help would really make a difference, I am like worried sick now!
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Old 05-15-2009, 11:54 PM   #2
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Quote:
Originally Posted by UltimateAdam View Post
Hello, so I signed up for PenFed, and after going through the motions, they denied me an auto loan. Where should I best go to get a loan?
I bought a house a year ago, have like 5 credit cards, make about $4400.00 after taxes, and my credit score is like 630... any help would really make a difference, I am like worried sick now!
You might need a large down payment since your credit score is sub 720. A year or two ago, that would have been a good enough score to get financing no problem. You might want to see what the dealership can do, they have many banks as options. Who knows, maybe they'll have 0% since they got it on the vette right now.
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Old 05-15-2009, 11:56 PM   #3
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Your debt to income ratio may be to high.
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Old 05-16-2009, 12:09 AM   #4
Mrbobcat
 
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Dang you make some pretty good money, I don't see why they wouldn't approve you! That's like double what I was making when I had my main job, but then again my credit score is in the mid-700's and my house payment is likely a lot less than yours might be. You may have to save some money for a bigger down payment or even put it on a credit card if you have one with low interest and your balance limit is high enough...
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Old 05-16-2009, 12:18 AM   #5
my2010camaross
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does any body know if 0 percent has been offered anywhere?
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Old 05-16-2009, 01:31 AM   #6
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Don't think so.
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