financing--again! - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

kdoske · 05-27-2009, 09:05 PM

Ok, so I ordered my car on 14 April. In order for me to place my order I had to get the financing to prove that I could actually pay for the vehicle even though I was told it wouldn't be here until December or January. Unfortunately, the loan is only good for 90 days after that time I will have to apply for the $34.000 loan again to purchase my vehicle when it gets here in December/January.

So here's my question, am I at risk for not being approved for my loan again when my vehicle becomes available? The only reason I ask is because I check my credit scores again today and I have the following.

Trans Union
771
Experian
770
Equifax
716

12% Debt to income ratio
No Late payments or unpaid accounts ever!
Income $46,941.24
27
First credit established in 2001

My loan is through Pentagon federal credit union(PFCU) and they use Equifax for their credit checks. The reason why Equifax is so low is because I moved this year and coincidentally all the utility companies, my new cell company, apartment, etc.. ALL used Equifax for their inquiries!!! To top it off I just applied for yet another loan through PFCU for this 34,000 loan for a vehicle I can't even buy yet! Which, all together gave me 6 hard inquires on Equifax in one year and is why I am down to the lonesome 716 it is today.

So, having said all that, when my car gets here in Decemeber/January do you think I am at risk for a denial of another loan from PFCU since they will base on the 716 score?

P.S. its BS that utilities count as a hard inquiry, just saying.
P.S.S. Why couldn't I just pay for it now, it would be so much more easier... *sigh*

michelle ann · 05-27-2009, 09:08 PM

Quote:

Originally Posted by kdoske

Ok, so I ordered my car on 14 April. In order for me to place my order I had to get the financing to prove that I could actually pay for the vehicle even though I was told it wouldn't be here until December or January. Unfortunately, the loan is only good for 90 days after that time I will have to apply for the $34.000 loan again to purchase my vehicle when it gets here in December/January.

So here's my question, am I at risk for not being approved for my loan again when my vehicle becomes available? The only reason I ask is because I check my credit scores again today and I have the following.

Trans Union
771
Experian
770
Equifax
716

15% Debt to income ratio
No Late payments or unpaid accounts ever!

My loan is through Pentagon federal credit union(PFCU) and they use Equifax for their credit checks. The reason why Equifax is so low is because I moved this year and coincidentally all the utility companies, my new cell company, apartment, etc.. ALL used Equifax for their inquiries!!! To top it off I just applied for yet another loan through PFCU for this 34,000 loan for a vehicle I can't even buy yet! Which, all together gave me 6 hard inquires on Equifax in one year and is why I am down to the lonesome 716 it is today.

So, having said all that, when my car gets here in Decemeber/January do you think I am at risk for a denial of another loan from PFCU since they will base on the 716 score?

AH, I hope you can stil get it I got approved for my loan a couple weeks ago , wanted to make sure b4 I sold my 98. I will have to get approved again by the time mine comes in even though the dealer tells me i will have mine in a month- my approval was only good 4 30 days.

michelle ann · 05-27-2009, 09:11 PM

Quote:

Originally Posted by michelle ann

AH, I hope you can stil get it I got approved for my loan a couple weeks ago , wanted to make sure b4 I sold my 98. I will have to get approved again by the time mine comes in even though the dealer tells me i will have mine in a month- my approval was only good 4 30 days.

Maybe you could save up some cash to put down just in case!

MyNewSolstice · 05-27-2009, 09:14 PM

actually bring your hard inquirys to financing they will take them in to account they actually like people who car about being good bill payers it should be good for 30-50 Equ-points...give or take..You'll be fine!

buddy4 · 05-27-2009, 09:41 PM

U make 43k per year and your asking for a 34k loan??!! Isnt that pushing it just a LITTLE??

2010SLVRBULIT · 05-27-2009, 09:52 PM

I admire your desire for the Camaro, considering all the sacrifices you will have to make..insurance, other monthly bills, etc..

Money magazine stated that a new car purchase should not exceed half of your yearly income(after taxes)..

A longer term loan most likely lower your monthly payments, but @ a higher percentage rate. Weigh your options carefully.

kdoske · 05-27-2009, 09:53 PM

Quote:

Originally Posted by buddy4

U make 43k per year and your asking for a 34k loan??!! Isnt that pushing it just a LITTLE??

really? my payments are like 530.00 a month. I don't really see how that is pushing it. Then again i'm military so I don't pay health care and am not taxed normally so I guess my yearly dollar goes more....

Maybe your right, am I pushing? It didn't seem like a problem on my end but maybe im wrong...

Its only a 100 extra a month then I paid on my last car and my insurance is only gonna go up 16 bucks a month. Now you guys are making me second guess myself....

Correction my gross is $46,941.24, but by the Money magazine estimates that really doesn't matter, lol.

WySilverado · 05-27-2009, 09:59 PM

Quote:

Originally Posted by kdoske

really? my payments are like 530.00 a month. I don't really see how that is pushing it. Then again i'm military so I don't pay health care and am not taxed normally so I guess my yearly dollar goes more....

Maybe your right, am I pushing? It didn't seem like a problem on my end but maybe im wrong...

Its only a 100 extra a month then I paid on my last car and my insurance is only gonna go up 16 bucks a month. Now you guys are making me second guess myself....

You have great credit and debt ratios,only you know what you can afford.......I'd say go for it and if they give you grief there are plenty of Banks that will loan to you based on that info!

Bewenched · 05-27-2009, 10:02 PM

When I checked my credit I was shocked to find my scores had gone down.... not because I'd done anything, but because Sears decided to close my account! They just sent me a new card a few months ago and it's rarely if ever used... basic emergencies while on the road or a new appliance. However having one be closed at their request and not mine reflects negatively.

Thankfully I called the credit union I'd used for my Nissan and with my perfect payment history and early payoff they were willing to overlook it. That and I'm putting down over 10k on the car.

trudawg660 · 05-27-2009, 10:03 PM

Quote:

Originally Posted by kdoske

really? my payments are like 530.00 a month. I don't really see how that is pushing it. Then again i'm military so I don't pay health care and am not taxed normally so I guess my yearly dollar goes more....

Maybe your right, am I pushing? It didn't seem like a problem on my end but maybe im wrong...

Its only a 100 extra a month then I paid on my last car and my insurance is only gonna go up 16 bucks a month. Now you guys are making me second guess myself....

Correction my gross is $46,941.24, but by the Money magazine estimates that really doesn't matter, lol.

one of the good things about being in the military is you will be getting a raise every year, and get a raise every two years. and with the possibility of making a new rank. 2 years ago i was making 700 dollars a check now i make 1400 a check.

AND DEPLOYMENTS i will make over 20,000 dollars in deployment money for a six month deployment.

rush2112 · 05-27-2009, 10:15 PM

The money I made on Deployments was great. As far as buyin now its all about the down payment.

trudawg660 · 05-27-2009, 10:17 PM

i deploy again soon i plan on paying double payments the whole time, more if possible. (already received my car). deployments are shitty you have to make a bright side somewhere.

kdoske · 05-27-2009, 10:50 PM

Ok, I just used 3 different debt to income ratio calculators and they all say that after my camaro payment of $550 a month gets here I will be at a debt to income ratio of 26%. Everywhere I read says under 35% is good. So i don't think I am putting myself in harms way...

Anyway, what about that approval with only a credit score of 716--seems low no?

Vash · 05-27-2009, 11:17 PM

No they will not deny you as long as nothing bad shows up.

You probably won't get there best rate. But you'll get a fair rate and will build up.

Should be no problemo. Worst thing that can happen is they might want more $$$ down to lower there repo risk.

I noticed my CU, RBFCU, has had a lot of repo's recently like 10-20 vs normally 2-3 a month.

05-27-2009, 09:05 PM	#1
kdoske Waiting For My 1SS/RS SIM Drives: Sold My Lancer, now carless :/ Join Date: Apr 2009 Location: louisiana Posts: 950	financing--again! Ok, so I ordered my car on 14 April. In order for me to place my order I had to get the financing to prove that I could actually pay for the vehicle even though I was told it wouldn't be here until December or January. Unfortunately, the loan is only good for 90 days after that time I will have to apply for the $34.000 loan again to purchase my vehicle when it gets here in December/January. So here's my question, am I at risk for not being approved for my loan again when my vehicle becomes available? The only reason I ask is because I check my credit scores again today and I have the following. Trans Union 771 Experian 770 Equifax 716 12% Debt to income ratio No Late payments or unpaid accounts ever! Income $46,941.24 27 First credit established in 2001 My loan is through Pentagon federal credit union(PFCU) and they use Equifax for their credit checks. The reason why Equifax is so low is because I moved this year and coincidentally all the utility companies, my new cell company, apartment, etc.. ALL used Equifax for their inquiries!!! To top it off I just applied for yet another loan through PFCU for this 34,000 loan for a vehicle I can't even buy yet! Which, all together gave me 6 hard inquires on Equifax in one year and is why I am down to the lonesome 716 it is today. So, having said all that, when my car gets here in Decemeber/January do you think I am at risk for a denial of another loan from PFCU since they will base on the 716 score? P.S. its BS that utilities count as a hard inquiry, just saying. P.S.S. Why couldn't I just pay for it now, it would be so much more easier... sigh Last edited by kdoske; 05-27-2009 at 11:00 PM.

05-27-2009, 09:41 PM	#5
buddy4 Drives: 04 Acura TSX Join Date: May 2009 Location: Queens NY Posts: 19	U make 43k per year and your asking for a 34k loan??!! Isnt that pushing it just a LITTLE?? __________________ Black-2SS-RS-Auto-Sunroof-Pol Alum Wheels

05-27-2009, 10:50 PM	#13
kdoske Waiting For My 1SS/RS SIM Drives: Sold My Lancer, now carless :/ Join Date: Apr 2009 Location: louisiana Posts: 950	Ok, I just used 3 different debt to income ratio calculators and they all say that after my camaro payment of $550 a month gets here I will be at a debt to income ratio of 26%. Everywhere I read says under 35% is good. So i don't think I am putting myself in harms way... Anyway, what about that approval with only a credit score of 716--seems low no? Last edited by kdoske; 05-28-2009 at 01:00 PM.

05-27-2009, 09:14 PM	#4
MyNewSolstice Drives: 06 Solstice Join Date: Apr 2009 Location: Pittsburgh Posts: 349 View My Garage	actually bring your hard inquirys to financing they will take them in to account they actually like people who car about being good bill payers it should be good for 30-50 Equ-points...give or take..You'll be fine!

05-27-2009, 09:52 PM	#6
2010SLVRBULIT Drives: G5(LLT) & C6(LS3) Join Date: Apr 2009 Location: MARS Posts: 7,524 View My Garage	I admire your desire for the Camaro, considering all the sacrifices you will have to make..insurance, other monthly bills, etc.. Money magazine stated that a new car purchase should not exceed half of your yearly income(after taxes).. A longer term loan most likely lower your monthly payments, but @ a higher percentage rate. Weigh your options carefully.

05-27-2009, 10:02 PM	#9
Bewenched Drives: 2010 Camaro Join Date: Mar 2009 Location: DFW Posts: 343 View My Garage	When I checked my credit I was shocked to find my scores had gone down.... not because I'd done anything, but because Sears decided to close my account! They just sent me a new card a few months ago and it's rarely if ever used... basic emergencies while on the road or a new appliance. However having one be closed at their request and not mine reflects negatively. Thankfully I called the credit union I'd used for my Nissan and with my perfect payment history and early payoff they were willing to overlook it. That and I'm putting down over 10k on the car.

05-27-2009, 10:15 PM	#11
rush2112 Drives: 2013 2LT Auto CRM. 2009 night train Join Date: May 2009 Location: DE Posts: 240 View My Garage	The money I made on Deployments was great. As far as buyin now its all about the down payment.

05-27-2009, 10:17 PM	#12
trudawg660 Drives: 2006 Dodge Charger / 2SS IOM Join Date: Dec 2008 Location: United Kingdom Posts: 1,640	i deploy again soon i plan on paying double payments the whole time, more if possible. (already received my car). deployments are shitty you have to make a bright side somewhere.

05-27-2009, 11:17 PM	#14
Vash Drives: 00 Blazer Join Date: Aug 2008 Location: Texas Posts: 5,100	No they will not deny you as long as nothing bad shows up. You probably won't get there best rate. But you'll get a fair rate and will build up. Should be no problemo. Worst thing that can happen is they might want more $$$ down to lower there repo risk. I noticed my CU, RBFCU, has had a lot of repo's recently like 10-20 vs normally 2-3 a month.