Question about financing

i'll have to try another CU. is it true that being employed appears better than being self-employed? my dad has been self employed for 17 years and counting, has a good and steady income.

 

It some ways yes, whenever someone that I am helping is self-employed I have to have the past 2 years of tax returns. I have a form that will calculate the average monthly income and use that. The reason that being employed is better is that it is a lot more stable compared to someone that owns their own business.
Some CUs do not like doing auto loans so they make it hard to qualify. My CU is the opposite, we are one of the largest lenders in the area beating out the major dealer financing. Need to do some research about finding a CU that does a lot of auto loans. IMO

 

Loans inquiries don't hurt credit scores. As it is customary for people to get competing loans. My Score was 814 and I had insurance conpanies and four credit companies looking at my credit, Did not budge except I pay for Equifax service and they let me know when a credit inquiry is made and by whom.

I then have them lock all three credit bureaus after I get the loan or insurance rating. Credit is affected most by outstanding debt to available credit.

So if you already have an 800+ score, and have $50,000 in unused available revolving credit and another $200K on an unused equity line, no other debt and a home (apartments are an indication people move more often and present a higher risk.) you are golden

All they are looking at is a $30K car loan, The ratio of available credit and used credit is still well above anything that would affect the score. At that point they do not ask for proof of Income or a listing of liquid assets. At least PenFed did not ask for that information from me.

I would rather pay cash then let a dealer run my credit.......I don't want everyone knowing my business. I have never filled out a dealer credit report. Too many fly by night sales people.

The check scheme works. I have gome into a dealer twice with only ONE check made out for my offer. In both cases they accepted rather then let me go home and get another. BUT the deal Has to be fair. Can't go after holdbacks and buy below auction prices. My rule of thumb for used cars is 10- 15% above auction pricing. The bank gives me the auction prices.

 

thank you for explaining that!

i had to read your post several times to get a grasp of it. but thank you, you explained it well.

 

This is probably the best thread I've seen on this forum. Someone asked for advice, and a lot of good information was rendered.

 

^^^how it should be but instead we get a lot of trolls that try their best to ruin a thread instead of giving good advice

 

Any you guys from nj ny area? I can't find any finance deals. My dealer wants 3.99%. I was hoping to find something around 2.5. I have over an 800 credit score so that's not an issue. Just can't find any great deals.

 

i legitimately expected to run into trolls but so far everyone has been beyond helpful!

 

PenFed is offering 1.5% 36 1.99% 60 months Mine is at 1.5% for 30 months. That is too cheap not to finance.

 

Thanks. I will call them in the morning.

 

the salesman gave me a pricing sheet with the full breakdown of the cost and monthly payment. however, this document is from the dealer, not the financial institution. @Letsgoplaces what specific document should i ask for so i know for sure our financing is set in stone?

 

The only way to know that is to get a actual bank approval sheet. Its very rare they show those.

 

i'm assuming they wont show it because they want to hide the loan origination fee they add on top?

 

We arent allowed to charge loan origination fees. Its against the law. If there is a bank fee the dealer is responsible for paying that.

 

got it. so is my only option to sit tight and wait? thanks.

 

If they arent willing to show you that then yeah I guess that would be the only option. That the thing with these large dealers that are able to get these rare trucks, the hold your feet to the fire just because they know they have you by the balls. Its ridiculous to treat customers like that.

 

thats exactly how i feel lol. they got me by the balls. thanks Chris.

 

no problem man, if there is anything I can lend a hand with let me know and Ill try.

 

Do they provide a copy of the note itself? In the note it should breakdown the terms. It would be one of the papers you sign for the loan?

 

Just know that you can always change the financing at a later date. I bought a car once using dealer financing and then found a better deal at a Credit Union. They, the Credit Union, took care of the whole thing after the paperwork with them was signed. Like everyone else has said, no "loan origination fees", no prepayment fees, etc.