Online auto loan scores?

Well, KCPaul, I didn't plan on taking the 18% car, I was just saying what they approved me for. And yes, I eventually want a Mercedes. Not to sound funny or anything but, I work everyday and see nothing wrong with getting what I truly want, right? And I work for a major insurance company and am quite aware of the insurance costs. With me, its not that I'm caught up in a game, its what I've always wanted. But I am smart enough to use common sense and not just get it no matter what. I will plan and shop and compare prices and continue to look for the best deal. But thanks for your concern. (Hope that doesn't sound bad. Not meant to sound that way.)

 

Do you have to produce a paycheck stub or verify income when you use eloan or peoplefirst?

I can't imagine that the car dealer would demand any income verification if you have your preapproved loan.

 

I have capital one now and I had to take in proof to the car dealer even with the preapproved letter.

 

If you are paying with a CHECK from a loan company in full, or your own money, or both...IT IS NONE OF THE DEALER'S BUSINESS HOW MUCH YOU MAKE OR WHAT YOUR CREDIT REPORT LOOKS LIKE...NO "PERMISSABLE PURPOSE" FOR ANY INQUIRY FROM THE DEALER!!!

 

When I bought mine with Capital One, they had Nissan's finance guy confirm my income for their records. It was an agreement between Nissan and Cap one. I suppose I could have sent it direct to Cap One but I bought my car too quickly after approval.

Also, I just remembered..the Nissan finance guy kept insisting that I fill out an information packet with my SS# and sign that it was o.k. to pull my credit. He insisted he wouldn't pull it as I had preapproval elsewhere but I refused! I got the car and gave them my info for the transfer, etc. but never signed that paper.

 

I agree George but I could just see a car dealer doing that to Nana.

What is ironic is that when we bought a car after our BK, I told the fleet manager that I was a student and my husband had been on disability for 3 months. He was supposed to go back to work the following week. All the fleet guy wanted was a telephone number at my husbands work. We put a down on the car and got financing on the spot. The credit manager never said a word. They wanted the deal to go through.

What I am curious about is that it looks like eloan, cap 1 etc. don't verify income.

 

I think everyone is misunderstanding me...they verified...because Capital One did verify my income. They were forwarded the verification from the Nissan finance guy!

When I got approved, I had to go to one of the dealerships on the list (couldn't just go anywhere) because they had a working relationship with the Nissan dealership. Nissan's part was to accept my paperwork and verify income and anything else Cap 1 needed to complete the deal. They did it on behalf of Cap 1.

In fact, my approval letter from Cap 1 had instructions for completing the purchase which included that I needed to take verification to the dealership with me of my income.

 

Well put drmgrl6. Just wanted to make sure you saw the whole picture, and it looks like you do!
In America I believe we should be able to go for what we want. But, we have all seen too many people make bad choices that cost them much more in the long run. Glad you are thinking things through. Five years ago, I would have paid 21% for a nice car. Today, no.
Certainly hope I didn't seem too negative towards you. I learn a bit each day.
Best of luck.

 

UPDATE: Denied. Not feeling bad about it though since I found out they are a division of Cap 1. I'm pretty sure they wouldn't give me a brown paper bag right about now since I won a settlement from them. Oh well......

 

Thanks Nana for the clarification. I will assume all these online loans require income verification due to the responses like yours.

 

You are totally welcome, Kerry!

 

Well, we didn't go for a Mercedes, ourselves -- rather, we purchased a Hyundai Santa Fe LX 4WD. Beautiful SUV, excellent warranty, and surprisingly good track record (for Hyundai) in recent years. We're happy, but only time will tell whether this purchase was wise or ill-advised.

In any event, between our trade-in and our haggling, we reduced the LTV (loan-to-value) ratio to the point where we're starting with a *little* equity which will evaporate completely during the first year, and won't reappear until the third, maybe fourth.

Therefore, I called my Allstate agent and asked about gap insurance. Allstate does indeed provide it, and it costs $38 a year on this vehicle, and is only available for the first four years of ownership. Note that independent "GAP insurers" like GapAssure charge $249 to $349 for the same coverage, only with the inconvenience of having to deal with another insurance company -- and one that may not be there for you in two or three years -- and you see the wisdom in getting GAP insurance from your primary auto insurer. ($156 over four years through Allstate vs. $300 or so through Fly-By-Night-GAPAssure? No contest here...)

Note that Allstate and GEICO and Progressive, etc. also provide lease GAP insurance, which is rather more expensive than purchase GAP insurance, for obvious reasons.

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PWB

 

Ok, Eloan cannot beat my current rate. So, like I said, at least I know I'm in the right spot with Cap1.

 

Is your FICO score used in determining auto loans or is there another model that may be used?

Also, is the scoring consistent w/ mortgages in determing your rate (i.e., 680=A+)...

 

I do not think just a mere 680=A+
I have over 680 and have hard time finding prime rate for a car I have tried only one ( 14% yuuuuuk! I did this when my credit was wacked) so far and have been told to wait on two others. I think the one that came back at 14% was basing thier rate on two credit cards that are at 80% that seems stupid but I have a clean credit report other wise. I think people first loan site suuuukcs!!!!!!!!!!!!!!!!!!! that who gave me the 14% rate based by the way the cc have a limit of 2500 and 2000 both are with in 100 dollars of thier limit. I will see what the other two give as a rate e-loan and saturn

 

Currently my FICO score is 698 (eq) and my revolving debt utiliztion is 1% (I owe only $70 total on my cc's)...Should this be a good enough score to land a low interest car loan?

 

Well, I can start by telling you that PeopleFirst pulled from TU and EXP that I can tell so far and my TU was the better report at 718. Don't have access to EQ at this time.

 

Baday, a 698 "should" be golden. Most places like to see 680 for most finance programs (Lexus is 720 or greater for their best deals). The only down fall could be no recent history of car payments or house payments. Most lenders like the good score and some history with a secured loan (car or house).
Please let us know what you find out.