In the midst of my journey in credit repair, I have had many set-backs and a couple of victories thanks to Credit Net. I applied for a auto loan with my credit union and was approved for a $30k loan for 6 years at 6.15. I know this is not the best rate around but my Eq fico sucks big time.. Thanks Credit Net for your help.
Congratulations! Btw, when my equifax was horrible I got 23.9% for 5 years. So, I think you did just fine...
Awesome! My EQ is also in the dumps and I just got a 54 month loan at 19%. I think your rate is great! I'm jealous! LOL
Go to the Credit Union first and foremost, that is one of the pieces of advice that I did soak up. So far I have a personal loan, a visa card and now this car loan. I have payroll deductions so I will not miss a payment and this should show as a positive tradeline boosting me up in the next year or two.
I also got the same advice, but I got scared at the last minute. I needed this car and didn't want a turn down. I fell in love with a Suburban and while I was at the dealer I went for it! Now I'm wishing I would have tried at the CU. (although he did tell me that CO's would have to be paid off and I didn't have the $$ at the time to pay off the 2 that I have)
For whatever reason, my cu loan officer advised me to not give my ssn info to any car dealership. She said to tell them that financing has already been taken care of and that all they need is the Purchase order. She said that as a loan officer, she has seen cu members who start out with 1 inq and then after going to the dealership end up with about 7 inq.
Hi Epitomee, how low was your EQ score? My CU is always sending me flyers advertising 5% auto financing, but I've assumed that's for high FICOs only, not for me.
Not only the inquiries, if they check your credit and it is good enough for a dealer loan, they will try their hardest to "stick you" with the dealer loan at a higher interest rate by withholding loan papers (not turning them over to the finance co. or bank). Its a scam, but somehow remains a legal loophole for car dealers to get you into one of their loans.
