I've been reading these boards for the last three months, and finally with the help of Apexcrsrv, I was able to remove the final problem from my credit report, and get a fico score of 741 from Experian. I would ask for advice from anyone with experience about the subject. Where would be a good place to shop for used auto loan with this score that can give fast results for a first time buyer ? Had anyone had any experience with E-loan car financing, or would anyone suggest an alternative? My roommate had a similar score last year and they gave him ~11% just because he never had car loans in his credit report before. Since I'm in the same situation, I'll try to avoid getting financing at the dealer. Thanks for any advice you can provide.
I would try a credit union. They are usually able to work with you and often give you a letter stating what amount you are approved for. Going to a place like E-loan will result in multiple inquiries. At the credit union, you can go in and sit down and talk to them. I had my loan in a few days.
With a 741 FICO Score, you can go anywhere and get Tier One financing. That is a golden score. Incidentely, thanks for the testimonal!
I second, third, or whatever the Credit Union. Find a local one in your area that you meet the membership qualifications. Establish a relationship, sit down with them and express your desire. I suspect you will be able to do much better than 11%, despite being a first time buyer. My CU is offering 4.25% on used cars right now. The extra few days it may take will be worthwhile Best of luck.
Why a credit union? He can get financing through Honda, Ford, BMW, Mercedes, whatever at zero percent on a new car or 3.99 or 4.99 on a used one. Seems like a waste of time to me.
His score may not be as high on an auto-enhanced score model if he has no positive installment history. But hey, call around and see if they offer first time buyer deals. Explore all options.
Is the financing through the dealer simple interest on unpaid balance or a front-loaded interest computation such as the Rule of 78? Although some things have changed, that used to be one of the big differences. At the CU, if you pay a few days early, your interest will be less. But most finance companies have an amortized rate like your mortgage. As long as the payment is made by the due date, the total of payments at the end isn't going to change. Conversly, at the CU, paying a day or two early each month will significantly reduce the total paid because the interest is computed based on the date the payment was made.
I have to agree credit unions have nice interest rates and don't nickel and dime you on the fees and surcharges. My credit union has done me well over the years and I can't complain. I know lending tree also has auto loan help, I never used them for auto loans but over all lending tree works well for me as well for loan products. The thing with the car loan is you have two weeks to have as many inquires with it counting as one hit so you might as well take advantage of it and get the banks to compete, to steal from the lending tree commercial or slogan.
Thanks for all the advice, I'll check my options while I can in a two week period, if I can afford the time due to work commitments. You're welcome for the testimonial Apexcrsrv, if anyone reading has any doubts about Apex Credit, do not, he's been extremely helpful in the last 3 months from me starting to read these boards with 2 derogatory accounts on my cr with no score whatsoever to this score
