This is not good! Knowing that my car will be here this month, I decided to check my credit score, and it's in the low 600's. Does this mean I'm in trouble? My debt to income ratio is very low ~10% and my monthly gross is about $7000. Although I haven't had a missed payment in over 8 months, I had some trouble prior to that.

Out of curiousity, I tried to apply at ELOAN and got a resounding "declined". Does this basically indicate that I won't get financing through the dealership? Any suggestions about what I should do?

'04 6MT, Laser Red/Graphite, Prem, Navi, 4-Piece Aero, BSM

 

Get a copy of your credit report...see whats still showing that is making you a "risk" you need 700 for A credit...this doesn't mean you can't or won't get a loan...but they probably will charge you a "penalty" for the score...translation: you will pay a higher interest rate!!!! But if you make what you say a month it shouldn't be no big deal...I paid for about 70% of my car and financed the rest...at alittle under 5%, so my payments are less than 230 a month.hope this helps..at any price the car is terrific...20ld4this

04 cpe ivory pearl/willow/5at/prem/sport wheel pkg

 

Your dealer probably works with dozens of banks vs eloan that may work with just a handful if that. The dealer has much more pull in terms of finding a bank that will accept almost anyone regardless of how bad or poor your credit rating is. The factor here will be the interest offered. The better your rating, the lower the interest, these days banks are between 1.5% to 4% for excellent rating and as high as 12% to upwards and over 20% for poor credit, which if you work out the math really sucks!

Also, since most dealerships get a kick-back from the loan, anywhere from .5% to upwards and over 1 to 2 points (1%-2%), they'll do everything in their power to make sure you get approved.

When I purchased my G the dealer wanted to finance me at 5.5% through Chase, and I have excellent credit, so I went straight to my bank (which was Chase) and being that I've had a personal account with them for over 10 years and business account going strong now for 5 years, I got the same financing for 3.25% which was not bad.



"See, the problem is that God gives men a brain and a *****, but only enough blood to run one at a time."

 

Thanks for the quick response guys! (Did I mention that I love this board?). Since I belong to a credit union, I was going to attempt to get financed there. Am I correct in assuming that it will be easier to get financed through my credit union than through the dealer? I realize that I may have to pay a slightly higher intersted rate than normal, but I've got one retort to that: REFINANCE!

'04 6MT, Laser Red/Graphite, Prem, Navi, 4-Piece Aero, BSM

 

Credit unions give the lowest interest rate of any lender. You should definitely get the loan through the credit union.

 

Infiniti Finance is a bit more lenient they maybe able to get you a better rate. Will you be purchasing or leasing? With that kind of income a month it shouldn't be a problem spot rolling the car for you.



<font color=blue>04 CB COUPE / WILLOW / PREM PACK</font color=blue>

 

I will be purchasing. I figured that if the Credit Union didn't work out, then I would using Infiniti as a last-ditch effort. I would rather walk into the dealer already having my financing in place so that I can concentrate on price, not payments.

'04 6MT, Laser Red/Graphite, Prem, Navi, 4-Piece Aero, BSM

 

StatikTLR,
My salesman at Harte (the same one that has been giving me questionable information on ordering and delivery dates) mentioned that one of the advantages of having the delivery delayed to January is that Infiniti was expected to be offering a new, agressive financing option ( I remember back in August they were offering 2.9% for non-coupe '03). You might want to inquire with your salesman.

...Of course my guy might still be FOScheisse.
I think I'm going over there today and sit in, and smell one of their showroom coupes for little fix.

keith

 

my coupe should be here in feb/mar and i'm also financing. i was wondering if there was any re-financing options that i can take after a while of paying my car off. like i put a certain downpayment now for a set number of years, and say if i want to change it, like 6 months perhaps, am i able to change it to another financing plan that consists of less years maybe? i plan on going into the dealership sometime this week or next week to ask about it, but if anyone already knows it would help a lot. thanks!

 

Cynical, I believe ELoan.com allows you to refinance. Regarding original financing, I had mine set up and received a check from Eloan. When I closed the deal on the G, I told the F&I guy the rate I had and asked him to beat it. He did by .25% through a local bank. Destroyed the Eloan check and notified them...no problem.

04 5AT Coupe, DG/G, premium
If we weren't all crazy, we'd all go insane!

 

StatikTLR! I feel your pain....nothing adds stress to the whole deal like a finanching wrench thrown into the deal! You've been stressing already...
Don't worry about e-loan...I get the feeling that e-loan and capital one (aka peoplefirst) only take people that meet specific criteria. Because of thier volume they don't want to properly evaluate candidates.
Try a credit union but go to the office instead of doing the webpage thing. I've had good luck with them...in the past I once went to a small one where the ladies running it said I didn't quite meet criteria but I had a nice face so they gave me the loan. Lol.
If you want to do the webpage thing you can also try e-trade bank...instead of flatly turning you down if you don't meet criteria they will simply re-adjust your rate.

Also be SURE to check your credit reports: transunion (it's only $3.50 if you do it right), equifax, experian...you can usually find false info from creditors to dispute....but that won't help you in the short term.

 

Justme97-

Thanks for the advice man! And your absolutely right...as if it hasn't been tought enough for the last 3 months! I'm going to definitely take your advice and visit my credit union this Saturday morning. It's actually funny that you mention the "ladies" because my credit union (Connex) in East Hartford is run by all women!

At this stage, I don't care if I have to pay 15%...I really want this car. If the banks hate me because of my FICO, then a year from now they should like me a bit more and then I'll refinance. Keep your fingers crossed for me!

On another note...when's your ETA?!? Harte's been keeping me fairly up-to-date at this point and have not swayed from the January 16th delivery date...that's always promising!

'04 6MT, Laser Red/Graphite, Prem, Navi, 4-Piece Aero, BSM

 

Try lendingtree.com. I did it on a whim, not thinking I would get any bite and I got several. Anywhere from 7.5 to 4.9. Capital one was the highest, so dont be fooled just because their banners pop up almost every where you turn.

I tried the traditional credit union too and to my surprise they were still higher then the one I got on line. It all depends on which credit report they pull. My score was between 640 and 720 so it was a wild card.

I finally went with E*Trade bank, they had the best rate, nicest customer support, and flexable. They even let me extend the deadline to buy the car without haveing to re-issue the loan. And the best part was they send you a real check you sign out to the dealer. Its like waiving money in thier face.

If you dont get what you want, dont feel too bad, turst me I was there. My last car dealer got me for 20%!!! for 5 years! I promiced that would never happen again so I cleaned up my credit, and took the ball away from the dealers hands. It worked like a dream.

Either way, you probably need "A" car of some kind so if your going to be stuck with it, you might as well get something you want.

As the saying goes "if your going to get F**ed, you want to be kissed too."

 

I'm not trying to sell anyone on Eloan...my point is if you can get financing ahead of time from anywhere, it can be another negotiating tool once you get to the dealer. The worst that can happen is they can't beat the rate you already have!

04 5AT Coupe, DG/G, premium
If we weren't all crazy, we'd all go insane!

 

Taxman-

Eloan sounds great and all...but I'm getting the feeling that unless you have perfect credit (which I don't), regardless of other factors (such as income, D2I ratio), you'll be declined. Unfortunately, I've hit a few bumps in the road and I'm not "good enough" for Eloan. Not that they care, but I'll never give them another try (even if I do have perfect credit 100 years from now!)

This is just SO stressful. I can't wait until it's all over one way or another.

'04 6MT, Laser Red/Graphite, Prem, Navi, 4-Piece Aero, BSM