I found out the guy at the first dealership lied to me and said he checked my credit and I would be able to get financed through ford no problem. The dealership I'm buying the car from says I haven't been at my current job long enough. This sucks but I'm trying again with a cosigner. I might try my bank as well but I thought ford had a high approval rate. My credit score is over 730 as well

 

Getting a loan in this economy is not easy I've been told. With the recent banking implosion a lot of people are a lot more wary of it, but my bank says they would be able to give me a loan. How long have you been at your current job, BTW? I'm kinda curious because I haven't been at my job terribly long yet myself.

Also, did you specify a down payment? I'm under the impression a sizable down payment helps in most cases.

 

Bummer. They didn't even run my credit and I got Ford financing @ 0%. They said my income and down payment was more than adequate.

 

How much did you put down? 20%? 30%?

 

Well I got approved with my fiance as a cosigner, but only because he makes quite a bit more than me.. but we didn't get approved through Ford it was through a bank that they use.

I've only been at my job 6 months and I didn't list a very big down payment because I am not sure how much it will be and I didn't want to say it was going to be more than what it actually was though I plan to put more than I listed, haha.

Kind of sucks though because he can't tell me what the APR is until the car comes in but oh well it should be fine.

 

I'm pretty surprised that you didn't qualify on your own, I've been told that six months at the same job would be all that you need, you said your credit score was over 730 which is better than mine(685 as of last July, not sure what it is now) and I was able to get pre-approved with no co-signer or any other kind of hassle and I'm only 20, but I guess that's a benefit of a credit union.

 

Did you try Bank of America or Capital One before you went to the dealer? It is always better to have the financing lined up before you walk in. That way, the dealer has to sweat over the interest rate instead of you.

Apply to both of these and see what they offer you. I'm sure there are more, but these two are the ones I use.

BoA: http://www.bankofamerica.com/vehicle...ate=auto_loans

Capital One: http://www.capitalone.com/autoloans/

 

I didn't get approved at BoA either, even with the cosigners :\

I didn't try capital one. I figured I would try my bank as well in case when I get there they have a ridiculous APR lined up for me. Just a question because I don't know much about applying for auto loans. If I apply for a loan but decide I don't need it then what happens?

 

Typically they provide you with a blank check good for up to a certain amount (ie. $30,000). If you don't use it within the allotted time it expires.

It certainly won't help your credit score by having a bunch of different companies running credit checks on you. Six months of employment or not, in their mind there is a good reason why they are denying you. The risk must be too high.

 

Be careful with BofA . . . they have a $200 "fee" if your dealer isn't one of their partners. If you opt NOT to use their loan, you still pay the $200. If you use their loan, the $200 is rolled into the loan.

What Adam stated above is what I was hoping for with BofA. Cap One does that. My credit union does that. BofA just plays games. That said, they have a pretty d@mn good rate.

Although I saw today that Navy Federal is offering a promotional 1.99% for 36 months rate.

 

Good to know, that's news to me!

 

P.S. don't let them trick you into a 6-year loan just to get lower payments. Save up so you can go with 5-year financing at a maximum. Just my financial 2 cents...

 

Yeah definitely going with 5 years here, and I've only applied with Bank of America so I haven't been doing a lot of credit checks, besides the one the dealership did. I am going to wait at least a 1 1/2 months and try Capital One out.

 

I think when shopping for good loan/interest rate. Shopping within the same time frame hurts less than waiting. This is because the system is set up to know ur were rate shopping. So mutiple enquiries within a month hurt your score less than enquiries over several months. Waiting for a month wont help you but might hurt your score. Just something you should think about...

 

Thanks for the tip!

 

What color combination did you order?

 

$37K sounds high (has to be sticker) because I did not pay much more than that for my convertible. , And while I did not get the brembos or the comfort package, I did get the 19" wheels and the HIDs, so prices should be somewhat similar.

 

Her car stickers for $37,170. That includes the $850 destination.

 

Whoops, you're the bride... didn't read that part!

 

Just wait another 10 years. $37k would be a steal.