Worried.... auto financing help

UltimateAdam · 05-16-2009, 12:11 AM

Hello, so I signed up for PenFed, and after going through the motions, they denied me an auto loan. Where should I best go to get a loan?
I bought a house a year ago, have like 5 credit cards, make about $4400.00 after taxes, and my credit score is like 630... any help would really make a difference, I am like worried sick now!

Nova65 · 05-16-2009, 12:54 AM

Quote:

Originally Posted by UltimateAdam

Hello, so I signed up for PenFed, and after going through the motions, they denied me an auto loan. Where should I best go to get a loan?
I bought a house a year ago, have like 5 credit cards, make about $4400.00 after taxes, and my credit score is like 630... any help would really make a difference, I am like worried sick now!

You might need a large down payment since your credit score is sub 720. A year or two ago, that would have been a good enough score to get financing no problem. You might want to see what the dealership can do, they have many banks as options. Who knows, maybe they'll have 0% since they got it on the vette right now.

Sierra · 05-16-2009, 12:56 AM

Your debt to income ratio may be to high.

Mrbobcat · 05-16-2009, 01:09 AM

Dang you make some pretty good money, I don't see why they wouldn't approve you! That's like double what I was making when I had my main job, but then again my credit score is in the mid-700's and my house payment is likely a lot less than yours might be. You may have to save some money for a bigger down payment or even put it on a credit card if you have one with low interest and your balance limit is high enough...

my2010camaross · 05-16-2009, 01:18 AM

does any body know if 0 percent has been offered anywhere?

*TAG UR IT* · 05-16-2009, 02:31 AM

Don't think so.

05-16-2009, 12:11 AM	#1
UltimateAdam Drives: 1998 Pontiac Firebird Join Date: Nov 2007 Location: Cape Cod, MA Posts: 64	Worried.... auto financing help Hello, so I signed up for PenFed, and after going through the motions, they denied me an auto loan. Where should I best go to get a loan? I bought a house a year ago, have like 5 credit cards, make about $4400.00 after taxes, and my credit score is like 630... any help would really make a difference, I am like worried sick now!

05-16-2009, 12:56 AM	#3
Sierra Drives: 2004 GMC Sierra SLT 4x4 Join Date: Feb 2008 Location: Southern NJ Posts: 1,045	Your debt to income ratio may be to high. __________________ On the 8th day God created the Camaro and all is good.

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05-16-2009, 01:09 AM	#4
Mrbobcat Drives: 2016 Mustang GT premium Join Date: May 2008 Location: NW Ohio Posts: 362	Dang you make some pretty good money, I don't see why they wouldn't approve you! That's like double what I was making when I had my main job, but then again my credit score is in the mid-700's and my house payment is likely a lot less than yours might be. You may have to save some money for a bigger down payment or even put it on a credit card if you have one with low interest and your balance limit is high enough...

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my2010camaross ss Drives: all black ss Join Date: Dec 2008 Location: texas Posts: 331	does any body know if 0 percent has been offered anywhere?

05-16-2009, 02:31 AM	#6
TAG UR IT www.Camaro5store.com Drives: 2014 ZL1 #705 Join Date: Jul 2006 Location: SA, Texas Posts: 26,544 View My Garage	Don't think so.