Loan Approval.. Sort of…

[aidan80]

Looks like I hit the bottom of the barrel and found a lender that will lend to anyone including those that have gone bankrupt! Great if I really want that car.. truth is yes I really want that car but want and need are two different things. My car runs perfect and I just spent $300 some maintenance so.. think I’ll save up some more cash for a biggerdeposit and wait till near the end of the year. Maybe then I might just get a sale and have enough to pay off up front that’ll take the bite out of the loan repayments.

Proof if ever it was needed that a good credit (720 is good enough isn’t it?) score does not guarantee you a good rate or even approval for anything more than a basic credit card. I suppose this just might be one of the side effects of the credit crunch? That and my credit file is only active for the past 2.5 years! I’m expecting a final rate from the bottom feeder at around 8% - 9% not exactly 0% lol but not 17% either. I’ll need to check the fine print and if it looks reasonable and I can take enough off the top of the loan with a down payment I might just be driving away in that Versa in a few months time after all! Make it a nice Christmas present as I’m about to get divorced so lol

[br4dysays]

my versa loan is @ 9%, was my first big loan other than credit cards with limits around 3k. but @ 21 i wasn't really going to argue, plus it'll build the credit for next time.

paying it off early anyway!

[aidan80]

my versa loan is @ 9%, was my first big loan other than credit cards with limits around 3k. but @ 21 i wasn't really going to argue, plus it'll build the credit for next time.

paying it off early anyway!

I'm shocked!.. That's almost exactly the same as me only I'm 29 lol.. I'm originally from Ireland so I came here 4 years ago and all my good credit back home turned into 0 here. I was approved back home to buy a house and I only just got a capital one card when I started work here I suppose I can't argue too much with the rate. I think if I wait just a bit more I can save up enough to take a decent chunk out of the loan and if I can sell my car before I use the loan a wee bit more too!

[iluvmyVersa08]

Wow, you guys have to pay a lot of interest on loan's down there.I had my car financed from the Nissan dealership at 0.9% in April 2008. My younger brother just bought a new Nissan a couple weeks ago, and he financed it at 0.0%. Even with our banks, my school line of credit is 2.5 %! I can't believe how high your interest rates are.

[aidan80]

Wow, you guys have to pay a lot of interest on loan's down there.I had my car financed from the Nissan dealership at 0.9% in April 2008. My younger brother just bought a new Nissan a couple weeks ago, and he financed it at 0.0%. Even with our banks, my school line of credit is 2.5 %! I can't believe how high your interest rates are.

What is your credit history like? If you've a decent history and a history of larger loans, paid on time.. etc then yes we could get lower rates. For me with such a short credit history I'm back to taking what I can get until I can establish a stronger credit profile.

[br4dysays]

i had a great credit history, just wasn't anything over a few thousand dollars so guess it makes them leery about lending 15k? Idk I just took it because it was all i could get and not HORRIBLE double digit interest. Got to start somewhere

[kc5f]

I might just be driving away in that Versa in a few months time after all! Make it a nice Christmas present as I’m about to get divorced so lol

Sounds like another good reason to wait. You don't want her lawyer claiming the new Versa for her instead of you!

[iluvmyVersa08]

At the time of the car purchase, no loans before. Just a small VISA that is always paid off. Same thing with my brother, all he has had before purchasing his Sentra was a credit card. I got a Line of Credit after buying the car to pay for school.The interest rate at the dealer though was the same for everybody at the time. Right now, the interest rate is 0% for anyone who finances the car (and is approved). The interest rate does not go down based on your credit. At our financial institutions that is sometimes the case for larger credit files (such as a mortgage or credit line), the interest might be cheaper through a bank for a mortgage or line of credit if you have a good credit history.

[frankoV]

you've gotta remember that our banks are run diffferently in Canada than the States [I said differently, not better]

[iluvmyVersa08]

That is definitely true.

I actually work for a bank

[frankoV]

OT: Then tell me: I've had a line of credit for 15 years; I just received notice that my bank is changing the rates because of the economy [the all-powerful excuse]. Can they really do that? My contract says one rate; the bank says "oops, gotta raise it 1.5%. I want to fight it.

[iluvmyVersa08]

Lol!Ya I guess they are allowed to increase it. Our customers received notification to that it would go up 1% as well.

[aidan80]

Sounds like another good reason to wait. You don't want her lawyer claiming the new Versa for her instead of you!

lol luckily we're avoiding lawyers or else we'd both end up with nothing! We're going for a no contest so we keep what is ours and we don't have to appear on judge judy or anything like that

[aidan80]

That is definitely true.

I actually work for a bank

Maybe that helped you get approved! At the minute only one bottom feeder has said they'd talk to me but haven't yet. I get lots of calls while I'm at work or of course driving from an 800 or 813 number. I can't pickup at work and never pickup while on the road.

Google tells me the number is part of a scam where a caller will claim you owe money and they are a collection agency. So much for letting just 3 banks have my phone number. If I'm right and I've no doubt that I am my number went out into the wild when I let "lendingtree" have it. Now I'm getting a call ever other hour for junk. The other two that got my number never had a call.. let "lendingtree" have it and the next day it's rining off the hook with scams galore.

[iluvmyVersa08]

Maybe that helped you get approved!

Lol, maybe. But I didn't get financing through my financial institution. I financed the car through Nissan themselves at 0.9%. It worked out cheaper to finance through Nissan then to get a loan or line of credit from the bank I work for, even at the staff rate.

[aidan80]

Lol, maybe. But I didn't get financing through my financial institution. I financed the car through Nissan themselves at 0.9%. It worked out cheaper to finance through Nissan then to get a loan or line of credit from the bank I work for, even at the staff rate.

That is interesting!.. I'll keep it in mind. I may just put my plan on hold for a while.. I took up an offer to get a Citi card today and thought this shouldn't be a problem.. I got rejected!!! I've checked my FICO and the three agencies FICO is now at 701 the other three are 680, 689 and 720! I'm going to put about 6 months worth of work into my credit file that'll give me a credit file over 3 years old to come back at this with. I'm sickened that I'm being turned down for everything, they are ignoring the score and looking at my short credit history and saying no the b@stards lol

I'll just eat noodles for 6 months and save up a larger amount to throw down as a down payment. I might even take out a loan secured on my savings then pay it back the next month.. should bump things up a bit too. Ah well maybe I'll find a decent deal in the months to come.