pratikjhaveri

All:

Further to my posting 2 days back regarding being in the market for a new "Stook" (OK so Im picking up fast), I just called E-Loan and asked for a 26K loan, they didnt approve, instead gave only 16K and that too at 20%APR. That is RIDICULOUS. So I went and got my credit report and score and it says GOOD credit...

does anyone have any suggestions as to where I can go for good financing?

any help will be appreciated.

thanks
pratik

ScottB

First I'd ask them there reasons for turning you down. This could lead you to the source of the problem. However, 20% makes no sense. This is higher than if you bought it on a credit card. Something seems fishy. Next, you may want to ask what credit agency they are using. Just because you got perfect scores on one report does not mean it is correct for all reports.

Best of luck.

Schatten

try a local credit union. worked for me!

MJMSC

Most dealers have great deals through local banks - have you asked your dealer if they can provide financing?

John MI blk/blk '01

My guess is that E-loan has various companies that buy a broad range of paper based on the customers credit rating. Obviously, the best rates are reserved for people with a squeaky clean credit history. My guess is that either there is a mistake on your bureau or perhaps you may have some small balance outstanding that has not been closed. In any event, if I were you I would order a credit bureau, Experian, TRW, or Equifax. Good luck.

TunnelNightCLB

If you dont mind? What was your imperical score? I hope I spelled that right.
I was in financing for a while and my brother is a com/res loan guy. So i am familiar with debt ratio's etc. I am not saying I was an underwriter but I could definetly tell you what they are thinking. Mail me if you have any questions.

Vain Glutton

jnmunsey

There is some credit rating number they give a person based on many criteria, including the following.

Generally for a high amount that number should be over 700 or even higher. This is in addition to your income.

-Payment history

-amount of current debt

-amount of immediate possible debt - do you have 6 credit cards with $10,000 limits?

-recent inquiries for more credit - have you applied recently for more credit cards or loans?

-income - duh

-employment length - been at your job only 1 week?

-residence length - if you default they wanna know where you live. Nomads are hard to find.


I'm sure there are more criteria. If you have little or no history it will be difficult to get a big loan like this and you will need a fatter down payment.

If you have family in a credit union you can often get an account through them. I did this and have used them exclusively for my car loans and always got approved in less than an hour!!

Good Luck Chief..

John M

jallen1217

I had great success with negotiating with the F&I guy right there at the dealership. I had been pre approved at 7.5% on a 60 month term by a local bank. When it came down to signing the paperwork he started by telling me that since this is a "high end" car the rate will be 10-11%. I told him of my pre approval and he eventually agreed to match that rate (and without any additional loan points or trumped up fees). Just research it with your local bank and then go in to the dealer armed with your best quote; they'll more than likely match it.

SFDukie

Pratik,
Your local bank is a good place to start. Even if they don't give you a good rate, they may be able to say why you got such a ridiculous offer from eloan- you should be able to get well under 10% if you have good credit. My local wells branch gave me a .25% discount for direct withdrawal from my checking account and a further .5% dsicount for putting down 20% of the purchase price. Turned out that was better than my credit union could offer. Checking multiple sources is good and does not count against your credit if ddone nearly concurrently. If that fails, you might consider getting a relative to cosign.
Good luck!
Don

Tim S2K

Screw E-loans IMO.

I applied for on-line financing for my S and also received a sub-par amount...only $24K. Shocked, I wondered if I could get financed for $30K by anyone.
So one night in a state of panic, I walked right into a Honda dealership and immediately asked to apply for $30K of Honda financing. "On what car?", they asked. "On this one", and I pointed to the S2000 on the showroom floor with a $7500 market adjustment. (the salesman's eyes were spinning) They approved me for the entire $30K, but at 8%.

I would go to a credit union if you can. At the time, the 6.5% I received from my CU was the best rate anywhere... and I checked around.

Good luck.