Hi guys.

I just got $30,000 approved from my bank(wells fargo) to finance my new 2002 Spa Yellow S2000!!!! :-)

I'm also trying to re-finance my 2000 Camry, but I got declined
by PeopleFirst. (trying to re-finance $10,000)

Why???
I don't get this.
Why is it so hard to re-finance $10,000 car loan?
dang..

 

Check with.....

http://www.lendingtree.com

best of luck...I refiance two car with them....you'll get a responds within 24hrs.

 

That is strange....I got our 98 Jeep cherokee refinanced for $10K thru peoplefirst a few months back

 

I'd stay away from the larger banks like wells fargo and go for a local credit union.

my local credit union: 5.75% on 2000 or newer vehicles / 6.25% on 1999 and older. (http://www.austintelco.com/docs/ud_lowerrates.htm)

not sure what wells fargo is at right now.
(http://www.wellsfargo.com/per/loans_credit...requestid=22939) their site doesn't give TX info.

anyways, hope this helps.

 

[QUOTE]Originally posted by Schatten
[B]I'd stay away from the larger banks like wells fargo and go for a local credit union.

 

...What's your monthly payment on 30 grand???

I think with the economy the way it is going, I would save a bit more for your downstroke, see what happens to the world economic situation , and then make your purchase. That way you won't have to worry so much about a huge monthly payment if, heaven forbid, anything negative happens to you financially.

.....Just a thought

 

That would be a wise...suggestion...I personally wouldn't want to finance $30 large...shop around for a good rate...than make a decision...or even order the one you want...and wait like a month or two.

 

I am using only portion of the approved loan amount
($22,000 @ 7.75%)
I'm going to put $13k-14k down (I've been saving)

Monthly payment came out to be like $443 for 60 months
Which isn't bad.

 

....OK

That sounds better. I was afraid with a name like Peterpan, you lived in NeverNever Land and hadn't grown up yet


Congratulations on your new ride. Hopefully, my '02 will be here later this month. Worked real hard, paying cash (don't tell my ex-wife, though)

 

People First has much stricter guidelines about credit-worthiness. If you dig into their website, and find the actual numbers (ie 550, 600, 850, etc) that they assign to levels of credit-worthiness, you'll find that their definitions are different than any other bank.
To be in their best catagory, you have to have 100 more points than for my bank, credit union, or car dealership. This makes it harder to gt a loan.
Also, a used car loan is more risky for the lender than a used car loan. The value of a used car is more variable, and condition becomes a factor. A new car loan almost always has a lower rate, for this reason.
I agree with the above info, try other sources before you get discouraged.