Just wanted to list the banks that declined my sister and I when I went Auto Loan shopping:

Capital One- Insufficient Credit History (My sister has no credit.)
First Third Bank- Judgment (Satisfied Judgment, but not good enough, I guess.)
Wells Fargo- Judgment (I knew they would decline.)
Citibank- (I am blacklisted due to an old charge off.)

I don't know who else declined.

You know what Meya? The first dealer I went to, the finance mgr said my score was 710 and told me the best he could do was $750 a month for 76 months Now this car wasn't certified Pre Owned, so it was "take as is". Now I knew what my scores were so this made me question him.

The day I was supposed to pick up the car I stopped at another BMW dealer. Found a vehicle and the Finance Mgr said my score was 732. Both BMW dealers located on opposite sides of Atlanta. The second dealer is where I purchased my car and they make only $1000 in profit per vehicle but sell in volume. The other dealer is much smaller. The finance mgr as the second dealer told me the first dealer marks the price of the car up to make their profit.

Oh yeah Meya followed your advice and talke to two CU's and their rates were not that far off from the big boys.

Your also right about the maintenance prices. The Finance Mgr told me what a brake job costs and it will make you pause. He offered me a maintenance pkg of $2495 that would correspond to my extended warranty but I did the math and they were going to make a killing had I signed up for it. I know I still have to find one (maintenance pkg) but not for what they were charging!

Way to go on your new car:white-flag:

I remember a dealer telling me that a lot of banks don't like to finance used cars especially if you are a first tune buyer because of the maintenance that will come up too soon and they are afraid that you will start being late on your car payments due to costly car repairs:worried:

My Achilles heel here - Wishing they would have come down lower or having more of a down payment. Certified Pre Owned but will need to find maintenance plan to purchase because of the high maintenance bills of the vehicle.

For some reason, the interest on used cars is always higher regardless of your credit. Don't ask me why.

Picked up my car yesterday. Ok Meya, it was 8% at 72 months. It would have been between 6.5 and 7% had I went 60 months. My score was 732 when they pulled my Credit Report. Financed through BMW.

My Achilles heel here - Wishing they would have come down lower or having more of a down payment. Certified Pre Owned but will need to find maintenance plan to purchase because of the high maintenance bills of the vehicle.

try to go with a CU

My mother had scores in your range and she received an 8.75% loan from a bank she is not affiliated with.

hello everyone I just pick up other car loan from my cu were i been banking for sometime now at 1.9 % better then 5.0 % thats what Bofa was going to give me my wife loves her new Qx 56 best way to go is with a cu

8% at 76 months! That is no better than 12 or 15% in 60 monhts! Who do they think they are fooling:upset:. If you did not go for it, walk on with your head up high and a long dollar trail to the next dealer.

You know what hjm331? Went through the pre approval process from the BOA website and was approved for an auto loan for $44K with rates varying from 5.53% to 7.15% based on new/used and length of term. The approval was for 30 days. They say I might be eligible for even more discounts once you talk to a rep on the phone because of being a current customer.

Funny thing is hjm331, is that the BMW dealer was going no lower than 8% last night and wanted me to go 76 months. Meya was right when stating you should shop your loan.

With these rates hjm331 I'm happy, my scores are not deep enough into the 700's where I think I could warrant a better apr.

Like I always tell you hjm331, your next....................... !

BOA didn't try to approve you for an auto loan with all the history you have with them?

I appreciate it guys. Seems like for all the toil and trouble you go through with your local financial institution they would be there for you when you want to take out a loan.

I wasn't planning to apply jointly because of my wife's scores being lower than mine, just using her income as "additional" income on the forms.

I hear ya Meya, I'm at that point now with no debt and with a decent combined income and a credit card with a good limit as well as savings/checking accts with BOA it would be a no brainer. But you make a good point.

My wife has a checking acct at a CU but no more than that. Maybe I will look into that avenue when shopping the loan.

You would think BOA would jump at the chance for the business, but like my Mgr always tells the team, "Assume nothing"

8.75% is a good rate, it usually happpens with a bank you are not affiliated with.

I like this thread and have a question. I am looking into buying a car. Will go through BOA for the financing. Now my scores are between 700 and 720 and I have some credit issues in the past because of being laid off but once I found a job I paid thse debts off. I have also financed a car in the past. BOA says they will give reduced rates for current customers. I have no debt i.e., Mortgage, auto loan, student loans, revolving credit other than my BOA CC which is paid in full every month. My income combined with my wife is in the neighborhood of $115k. Her scores are not as good as mine but I will use her income as "additional" income when applying for the loan. I will not apply jointly to take her credit scores out of the equation. Based on all that is given here, I am looking for a loan around $33k, does it seem feasible that I can get an apr between 5 and 7% ? I feel that anything greater than 7% and I'm being thrown under the bus.

My mother had scores in your range and she received an 8.75% loan from a bank she is not affiliated with.

Go through cap 1 if you have an account with them. Also, credit unions are the best if you finance and if you refi. Shark6 was mentioning car loans measuring you by "Beacon Scores" which sounds like a for sure thing to me. When we try to get the lower percentage on our car's we must come with darn good credit. First we must recognize that they will put an animal in a car, but offer the best financing for humans with legit credit. Since your debt was in the past and is pif, you might can get a good deal on the car.

Tier one banks offer lower deals on those who has no past bad credit (IE. dealer financing you themselves). I will take a shot at you for your credit, but if your wife credit is not better than yours, the best deal is to apply alone. I am going to finance sometime soon with Buick, but I want to wait until my last baddie drop from my report and I have little to no utilization because I want what I come for 0%. The lower we get our finance charges, the faster we can pay a car off. I am looking to pif in at least 2 1/2 years on a 5 year loan. I am talking no cc payments, reducing utilities, downgrading services in my home etc.... to make it all work out.

I think I would play around dealer estimates online before applying, this is what I did with Toyota and Buick:

1. Toyota http://www.toyotafinancial.com/consumer/tfs.portal?_nfpb=true&_pageLabel=pg_ForwardEstimator

2. Buick http://www.buick.com/divisional/gmactools.jsp?pageSection=1&brand=divisional

Just play around with different dealers calculator, it will give you some type of idea of what you MAY qualify for. But as you know, you will have to play "Lets make a deal" to get what you really want. You are the person in charge little do you know, I have made it work myself. I don't stop until I get what I want.

Smcc, I think it's best if you talk to someone in your local branch that can help you out and give you answers in detail.