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Author
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Topic: Am I an idiot or am I surrounded by idiots?
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JohnCM
CAFords OG
Member # 1076
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posted
 
 
I'm in Florida right now for tech school. And it sucks not having a car here so I decided I'll buy one while I'm here. I went to a used car dealership to see what I could get approved for... I have a 760 credit score but my rank is only e1.
Anyways, I get approved for a 16k loan. So we go around looking at cars and I picked out a Yukon Denali. Then I came back the next day to find out the APR and what not. And she says "it's only 17%" ![[Eek!]](eek.gif) I've talked to a few members off this board and all of them say that's outrageous. But the other ppl here have been going there for cars like 17% is good or something? ![[Confused]](confused.gif)
I've decided to go to a credit union, But isn't 17% TERRIBlE?
The lady makes it seem like that's all I'm going to be able to get ![[BS flag]](graemlins/bs_flag.gif)
Posts: 3545 | From: Roseville | Registered: Mar 2002
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klonoa
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Member # 1771
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posted
yeah 17 is pretty fuggin horrible.
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2003 Mustang Cobra - 454 rwhp - 470rwtq
Ex. 2001 vortech'ed v6.
Posts: 938 | From: Richmond, Cali. | Registered: Sep 2002
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twisted54
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Member # 1981
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posted
quote:
Originally posted by klonoa:
yeah 17 is pretty fuggin horrible.
Totally fuggin horrible...you may as well put it on a credit card. A credit union would be the way to go.
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2013 Black on Black 5.0 with Boost N Things - CORN FED 🌽
Posts: 3421 | From: ebay | Registered: Oct 2002
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Hungry Hippo
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Member # 537
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posted
how old is the car? the oldew it is, the higher the rate. a new car is typically 3-4% then something 5 years old would be 7%
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05 S4 Avant(wagon)
09 C6 H/C/I
Posts: 2959 | From: east bay | Registered: Nov 2001
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Team SOLO
Chevy Powered Stang
Member # 722
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posted
holy hell...that is awful.
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'88 Mustang Coupe: 8.02 @ 170
Posts: 3887 | From: Santa Clara | Registered: Jan 2002
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JohnCM
CAFords OG
Member # 1076
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posted
its a 2000 denali
Posts: 3545 | From: Roseville | Registered: Mar 2002
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Jdub07
( O Y O )
Member # 2728
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posted
I got a 4% on a 5 year old car. Can I ask what a e1 rank is? Not 5 min. ago I just signed up for on freecreditreport.com and didn't see anything regarding an 'e rank'.
Posts: 7282 | Registered: Apr 2003
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JohnCM
CAFords OG
Member # 1076
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posted
Military pay grade. Its the lowest one since I'm still in tech school. But it's E1
Posts: 3545 | From: Roseville | Registered: Mar 2002
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94gt
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Member # 3060
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posted
do like what we were taling about... shop around and shop even more... you will be able to find a better one with a lower apr than 17%
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2020 Explorer ST
2011 Silver Raptor 'Screw
Posts: 5777 | From: Beavercreek, OH | Registered: Jul 2003
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Blind
2.3L
CAFords OG
Member # 3052
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posted
my roommate just bought a 2000 tacoma pre-runner for 14k and got a 5% apr on it, I think like 285/month
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89 LX Notchback ex 4cyl, 14psi
02 Harley F150, 15psi
Posts: 8521 | From: Fairfield | Registered: Jul 2003
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Hungry Hippo
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Member # 537
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posted
i'm sure you can find something else for 7% tops
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05 S4 Avant(wagon)
09 C6 H/C/I
Posts: 2959 | From: east bay | Registered: Nov 2001
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stangless
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Member # 1414
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posted
f*ck 17 percent.
That's way too much. shop around
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=(
Posts: 4634 | From: bay | Registered: Jun 2002
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92stangLX
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Member # 3252
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posted
You would almost be better off putting it on your credit card
Posts: 5302 | From: San Francisco | Registered: Sep 2003
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DOPE 50
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Member # 5892
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posted
I JUST GOT CREDIT BUT FUCK CREDIT ![[Whoo Whooooo!]](graemlins/woowoo.gif)
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94 COBRA CLONE CONVERTIBLE
67 SS CHEVY NOVA,CAGED UP,TUBBED,FUEL CELL,ETC..IN THE WORKS.[67SSNOV]
91 INTEGRA ON 17'S
94 Ranger Getting lifted
Posts: 637 | From: THE BAY | Registered: Aug 2005
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94gt
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Member # 3060
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posted
quote:
Originally posted by DOPE 50:
I JUST GOT CREDIT BUT FUCK CREDIT
very insightful ![[Roll Eyes]](rolleyes.gif)
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2020 Explorer ST
2011 Silver Raptor 'Screw
Posts: 5777 | From: Beavercreek, OH | Registered: Jul 2003
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88DroptopGT
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Member # 2535
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posted
quote:
Originally posted by DOPE 50:
I JUST GOT CREDIT BUT FUCK CREDIT
Hmm "BUT FUCK CREDIT"? Sounds like a good company. What are their rates? Are they good or do they rape you on the interest? j/k
![[Razz]](tongue.gif)
Posts: 3978 | From: 707 | Registered: Mar 2003
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MINGRYGT
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Member # 2439
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posted
go back to the dealership and tell them to send your application to b of a. also tell them your rank is higher... there are no stips at b of a..
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R.I.P. MIKE STARKEY 5-17-03
Posts: 488 | From: Concord | Registered: Feb 2003
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putter
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Member # 4253
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posted
I sell cars and your income should not matter with a 760. a score of 700 and above is golden, PERFECT! Most banks dont care how you pay your bills at that point as its obviouse you do. You will qualify for the best rate that any bank has to offer. yes in your case 17 is triple what your credit says you deserve. find a credit union.
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KEEP THE SHIT REAL!
Is someone posting a bunch of B/S and lies? PM me Ill bust em out for ya!
Sellers Beware WayfastYtee "BAD TRADER"
Posts: 626 | From: sacramento | Registered: Mar 2004
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2NSANE
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Member # 2644
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posted
WOW WOW put on the brakes there.
alot of dealerships try to screw over young MIL people with high% loans. that place is screwing you over good. turn it in to your command and they will most likely put a off limits on the place or make sure to get the word out to stay away from that dealership. I have seen it happen so often that a young E1-E3 getting screwed by these places and check cashing places thats why bases dont allow them on site but as soon as you cross the gates they are everywere and have signs saying everybody aproved including
E1's financed. go to USAA and get a loan threw them.
Dan.
Posts: 487 | From: San Mateo | Registered: Mar 2003
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JohnCM
CAFords OG
Member # 1076
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posted
I went to a credit union today, And I find out tomorrow if I got approved.
Posts: 3545 | From: Roseville | Registered: Mar 2002
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MINGRYGT
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Member # 2439
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posted
quote:
Originally posted by 2NSANE:
WOW WOW put on the brakes there.
alot of dealerships try to screw over young MIL people with high% loans. that place is screwing you over good. turn it in to your command and they will most likely put a off limits on the place or make sure to get the word out to stay away from that dealership. I have seen it happen so often that a young E1-E3 getting screwed by these places and check cashing places thats why bases dont allow them on site but as soon as you cross the gates they are everywere and have signs saying everybody aproved including
E1's financed. go to USAA and get a loan threw them.
Dan.
ok, lets calm down, if your an e-3 or lower a lot of lenders wont lend you money.. dealerships can only mark up the rate so much. Income wise you dont budget for much of a car, thats why I said to make up a rank and income, neither the bank or dealership will care to confirm if its right because your credit is good. There is more to credit then just a score.. how long have you been on the bureau? how many trade lines do you have? whats the highest limit you have? with all that said, your best bet is to go to b of a, your rate for an 03 will be 5.79 for 60 months 6.69 for 72. hope that helps.
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R.I.P. MIKE STARKEY 5-17-03
Posts: 488 | From: Concord | Registered: Feb 2003
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94gt
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Member # 3060
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posted
MINGRYGT, you are wrong... I was a A1C(E-3), and I got a car loan just fine... so thats not in all truth. They wanted a LES then...
Just to let you know, when I went to B.O.A. I still had SrA (E-4) on at the time, a 706 credit score, plently of lines on my history... and they wanted an LES still... so "making up" an rank and income is just a stupid suggestion...
I dont think you realize, He's at tech school... those dealers see thousands of young kids a year. The Denali he was looking at that had a 17% APR, another kid he knows bought it. Those crappy dealers dangle a nice shiny car infront of young kids and they bite... and pay for it later.
He's doing the right thing by shopping around, comparing rates and prices.
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2020 Explorer ST
2011 Silver Raptor 'Screw
Posts: 5777 | From: Beavercreek, OH | Registered: Jul 2003
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putter
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Member # 4253
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posted
lmao! He said stips! Go to a different dealership that knows how to put a deal together. Your income is not causing the rate to be high, either you budget or you dont there is no in the middle. as for his tradelines i have never seen a shallow 760 hes got to have enough accounts to get over the 720 area so to speak yada yada..... go somewhere else shit come here ill get you a great deal hell a pounder sounds good! ![[Big Grin]](biggrin.gif) ![[Wink]](wink.gif)
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KEEP THE SHIT REAL!
Is someone posting a bunch of B/S and lies? PM me Ill bust em out for ya!
Sellers Beware WayfastYtee "BAD TRADER"
Posts: 626 | From: sacramento | Registered: Mar 2004
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MINGRYGT
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Member # 2439
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posted
ok 94gt, first off talk about things you know about.
putter, I did say stips, thanks for clarifing that again..
i've been in the car biz for 5 years now, and i'm a sales manager so I think I know what i'm talking about. so fudge you guys.
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R.I.P. MIKE STARKEY 5-17-03
Posts: 488 | From: Concord | Registered: Feb 2003
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