Car loan denied - Credit score of 810

[modularmuscle]

Well, you know the economy is crap. Applied for a car loan on a 2004 Silver birch loan today for 16K with 10% down....denied credit score of 810. Guess people won't be buying cars without plain old straight cash for a while aeh?

Also, my trade was valued at $3K less (representing 15% of the value difference) compared to three weeks for the same car at the same dealer. they claimed "seasonality".

Its a joke.:mad:

[TAKEDOWN]

From what I hear, they're asking 20% down, and maybe they, "the bank" will consider giving out a loan! CASH in hand sounds like a powerful tool... so what's the point of having excellent credit if you can't even get the loan. I'm sure someone out there will lend you whatever is needed!

[Bluerauder]

Well, you know the economy is crap. Applied for a car loan on a 2004 Silver birch loan today for 16K with 10% down....denied credit score of 810. Guess people won't be buying cars without plain old straight cash for a while aeh?

Hopefully, this is just a short-term "knee jerk" anomaly while the banks and the credit organizations wait for all the dust to settle. I suspect that they have set an arbitrarily high limiting score as a temporary measure. At 810 you should be a reasonably good credit risk in ordinary times. Unfortunately, we ain't in ordinary times right now. Let's hope things get better and credit loosens up a bit more in the coming weeks.

BTW -- I have heard that credit card organizations are thinking about reducing credit limits on existing cards. Anyone seen this yet?

[HiHo]

I have a different experience... just closed on a house in Alabama Monday. No problems. Got it closed in three weeks. Also bought a 300C Sunday financing $15K without a problem and a 3.99% rate.
Perhaps the days of 100% financing without credit scores and income to back it up are over. I don't think that would be a bad thing.

[rayjay]

I believe they are trying to scare us into this bailout. If they get to steal the $700 Billion tonight, I bet you get the loan tomorrow. F*$king CROOKS :mad2:

[fordman]

Don't worry the BAILOUT is on its way!!!!!!!!!!!!!!!!!!!!!!!!

I won't say no more.

[fordman]

modularmuscle,

I see your not to far from me, just curious where this car is located? Dealer or Private?
Don't worry not interested in buying it, in fact I'm trying to sell mine, I've just been searching around and haven't seen anything like that.

[Vortech347]

wtf?

I just got the loan with 0 down on my 04' last month with no issues at all. I have a 750. When it came time to get the loan I did end up putting a few thousand down to keep the payment lower.

There's more info your not saying other than your credit score.

Hows your debt/income ratio? You can have the credit level of jesus but have a debt/income that won't even get the kids christmas.

Or the bank your going to is crap. Did you shop around first? ALWAYS shop...ALWAYS...

[Vortex]

Id march right down to the Dodge dealer and buy a new hemi Challenger. They will finance the whole thing and the car is new.

[a_d_a_m]

2 words:
credit union.

[Peace2Peep]

Credit Union FTW! Try local credit unions!

[Speed]

2 words:
credit union.

I concur, switched long time ago and I'm never going back

[RoyLPita]

Try Capital One. That is who I financed with.

[Rocknthehawk]

Credit Union FTW! Try local credit unions!

EXACTLY

Gotta love the <2% interest rate....

[liquid]

I just used firstagain.com for my loan, 6.49% on a used car, no money down, paperless and painless. Worked great for me. Sounds like the OP just needs to shop around??

[hot-rauder]

I concur, switched long time ago and I'm never going back


agreed!!! i have my car finaced with a large bank, and my motor loan with the credit union.... wish i would have gone to the union awhile ago.

[Dragcity]

Banks (and credit unions) need to make loans. Those are their assets. Your savings is their liability.

They just have to make smart loans.

In case you didn't know, the fed rates banks loans, and if they are solid (by what standard the fed uses it's a joke) then the Fed will allow a bank to hold more credit, which allows htem to borrow more $$$ and hold more in folk savinigs. Remember, Liabilities and assets.....

It's a wicked game the Gov't played poorly. Why do you think they are so quik to bail it all out????

[TAKEDOWN]

Well, you know the economy is crap. Applied for a car loan on a 2004 Silver birch loan today for 16K with 10% down....denied credit score of 810. Guess people won't be buying cars without plain old straight cash for a while aeh?

Also, my trade was valued at $3K less (representing 15% of the value difference) compared to three weeks for the same car at the same dealer. they claimed "seasonality".

Its a joke.:mad:

By the way welcome to the club!!! :beer:

[BAD MERC]

Try Capital One. That is who I financed with.


Same here- www.capitaloneautofinance.com (http://www.capitaloneautofinance.com) and have an answer in 15 minutes. I got mine financed for $24,300 with T,T&T three years ago with not a penny down. I went to the stealership and beat the piss out of them for the deal then whipped out the "blank check" and paid for it in full.

[fordman]

2 words:
credit union.

Right on!!!

Problem to is, what exactly are you paying for this Marauder? These cars, in some cases, are so over priced that the bank wants nothing to do with the loan regardless of your credit score unless you put a large amount down to cover the difference. Seen it happen with a neighbor who was selling his a year ago. He wanted 25k for his 03 300b with I believe 6,000 miles. A co worker of his had a 800 credit score and both his bank and credit union said no. Had to sell one of his cars to buy my neighbors.

Like members have said here, a car is worth what you want to pay for it. I don't blame people for paying these premium prices for these cars since there no longer available, but a bank looks at it different.