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Application for credit #4533694
10/04/17 11:13 AM
10/04/17 11:13 AM
Joined: Oct 2006
Posts: 8,004
OH
grampi Offline OP
grampi  Offline OP
Joined: Oct 2006
Posts: 8,004
OH
I will be looking to buy a vehicle sometime between now and the next two years. I will be paying cash for roughly 75% of the purchase price and borrowing the rest. I contacted USAA to find out if there is a way they can tell me what my loan terms would be (what my interest rate would be, and if the loan would be approved), without actually applying for a loan. She said that I would actually have to apply for the loan to find out and there's no other way to do it. So I asked her if I applied for the loan, not to actually take it, but just to find out my terms and if it will be approved, will that go on my credit record in any way that could negatively affect my chances of getting the loan when I actually need it. She said it would go on my record as an application for credit. She would not, or could not say if that would negatively affect a future loan application. To me it sounds like something that would count against me, but I don't know for sure. Anyone in here know?

Re: Application for credit [Re: grampi] #4533698
10/04/17 11:15 AM
10/04/17 11:15 AM
Joined: May 2015
Posts: 1,992
America
Alfred_B Offline
Alfred_B  Offline
Joined: May 2015
Posts: 1,992
America
When you say "loan terms", what exactly do you want to know?

Re: Application for credit [Re: grampi] #4533705
10/04/17 11:19 AM
10/04/17 11:19 AM
Joined: Sep 2004
Posts: 1,043
Basehor, KS
JayhawkRoy Online content
JayhawkRoy  Online Content
Joined: Sep 2004
Posts: 1,043
Basehor, KS
Current new car rates from USAA:
https://www.usaa.com/inet/pages/bank_auto_loan_rates?akredirect=true

Looks like your answer is 2.99%. Rates may change in the future, but I would use this as my planning figure.

Re: Application for credit [Re: JayhawkRoy] #4533711
10/04/17 11:23 AM
10/04/17 11:23 AM
Joined: Oct 2002
Posts: 36,290
Great Lakes
Quattro Pete Offline
Quattro Pete  Offline
Joined: Oct 2002
Posts: 36,290
Great Lakes
9
Originally Posted By: JayhawkRoy
Current new car rates from USAA:
https://www.usaa.com/inet/pages/bank_auto_loan_rates?akredirect=true

Looks like your answer is 2.99%. Rates may change in the future, but I would use this as my planning figure.

And that's assuming good credit score. grampi, you should know what your credit score is.


'02 530i (Edge 0W-40)
'15 Q5 3.0T (Edge 5W-40)
'18 Charger SRT (FF)
Re: Application for credit [Re: grampi] #4533716
10/04/17 11:25 AM
10/04/17 11:25 AM
Joined: May 2009
Posts: 12,189
N.H, U.S.A.
ARCOgraphite Offline
ARCOgraphite  Offline
Joined: May 2009
Posts: 12,189
N.H, U.S.A.
Auto loan rates are low - keep the money in the market and take the loan.

Aren't you making over 15% in the market? Why would you pay more than 10% cash when there exist cheap auto loans that are 2-5%?


-Do you have a credit union? you should get the POSTED good-guy rate unless you've been bankrupt recently with no credit pull required. Also most Auto Manufacturers loans are pre-posted in Edmunds and on TV and at their web page(S)!

I don't understand why you would need to do a soft pull.

Now more importantly - what car or truck smile They don't make Crown Vics or Buick LeSabres anymore. Not being snide - those were my favourite rentals in FLA. Maybe the Chrysler 300? Are those gone too?

Last edited by ARCOgraphite; 10/04/17 11:31 AM.

2014 Nissan Rogue S CVT, OC#9 41392mi-QSUD10W30 + M110A CHAMP Filter; 2017 Subaru Crosstrek CVT OC#2 ?? mi-SOA/Idemitsu 0w20 + SOA Filter
Re: Application for credit [Re: grampi] #4533722
10/04/17 11:28 AM
10/04/17 11:28 AM
Joined: Mar 2008
Posts: 5,840
South Florida
bubbatime Offline
bubbatime  Offline
Joined: Mar 2008
Posts: 5,840
South Florida
Ive used USAA auto loans for the past 3 car purchases, and I dont think the process could be any easier at all. You fill out the application online in 5 minutes, get approved, and bring the approval letter to the dealer. It is So stinking easy. I LOVE the loan process at USAA. I'll use them even if the rate isn't the lowest (unless the manufacturer is offering 0% interest)



17 Chrysler Pacifica Mobil 1 5W30
13 Yamaha XT250 Valv MC 10W40
12 Suzuki S40 Rotella 15W40
10 Acura TSX 2.4 PZL Plat 5W30
06 GMC Sierra Nextgen 10W30


Re: Application for credit [Re: Alfred_B] #4533728
10/04/17 11:32 AM
10/04/17 11:32 AM
Joined: Oct 2006
Posts: 8,004
OH
grampi Offline OP
grampi  Offline OP
Joined: Oct 2006
Posts: 8,004
OH
Originally Posted By: Alfred_B
When you say "loan terms", what exactly do you want to know?


I plan on buying a '98-'04 Corvette. I need to know if 1) they will loan money on a car that old and 2) if so, what would be the interest rate, and 3) would it be approved. I'm not as concerned about #3 as that would be based more on my credit than any other factors, which is excellent, but numbers 1 and 2 concern me...

Last edited by grampi; 10/04/17 11:37 AM.
Re: Application for credit [Re: JayhawkRoy] #4533730
10/04/17 11:34 AM
10/04/17 11:34 AM
Joined: Oct 2006
Posts: 8,004
OH
grampi Offline OP
grampi  Offline OP
Joined: Oct 2006
Posts: 8,004
OH
Originally Posted By: JayhawkRoy
Current new car rates from USAA:
https://www.usaa.com/inet/pages/bank_auto_loan_rates?akredirect=true

Looks like your answer is 2.99%. Rates may change in the future, but I would use this as my planning figure.


That rate is for 2016 or newer vehicles, which wouldn't apply to me...

Re: Application for credit [Re: bubbatime] #4533734
10/04/17 11:36 AM
10/04/17 11:36 AM
Joined: Oct 2006
Posts: 8,004
OH
grampi Offline OP
grampi  Offline OP
Joined: Oct 2006
Posts: 8,004
OH
Originally Posted By: bubbatime
Ive used USAA auto loans for the past 3 car purchases, and I dont think the process could be any easier at all. You fill out the application online in 5 minutes, get approved, and bring the approval letter to the dealer. It is So stinking easy. I LOVE the loan process at USAA. I'll use them even if the rate isn't the lowest (unless the manufacturer is offering 0% interest)



I've applied for loans with USAA before and I agree, it is a simple process, however, I don't want to apply for a loan just to find out what its terms will be if doing so is going to count against me in some way....

Re: Application for credit [Re: grampi] #4533737
10/04/17 11:39 AM
10/04/17 11:39 AM
Joined: Jan 2008
Posts: 10,666
OH
SatinSilver Offline
SatinSilver  Offline
Joined: Jan 2008
Posts: 10,666
OH
You can always take out a home equity loan for the purchase. Then the bank won't be concerned about the car as collateral. Interest will be tax deductible. Obviously the home would be the security.

Of course you can always try to get the car loan. Usually they will go by the NADA "loan value" which is less than trade in value of the car. Lets say the trade value of the car is $10k. The loan value might be around $8k. So in your scenario, only needing to finance a small portion you should be ok.

Borrowing against your retirement account is another option. Usually a short term 2-3 yr loan term. Interest is paid back to yourself.


Last edited by SatinSilver; 10/04/17 11:41 AM.
Re: Application for credit [Re: grampi] #4533745
10/04/17 11:45 AM
10/04/17 11:45 AM
Joined: Dec 2006
Posts: 4,219
Port Orange, Florida
Panzerman Offline
Panzerman  Offline
Joined: Dec 2006
Posts: 4,219
Port Orange, Florida
They will not even want a car that old so now you will be delving into the world of personal credit loans which are higher but if you are putting down 75% of the purchase price still couldn't be alot of money. Probably talking anywhere from 5.5% to 9.5% depending on your credit.
Not alot of money to be paying debt on though. I think you are really over thinking this.
Is a couple percent a deal breaker,if it is maybe you should look for a cheaper cash deal.



2006 Dodge Ram 2500 Hemi 4x4
2016 Dodge Challenger Scat Pack
Re: Application for credit [Re: grampi] #4533750
10/04/17 11:50 AM
10/04/17 11:50 AM
Joined: Mar 2008
Posts: 5,840
South Florida
bubbatime Offline
bubbatime  Offline
Joined: Mar 2008
Posts: 5,840
South Florida
I agree. You will likely need a line of credit loan from your bank, which will have a 7 to 12 % interest rate on average. You could try the auto loan route but I wonder if they will touch it. USAA line of credit rates are at 8.99% right now. If you are paying down 75% and can pay the rest off pretty quickly, that's not too bad.


17 Chrysler Pacifica Mobil 1 5W30
13 Yamaha XT250 Valv MC 10W40
12 Suzuki S40 Rotella 15W40
10 Acura TSX 2.4 PZL Plat 5W30
06 GMC Sierra Nextgen 10W30


Re: Application for credit [Re: grampi] #4533759
10/04/17 12:02 PM
10/04/17 12:02 PM
Joined: Nov 2008
Posts: 870
Oklahoma
CELICA_XX Offline
CELICA_XX  Offline
Joined: Nov 2008
Posts: 870
Oklahoma
"For most people, one additional credit inquiry will take less than five points off their FICO Scores. Inquiries can have a greater impact if you have few accounts or a short credit history. Large numbers of inquiries also mean greater risk"

I wouldn't submit an application unless I intended to follow through with it.

There is no point in taking a small hit "just to see what the rate would be."


15 Toyota Prius - M1 EP 0w20
02 Toyota ECHO - Valv MaxLife Full Syn 5w30
97 Lexus LX450 - M1 0w40
93 Lexus LS400 - Valv MaxLife Full Syn 5w30
Re: Application for credit [Re: bubbatime] #4533762
10/04/17 12:04 PM
10/04/17 12:04 PM
Joined: Oct 2006
Posts: 8,004
OH
grampi Offline OP
grampi  Offline OP
Joined: Oct 2006
Posts: 8,004
OH
Originally Posted By: bubbatime
I agree. You will likely need a line of credit loan from your bank, which will have a 7 to 12 % interest rate on average. You could try the auto loan route but I wonder if they will touch it. USAA line of credit rates are at 8.99% right now. If you are paying down 75% and can pay the rest off pretty quickly, that's not too bad.


Is a "line of credit" loan the same as an unsecured loan?

Re: Application for credit [Re: grampi] #4533770
10/04/17 12:07 PM
10/04/17 12:07 PM
Joined: Mar 2008
Posts: 5,840
South Florida
bubbatime Offline
bubbatime  Offline
Joined: Mar 2008
Posts: 5,840
South Florida
Originally Posted By: grampi
Originally Posted By: bubbatime
I agree. You will likely need a line of credit loan from your bank, which will have a 7 to 12 % interest rate on average. You could try the auto loan route but I wonder if they will touch it. USAA line of credit rates are at 8.99% right now. If you are paying down 75% and can pay the rest off pretty quickly, that's not too bad.


Is a "line of credit" loan the same as an unsecured loan?


Yes, but USAA doesnt offer those. They do have personal loans. A line of credit is often a preaproved line of credit, attached to your banking accounts, where you can just pull out money in an emergency without having to get a loan. Its already approved, and already available to you. My dad has one, I used to have one, and I'm looking to add one to my accounts. It would be nice to have 10 or 20K instantly available for a purchase, should the need arise.


17 Chrysler Pacifica Mobil 1 5W30
13 Yamaha XT250 Valv MC 10W40
12 Suzuki S40 Rotella 15W40
10 Acura TSX 2.4 PZL Plat 5W30
06 GMC Sierra Nextgen 10W30


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