Didn't qualify for loan.

[lmoore1436]

I only look at the bottom line for the value of the car. I told the finance salesman not to talk to me in monthly payments. Talk to me for the total value of the car. I negotiated the price of a 2016 Civic EX (No Sensing or extra features) down to $20,000 clean. This includes taxes, fees, registration etc. I walked out of the dealership twice when they refused and they called me back with the price I wanted.

I was almost sure my credit was OK for a loan. I have a FICO score of 750 and never defaulted on payments, ever. All lenders they ran my loan request through, including a couple of federal credit unions, denied my loan. They financed me through some Honda-partnered crap at an 11.74% for 72 months interest rate that will add a total of $5,500 to the total price of the vehicle. I wanted to cry. The guy says he's going to try his hardest to get me a better rate, but I doubt he can. Wants me to come back Monday. He says that FICO scores don't matter. Just the fact that I never had a major loan before is reason enough to disqualify me. Essentially you are a nobody unless you've taken out a significant loan successfully, however you can't take out a loan if you've never had one to begin with. He says he's going to continue trying otherwise I'm going to have to stick to the rate for at least a year and try and refinance at a later time. No I will not! I refuse to pay a single extra dime. When I said $20K OTD, I meant $20K OTD. I'm not letting the loan sharks get any more of my money. It's going to hurt, but I'm going to have to end up paying it all on a lump sum. I wanna cry.

You know they are probably just trying to get more money out of you. If it is a honda partner financer then they get a kick-back whenever they raise the interest rate from what the bank proposed to them. Ask them to see the buy sheet and it will have the banks proposed interest rate on there. If it is lower than what they offered you, WALK AWAY and do not answer their calls. I would apply to Honda Financial directly, as well as Capital one (very friendly and generous in regards to auto loans), and a Credit Union if you are a member of one. Don't trust a dealers final offer if you talk them down on their price, they hate that and will do everything in their power to get money out of you in the back end (financing & add-ons). Also, don't get GAP, it is offered by most car insurance companies for about 5 dollars a month and you can cancel it when the loan value is lower than the vehicle value.

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[jgreen16]

Really feel sorry for you. Try to check some online companies which provide loans online. They have lower % comparing to banks. you can find more info here paperless-loan.com.

Do you realize that this thread, and the last post in it before yours, was more than two and half years ago? OP was last seen on the site in August of 2016.

 

[blond183]

I only look at the bottom line for the value of the car. I told the finance salesman not to talk to me in monthly payments. Talk to me for the total value of the car. I negotiated the price of a 2016 Civic EX (No Sensing or extra features) down to $20,000 clean. This includes taxes, fees, registration etc. I walked out of the dealership twice when they refused and they called me back with the price I wanted.

I was almost sure my credit was OK for a loan. I have a FICO score of 750 and never defaulted on payments, ever. All lenders they ran my loan request through, including a couple of federal credit unions, denied my loan. They financed me through some Honda-partnered crap at an 11.74% for 72 months interest rate that will add a total of $5,500 to the total price of the vehicle. I wanted to cry. The guy says he's going to try his hardest to get me a better rate, but I doubt he can. Wants me to come back Monday. He says that FICO scores don't matter. Just the fact that I never had a major loan before is reason enough to disqualify me. Essentially you are a nobody unless you've taken out a significant loan successfully, however you can't take out a loan if you've never had one to begin with. He says he's going to continue trying otherwise I'm going to have to stick to the rate for at least a year and try and refinance at a later time. No I will not! I refuse to pay a single extra dime. When I said $20K OTD, I meant $20K OTD. I'm not letting the loan sharks get any more of my money. It's going to hurt, but I'm going to have to end up paying it all on a lump sum. I wanna cry.

That sounds strange, I qualified for a 2.9% interest rate through Honda financing with only a 690 credit score. I'm currently paying student loans so maybe the history of on time payments helped....but idk.

 

[henderson]

Debt to income? I'll bring that up to the finance manager Monday. See what he says. Although, I'm curious to know how they calculate these things as I don't have any outstanding debts or expenditures that would warrant a loan failure. I know I'm being screwed with the interest. I don't really know if that has anything to do with the dealership. Wouldn't it be the lenders https://fitmymoney.com/default-on-a-loan/ making the profit on the interest? What does the dealership have to do with that profit? If they have a connection there's definitely something sketchy happening here. If I don't get anything below a 3% come Monday, I'm just showing up at the dealership cash in hand and paying upfront. I'm tired of having my credit record run up the wazoo for all to see just to get rejected.

It seems like your dealership is jerking you around, which is not a good indicator in my opinion. Has Alliant Credit Union been tried by you? Our financing rate was less than 3%, and the FICO score that was utilized was five points lower than yours.

 

[gtman]

henderson...

You do realize you're quoting a six year old post, right? He hasn't even been active here since 2019.

 

[86salmon]

henderson...

You do realize you're quoting a six year old post, right? He hasn't even been active here since 2019.

Their other post looks like copy paste in another necro thread...

@henderson are you a bot?

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