Nov 11, 2015
irvineboy Lowest for 60 month is 1.99% (new car) and 2.99% (used car) at Penfed. Anyone else find something lower?�
Nov 11, 2015
asudan Alliant has 1.99% for 60 mos, 2.24% for 72 and 2.99 for 84mos.
Energy FCU is doing a special Nov 15th-Dec 15th for .99% for 48 months but it is only on loans of $50k and less.�
Nov 11, 2015
jsm I went to Logix Credit union 1.49%
Low APR auto loans, mortgages, rewards credit cards, & more. | Logix - Vehicle Loans�
Nov 11, 2015
msnow Logix 1.49 and took 15 minutes.�
Nov 11, 2015
irvineboy Energy ECU says 1.83% for 60 months. I believe for EV vehicles, its another 0.5% off so 1.83% - 0.5% = 1.33%�
Nov 11, 2015
gizmoboy USAA is 1.49 up to 36 months, 2.25 up to 60 months, 2.49 at 72 and 3.49 at 84 months, with a 0.25 discount for direct debit.�
Nov 11, 2015
lifeisgood3 I'm using ATFCU. 1.45% for 60 mo (or 1.85% for 72 mo).�
Nov 11, 2015
sorka DCU for 1.24% which is the only reason I financed at all. If I was buying today, I wouldn't finance if I had to pay anything over 1.75%.�
Nov 11, 2015
gizmoboy Why is that, sorka? I can easily get better than 2 or 3% return on investment elsewhere. Seems a no-brainer to invest that money and more than offset your interest expense on a loan.�
Nov 11, 2015
Discoducky Can civilians join USAA? I should know this...�
Nov 11, 2015
gizmoboy If they are descended from members. My dad was a vet, and when he joined then I became eligible to join. Now my kids are also members through me.�
Nov 11, 2015
irvineboy
DCU is 1.74% not 1.24%?
New and Used Car Loans | DCU | Massachusetts | New Hampshire
Do you have to live in MA? I'm in CA.�
Nov 11, 2015
Drucifer Truliant FCU CPO/Used 60 months 2.14% (new is 1.99%)�
Nov 11, 2015
brucet999 Schools First FCU offered me 60 months at 1.49% if I transfer payments automatically from my checking account.�
Nov 11, 2015
sorka It's a matter of safety. I have portion of my portfolio in AAA rated bonds but they don't return very much. Still more than the 1.24% I got at DCU (even after factoring that rate of return is essentially tax free).
If I was 100% in on aggressive grown funds and equities, like I was in my twenties, it would be a totally different matter.�
Nov 11, 2015
irvineboy So you just have to set up monthly automatic payment ?
Does it require direct deposit? Some unions require direct deposit from employer for some reason.�
Nov 11, 2015
sorka I'm in CA. The 1.74% doesn't include the 0.25% decrease for buying an EV. So it's 0.25% more now than it was in March when I financed.�
Nov 11, 2015
StaceyS I have 1.94% for 60 mo through a local Oregon credit union.�
Nov 11, 2015
map724 +1 on Alliant. Easiest transaction ever.�
Nov 11, 2015
Discoducky Just went through the registration process as my father was Navy. What was strange is that their system said I wasn't eligible, but then asked two more questions about if I was or had been married to millitary. When I said no it let me finish registration. Odd�
Nov 11, 2015
GuyGadois I was offered two rates through Tesla 1.99% for 48 months thru Wells Fargo and 1.74% for 48 month thru Chase. Both of those come with the Tesla Buyback. Energy FCU offered 1.43% for 60 months but no buyback and a 70k max loan. So the question for me is is .21% worth the Buyback Guarantee thru Tesla. I also got an email from Energy FCU with new terms for EV buyers starting Nov 15th - .99% rate, 48 months but $50k max. I haven't seen anyone as low as Energy FCU but I may not use them and stick with Tesla (Chase) to get the Guarantee. Is that crazy?
GG�
Nov 11, 2015
JenniferQ Agree. Things change as you age and priorities become different. Plus, we never finance depreciating items.�
Nov 11, 2015
brucet999 Doesn't matter how you deposit to your checking account, just that loan payments be paid via automatic transfer.
In my case, I am using the funds from my IRA, electronically deposited monthly into the checking account. That way I will continue to earn about 4.5% on the IRA while paying 1.49% on the loan.�
Nov 11, 2015
Drucifer I used to buy my cars for cash too, believing to never finance depreciating items. Now I borrow where there is the best rates and invest where there is the greatest advantage (risk managed, potential for return, diversification). Using money I have in investments or even using home equity from my house makes no sense when I can borrow at 2.14% on a car note. At that rate, I am better off accelerating the payments on my Florida home, self-funding business expansion, maxing out my 401k and my wife's SDIRA, and borrowing against the car.
I may be walking on a higher tightrope than many here, admittedly - meaning I may be more thinly capitalized than many folks.�
Nov 11, 2015
Navyguy What about people with relatively low credit scores?�
Nov 11, 2015
JenniferQ Gosh, I may be in the minority here, but I would never buy a car that costs over $100k if I had to finance it. Just seems too thinly capitalized to me. That $100k barrier makes me think luxury item and that should only be bought with discretionary income. But, different strokes for different folks.�
Nov 11, 2015
Cyclone I think the key difference here Jennifer is, at least in my case, I could buy it cash. Doing so would have meant liquidating some investments and paying long term capital gains taxes on it. Meanwhile, DCU offered me 1.49% for 65 months with 110% financing and my savings account pays 1.99% FDIC insured, not to mention munis paying me even more. It made more sense to just finance the car than pay cash.
I did the same with the prior vehicle. I could have bought cash, but financed 100% at 0% in lieu of a $1.5k incentive and then put the money in a 7% CD.�
Nov 11, 2015
JenniferQ If you are getting 1.99% on a savings account right now, then yes, I totally agree. I would love that rate. Where are you getting that? And where are you getting a 7% CD?�
Nov 11, 2015
GuyGadois Iceland? (1.99% savings accounts don't exist and haven't for years. 7% CDs aren't available, not even for 20 year CDs. Yes, those are available and no, they don't get 7%)�
Nov 11, 2015
sorka I would also never buy a $100K car if I *had* to finance it. But just because you don't have to doesn't mean you shouldn't. It's all about where you're going to get the best ROI balanced against risk. I'm making more, safely, than the 1.24% I pay in interest so in the long run, I end up with more money in my pocket because I financed, not less.
- - - Updated - - -
1.99% in a savings account? Sign me up!�
Nov 11, 2015
JenniferQ Sign us all up!
- - - Updated - - -
Are you sure you're coming out ahead? You are financing, even at a very low rate, an 'asset' that will likely be worth <50% of its financed value after 3-4 years. What is that ROI? Surely it can't be positive. .�
Nov 11, 2015
Cyclone Bank2 Rewards Checking in Oklahoma is 1.99. They were 2.99 for years and dropped maybe two years ago? I do not think they accept out of state applicants anymore, or they didn't for a while at least. Back in 2006, I got a 7, then 6, then 5% CD (each renewal went down a bit) from State Employees Credit Union of MD.
7.62% 12-Month CD at a Maryland CU - $200K Max (SECU).
After that, PenFed CU offered some multiple year 4%+ CDs.
Update on PenFed CDs and CD Rollovers
�
Nov 11, 2015
GuyGadois Those rates are way old. You're not even close now. These are the rates from Maryland CU and PenFed. When talking about rates use current rates not what they used to be. Maryland CU's MM rate is .20% APR. Nothing even close to 1.99% stated earlier.
[TH="class: first"]CDs[/TH] SECU's Rates* Maryland Bank Average [TH="class: last"]SECU Beats The Average By:[/TH]3 Months 0.25% 0.05% 80% 6 Months 0.30% 0.11% 173% 1 Year 0.50% 0.18% 178% 2 Years 0.75% 0.30% 150% 3 Years 1.00% 0.42% 138% [TR="class: last"] 4 Years 1.25% 0.55% 127% 5 Years 1.50% 0.82% 83% [/TR][TR="bgcolor: #cccccc"][TH="width: 33%"]Term[/TH][TH="width: 33%"]Dividend Rate[/TH][TH="width: 34%"]APY[/TH][/TR]
[TR="bgcolor: #e8e8e8"] 6 Month 0.60% 0.60%** 1-Year 1.20% 1.21% [/TR][TR="bgcolor: #e8e8e8"] 2-Year 1.40% 1.41% 3-Year 1.40% 1.41% [/TR][TR="bgcolor: #e8e8e8"] 4-Year 1.40% 1.41% 5-Year 1.50% 1.51% [/TR]7-Year 1.50% 1.51% �
Nov 11, 2015
JenniferQ Thanks. Trying not to beat the dead horse.
"You must spread some Reputation around before giving it to GuyGadois again."�
Nov 11, 2015
GuyGadois I work in this industry so it's in my wheelhouse . Let me know if you need a new toaster.�
Nov 11, 2015
brucet999 Your argument about the depreciating asset only holds if the choice were between buying or not buying the car. Since the decision here is not whether to buy the car but rather how to pay for it, the "ROI", if such it can be called, comes from the alternate means of payment. Either you pay cash for the car, liquidating some investment to do so, or you finance. If the financing cost is less than the return on the investment that would otherwise be liquidated, then the loan is a good move. If payment would otherwise come from cash under the mattress, then a loan would make no sense.�
Nov 11, 2015
JenniferQ Yes, agree. I come at it from the point of view that I would not buy the car if I could not pull money from a mattress or a bank account accruing abysmally low interest at the moment. All in agreement then. Still don't think I'd borrow money to buy it, though I do love it!�
Nov 12, 2015
Drucifer Exactly. My Florida real estate is owned in one of my LLCs and has a mortgage at an unfavorable rate (approx 6%) (due to it being in an LLC and treated like a commercial real estate loan instead of a personal loan). The rate was not favorable also due to buying at the bottom of the market in 2009 and the lack of banks willing to lend as well (even with a 35% down payment - but I was timing the market) anyways - I can pay that off by 2017 due to financing the car. Before you say "why don't you refinance the house?", the principal balance isn't enough to justify another round of closing costs to get the better rate. It has to be paid off - the sooner the better. The good news is that it would sell today for 150+% of what I paid for it in 2009.
Other liquidity would entail selling investments that I don't want to sell, or getting into "tax events" that would have me handing over much more money to Uncle Sam. Thanks, but no.
Anyways, even a 4% home loan still costs 2.5+% after taking into account the mortgage interest tax deduction. If I can borrow for less than that elsewhere, that is what I am going to do. I'll be 100% debt free in the next 6-8 years anyway at the rate I am going, regardless.
- - - Updated - - -
Exactly - also.
PS. My wife's future (likely) Model X will be purchased into another LLC (her business). It will be financed since we don't leave a lot of excess liquidity in that particular business. It will have a $7500 tax credit pass through (per IRS Subchapter S rules) and accelerated Section 179 depreciation as well as all costs (less a chargeback to us for personal miles) deductible including interest on the loan. Tax laws will make a lightly optioned $85-$90k Model X have a net "after tax" costs about $30k less due to credits and "Hummer tax" rules. To pay under $2k a year in interest to save $14k in tax burden in year 1, and well over $2k a year in tax burden in the out years on a vehicle we would need to get in any event....well, I would be crazy not to do it - the "equal cost" alternative is a $45k vehicle with after tax money - maybe a Volvo wagon (with related fuel and maintenance).�
Nov 12, 2015
msnow Let's assume you can easily pay cash for the car. Would you finance it if it was let's say 0% for 60 months? If yes then why not finance with cheap money as long as it is safely invested and earning more than that? It seems so simple to me, what am I missing?�
Nov 12, 2015
Max* Man, after reading this thread I feel like the minority here. I don't have the cash to outright buy the car, and I have no qualms about financing it.�
Nov 12, 2015
Drucifer I grew up working class / lower middle class. I have worked hard and been fortunate to serve in the military, attain a BA and later an MBA, and continue to have a career that was beyond what most of my family did. My point was there is no shame in borrowing for a car, even if it is a deprecating asset, because you need to look at how the car and debt (or cash used) play into your total financial picture.
For most of us, you have to drive something, and that something is going to depreciate. You can drive a Honda Civic and eat about $300/mo in depreciation or a Tesla Model S and eat about $800/mo in depreciation but save $200 in fuel and maintenance. It is all a matter of priorities and planning.�
Nov 12, 2015
Cyclone You should reread my posts. The CDs were for my previous car in 2006. The 1.99 is current and I posted the details and you quoted a different bank.�
Nov 12, 2015
zer0cool Since you can buy a preferred index which returns like 6.6% in today's super low rate environment (sure it has risks but very little over long term), it's really a good financial decision to borrow if the rate is low... I got mine at DCU for 1.49%. It's pretty close to free money.�
Nov 12, 2015
GuyGadois i stand corrected. The bank you stated does offer 2.01% interest but only for $15,000 and the requirement to ....
- Log into Internet Banking
- Be enrolled and receive e-Statements Notice
- Have at least one monthly direct deposit post and settle the account
- Have at least 12 point-of-sale debit card purchases post and settle the account
I am not sure all of that is worth $301 bucks a year but I guess every little bit helps.
�
Nov 12, 2015
Cyclone Thanks GuyGadois. Yup, I have my day-to-day emergency fund there and I have the mortgage and car's emergency fund in a muni bond fund.�
Nov 12, 2015
JenniferQ Yes, at 0% I would. That's free money. Maybe it's just me - I just don't believe in financing depreciating assets, at this point in my life. Yes, I used to have to, like most of us in our early years. But I also would never buy a car that cost this much if I had to finance it. It's just a psychological thing, I guess. Enough. It definitely makes sense to use resources wisely and take advantage of financing where possible. I am not disagreeing with that and I fear we've gotten off topic.�
Nov 12, 2015
JMG 1.24% 60 month at Digital Federal Credit Union.�
Nov 12, 2015
Cyclone I think that is key here. Underneath this statement, is a basic assumption. Financing the car = affording the car. Instead, a car purchase is really two separate decisions. Deciding on buying the car/how much to spend, and payment of the obligation. Deciding on the buying the car/how much to spend is definitely the psychological issue Jennifer is talking about and going under financing just to be able to buy the car is not necessarily the smartest move (outside considerations apply such as total cost vs. spending on gas, voluntarily "wasting" money on something that is less harmful to our environment, "need" for status, etc. -- all personal decisions that I personally side with Jennifer on -- you should be able to "afford" your needs).
But once the decision to buy has been made, a separate transaction occurs -- writing a check to pay for the car. Does this check come from your checking account (and any transferring of funds that enables that), or does the check come from a lender. This separate decision needs to be evaluated on its own for which makes the most sense. At 0%, it sounds obvious, but it can be at higher rates too. Its a matter of the financing to cost you less than other sources of funds + whether that "savings" in the difference is worth the extra work (how small it may ever be) in keeping up with the loan and its terms.
So, if one tries to "buy on the payment", then I personally think they are making the wrong move and buying a vehicle they cannot/shouldn't afford. But that's different than deciding where to source the funds for a vehicle you can afford.�
Nov 12, 2015
Max* Well put, I agree with exactly this. I could afford to pay off the Model S over my loan term, even though I didn't have the liquid assets up front.
But nonetheless, I spend months struggling with the psychological aspect of buying such an expensive car. I still struggle with it, in a way, I park far away in the garage, I try to keep a low profile, not all my friends know I have it, etc.
I'm not sure I agree here, or maybe I'm not understanding.
I don't see anything wrong with buying on payment (even a depreciating asset) when the interest rate is low AND as long as you can make the payments and pay off the car.
Everyone has their priorities, I pay more for my kids preschool than I do for my mortgage monthly. Some of my friends think I'm insane, and I might be, but that's not the point. Most people have equity in their primary residences, 401ks, etc. but I also think that those same people would never consider pulling money from there to fund a car, at least I wouldn't.�
Nov 12, 2015
GuyGadois Thats a great rate. Is it current or something you got in the past? That looks great to me.
edit: I just called them and the best rate available today is 1.49%. Still good.�
Nov 12, 2015
Cyclone Max, what I meant are the people who buy vehicles with the only affordability requirement being "I can spend X pee month". These are the people who buy Kia's above MSRP with high rates because the dealer put them in a 7 year loan to "make the payment happen". You don't fit into this category based on you quoting me above.�
Nov 12, 2015
digitaltim NPV the cashflows of buy versus finance and you will have the answer that makes the most financial sense. However, if you don't want to be cash poor and buying outright would deplete too much of your liquid assets, financing (given the low rates) makes a lot sense.�
Nov 12, 2015
Dukeybootie I got 0.74% from Western FCU in Irvine back in August. This rate is only available for a 36 month term, though.�
Nov 12, 2015
asudan You are in the silent majority my friend! Welcome!�
Nov 12, 2015
Vigile Just got approved for 2.85% here for 72 months on a new one. Seems reasonable?�
Nov 12, 2015
Max* Depends how much you're putting down. If you're doing a 100%+ finance, then it's reasonable. If you're putting 20+% down I'd expect a 72 month to be closer to 2.25%.�
Nov 12, 2015
irvineboy I think a member here said Logix who has low rates, about 1.74% for 60 months, wouldn't work with Tesla for some reason. Trying to confirm.�
Nov 12, 2015
Gwgan That was me, but I think the problem is only in Maine and probably also New Hampshire where Tesla does not have a store. Logix has provided a loan in California that I know of and probably others as well.�
Nov 12, 2015
msnow No they work with Tesla a lot. I used them and they were great! 1.49% (I think 48 months but I could be wrong). I'm in California but I know there's certain states they don't do. PM me for a referral.�
Nov 12, 2015
Vigile Huh. I'm actually putting like $40k down on it. And I have a credit score of 780, just checked today. I guess I should look around some more?�
Nov 12, 2015
Max* Yep. Those numbers are from my local CU as of today. DCU and Alliant may offer even better rates.�
Nov 12, 2015
irvineboy How do they have 1.49%? The website says 1.74% for 60 months.
New and Used Car Loans | DCU | Massachusetts | New Hampshire
I believe you also have to have your employer do direct deposit, otherwise they charge you 0.50% more.�
Nov 12, 2015
irvineboy Bruce, it says Lowest rate quoted includes a 0.75% discount for payment made by automatic transfer from your SchoolsFirst FCU account. Lowest payment factors based on the lowest rate quoted; highest payment factors are based on the highest rate quoted.
So I think if you do automatic payment from another bank like Wells Fargo, then they charge you 1.49% + 0.75% = 2.24% for 60 months? I don't like credit unions that 1) make you use their savings account or 2) have employer do direct deposit. The autopayment I understand but being restricted to their account and/or direct deposit kind of limits you.�
Nov 12, 2015
CHGolferJim Just received a Chase offer via Tesla for 70% financing at 2.34% for 72 months with Tesla Resale Value Guarantee. That's 0.1% higher than USAA, but much lower than local credit union (SECU). Basically pay $3/month for RVG vs. USAA rate. Very tempting.�
Nov 12, 2015
Cyclone DCU provides another 0.25% discount to green cars to the advertised rated. So 1.74 -> 1.49%. I got 1.74% -> 1.49% for 65 months at 110% financing on my S from DCU.�
Nov 12, 2015
Navyguy What about people with sub prime credit? like below 600 lol. any one here able to find a lender?�
Nov 15, 2015
asudan If you are financing 50k or less I would look at Energy FCU. They have .99% for 48 months.
- - - Updated - - -
Will be difficult my friend, unless you have had other $100k cars paid off in the past, perhaps. In this case I would look at a lender you have a long relationship with such as your own credit union or bank as well as a large (25-30%) downpayment.
Getting your credit score into the 700's shouldn't be too difficult - it took my wife (then girlfriend) less than 2 years doing all of the right things. Now her score is higher than mine! Best of luck.�
Nov 15, 2015
McHoffa My credit score has dropped below 700 from 725 a year ago because I no longer have a car loan or other loans. I've only got a mortgage and some credit cards. Sad that to get my score back up I have to take out a loan of some sort. It was highest when I had both a personal loan via my credit union and a car payment. Paying things off doesn't always pay off :smile:�
Nov 16, 2015
Beryl Hmmm. It doesn't sound right that losing personal loans would drop your score like that. Do you think maybe you didn't have as many credit cards balances when you had those loans?
I have no debts (mortgage paid off and don't carry credit card balances month to month) and still maintain a score over 800. Granted, it was near 820 when I had a mortgage.�
Nov 16, 2015
andrewket Your paid off mortgage is still in the equation. The weight it's given will decrease over time.�
Nov 16, 2015
McHoffa I actually had more credit card debt at the time. According to a couple apps I use to keep up with my credit, the two things hurting me now are that my credit is ALL credit card debt aside from the mortgage, and that the average age of my credit is too high (37%, even though it was more like 60% a year ago). Credit scores are a strange thing.�
Nov 16, 2015
gizmoboy The FICO (and other) credit scores are a bit arcane.
Having no or "too little" debt counts against you -- not as much as having too much debt, but still a fair amount.
If you have no debt or always pay it off, they can't tell how you really will be at carrying a debt load. (Few are in the business of lending to give you a few months or a year's bridge for 1.5% interest and then have you pay it off).�
Nov 16, 2015
hybridbear This is what negatively impacts my wife & me. We live in an apartment & have never had a mortgage. We currently have no auto loan. We've had numerous auto loans in the past, but they've all been short term. The longest term of any loan was 36 months, and the longest it took to pay off any loan was about 12 months. Usually the kind of loan we need is a loan for a year or two as a bridge...the kind of loan that banks don't like. We use our credit cards for all our spending to earn cash back rewards, but we pay off our balances every month & have never paid a penny of credit card interest. I had student loans that I paid off in less than 6 months after finishing college & starting work. All of the aforementioned events show up on our credit report. It's a real struggle to get our credit score up to about 750, even though we have tried to be very responsible. Being only in our mid 20s, the length of our credit history is still short & that negatively impacts our score too.
Some of the comments in this thread about reasons to not pay with cash even when you have it on hand are quite interesting. If/when we buy a CPO Model S, we'd likely just about be able to pay cash for the entire cost between savings & trade in value. The type of loan we'd need would be a "bridge" for about 6-12-18 months, depending on how costly the car ends up being. Once that is paid off, we'd be able to replenish our savings. I wonder if perhaps it wouldn't be better to not use up so much cash from savings, but rather to instead take a larger loan over a longer period of time. This is a very intriguing topic.�
Nov 16, 2015
sorka Odd. Before I financed part of my P85D at DCU all three scores above 850 and my only loan was my mortgage. No revolving debt on any credit cards so my only debt at all was my mortgage.�
Nov 16, 2015
Max* FICO maxes out at 850. Auto loans may use a modified versionwith a different range.�
Nov 16, 2015
Cyclone Also, FICO Vantage scores go to 950. They are have variants for auto loans, mortgages, etc. Many lenders still use tradition FICO though since its scoring ranges are built into the partner applications.�
Nov 17, 2015
andyaycw I'm very similar in age to you and wanted to give my thoughts on this.
Try not to worry too much about the fact that your credit file contains primarily revolving credit cards. A mortgage, auto loans, etc. are not critical factors to obtaining a high FICO credit score. At the age of 25, my credit profile (at least from a very high level) looked very similar to yours: multiple credit cards that I used primarily for rewards and paid in full monthly, and one Chase auto loan. My FICO scores were all above 760. I'll provide a link below to a blog post I wrote many years ago pertaining to FICO scores:
FAKO and FICO credit scores | Andys Blog
What's important to keep in mind is that your credit score is just a snapshot. In other words, if you're thinking about applying for credit in a month or two, it pays to play the FICO game and make your credit report look as attractive as possible. As an example, if your credit card reports statement balances to the credit bureaus, you could pay off the balance in full before the statement cuts so that it reports a $0 balance to the credit bureaus. That's what I did when I applied for my first auto loan at the age of 22. The dealer pulled a 782 auto-enhanced FICO (scale of 200-950) enough to qualify me for Tier-1 pricing and a 0% interest rate. Link below to the benefits of playing the FICO game:
The Benefits of Playing the FICO Game | Andys Blog
It's getting late and I should really head to bed but I'll really quickly rattle off a response to this one here: with interest rates being so low, some people have the mentality that it might make more sense to hold onto the cash instead of using it as a down payment on a depreciating asset. I'm sure there are plenty of people who could have paid for their Model S in cash, but instead, decided to hold on to their $100,000 and take out a loan. Why? Sure, they're paying 2% interest on an $80,000 loan, but on the other hand, they kept the $100,000 in their bank and can invest it in stocks, mutual funds, etc. As long as they get >2% return on their investments, they're coming out ahead. I'd be more than happy to pay 2% on $100,000 to a lender, if I'm also earning >2% on $100,000 in my bank.�
Nov 17, 2015
Navyguy Whats the lowest credit rating someone here got a loan on this car for? just wondering. I know i can afford it Monthly but some past BS caused my credit to drop a good bit. also has anyone here actually said they make a little more than they do to get the loan? if so how much more did you have to say. like did you try loan before with say 70K then tried again saying 100K etc? what about if you have commissions that may make that 75 go to 70 or 85 do you put 85 and use that as an "out" if they ask etc or what?�
Nov 17, 2015
brantse This is asking for trouble. Honestly, I did a pre-approval with my bank asking for a loan up to $50k and they approved me for $75k. That's my annual salary and with two young children, a mortgage, and other payments, WAYYYY more money than I would ever consider taking a car loan out for.�
Nov 17, 2015
Navyguy I know, but if you know you can float the payment, and want to spend the extra money there instead of say dining out 3-4 times less that month etc etc.�
Nov 17, 2015
msnow Strongly suggest you don't fluff the loan docs. You're signing your name certifying all info is true and accurate and there can be serious repercussions from the lender.�
Nov 17, 2015
Navyguy
I thought the same but someone here mentioned they did it.�
Nov 17, 2015
ecarfan Basically you are asking how much you have to lie to get a loan that you would not qualify for if you told the truth. Think about that for a bit. Not a good plan.�
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