Never had an auto loan

[cb_opus]

background: trying to get prepared for a car purchase in the next 12-24 months, and am curious about the auto-financing process.

 

I've got a long credit history - paid mortgage TLs (one only showing on EQ at this point), house paid for, 20+ years with employer, long revolving history (back to early 90's visible on report), decent utilization, but!

 

I've paid cash for every car I've ever had.

 

I've seen Marv "decline" some folks here for not having comparables - is this a problem?

[MarvBear]

On behalf of CreditBoards Admin, MarvBear would like to extend a sincere and warm welcome to the Automotive Forum. We have an Automotive FAQ (Frequently Asked Questions) section that should prove to be very helpful in your automotive knowledge quest.In the Reading and Resource Section of this forum, which is a read only forum, you can look up information regarding Sales Tax by State, Lemon Laws by State, along with a number of industry specific topics very relevant from the dealership's perspective.In the main section of this forum, there are two pinned topics both of which are read only topics. The first concerns Bank and Credit Union rates and tiers. You might find this useful in predicting an interest rate on your next vehicle purchase. The second is a general purpose credit application that you can use to get an idea if you might qualify for an automotive product loan based on an insider's perspective of the information you provide.You, as a consumer, have a unique advantage to "pick my brain"as I have been in the Automotive Industry since 1972. I will endeavor my utmost to give you up to the minute information and explain any insider workings you may question.Due to time constraints on my part, I may not always be available to answer your question right away. Don't be discouraged, this is a very busy board. If some extended time goes by without a reply, feel free to reply to your own post by typing the word *bump*. This will *bump* your post back up to the top of the forum where it is more easily seen.We make every effort to maintain a warm and friendly, and particularly non-judgmental attitude here on CreditBoards. If you find someone is discourteous to you, use the REPORT button located at the bottom of every post-that will ensure that either I or another moderator or Admin looks at the post and decides if it is against our TOS.Off-topic posts should go in the General Forum. And if you are a credit newbie, take a glance at our Newbies Section.Come get your new keys!HAPPY MOTORINGCB Admin: LKH, Pam, radi8, breezeCB Mods: CargoJon, Chris in CA, cotterpin, CramItCCCAs, Cristy, fla-tan, hardpull, MarvBear, pryan67, psp, stealthmidget, Stryker, yourguide, ZeRo_C0oLForum Leads: Brian B The Loan Professor, cedski, DallasLoanGuy, four20nik, hoapres, hurricanesfans27, Lighthouse84, Linx04, Neen, orangecrush, Peekaboo, TeeSharice

[CreditMcNugget]

I would think a timely paid mortgage would be sufficient...

 

But, I'll leave it to Marv for a final "thumbs up" or "thumbs down".

[cb_opus]

I would think a timely paid mortgage would be sufficient...

 

But, I'll leave it to Marv for a final "thumbs up" or "thumbs down".

 

Thanks!

 

I'm happy to fill out the "app," Marv, if you prefer. I'm just wondering if there's a catch-22 somewhere, where you can't get it, if you've never had it.

 

I'm not big on installment loans. Original mortgage, and one refi (paid), plus one teeny SL (~$1000) that's long fallen off my reports.

Edited July 29, 2008 by cb_opus

[cb_opus]

... and here's the "app" for Marv, when he checks in...

 

Your Age? mid-40s

 

Your Equifax Credit Score? mid 700's

Your Experian Credit Score? mid 700's

Your TransUnion Credit Score? mid 700's

 

How many years have you been on file with Equifax? ~ 20 years

How many years have you been on file with Experian? ~ 17 years (oldest TL only on EQ)

How many years have you been on file with TransUnion? ~ 17 years

 

YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY

 

Do you have an open auto loan? no

Will this open auto loan be a trade-in?

How many late pays within the last 12 months on the currently open loan?

How many late pays within the last 13-24 months on the currently open loan?

Your current open auto loan is financed with?

Your current open auto loan payment is?

Estimated amount you may be upside down in this vehicle?

Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best)

 

n/a - no auto loans, ever.

 

YOUR REVOLVING CREDIT HISTORY

 

Total number of revolving account(s) you have? 17-18 open (23-30 total, depending on report)

Total percentage utilized overall? ~18 %

How many of your revolving accounts are store cards? 5

How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 12-13

How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) 0

 

YOUR PERSONAL INFORMATION

 

How long at your current residence? 20 years

Do you Rent or have a Mortgage, or Live w/Relative or Other? Own outright

Your Monthly Rent or Mortgage payment? 0

How long have you held your current job? 23 years

Your total provable monthly gross income is? 3750

Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return, or bank statements) pay stub

Is there additional monthly income? What amount monthly? n/a

Describe the source.

Is the additional monthly income provable?

Spousal income is not applicable.

 

YOUR DOWNPAYMENT

Please tell me your exact down payment in cash? (rebates and trade equity are not considered, please input a dollar value only.) 2k - 5k

Does any credit repository contain any Public Record? no

If yes, please very briefly describe.

 

Does any credit repository contain any Collection Account(s)? no

If yes, please very briefly describe.

 

Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) 9

Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 9 short though - 2 paid mtgs, only installments

Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 9

 

New or Used vehicle you are considering: Please very briefly describe.

new, under 15k (ala Kia or Hyundai)

 

 

Thanks!

[MarvBear]

lol HOW MANY YA WANT?

[54regcab]

If for some odd reason the dealer declines this just go to the Bank/CU you normally do business with. They should be GLAD to write the loan. personally I think they will let you buy just about anything you want with no problem and give you a 5% rate to boot.

[cb_opus]

lol HOW MANY YA WANT?

 

Marv, you're a hoot!

 

If for some odd reason the dealer declines this just go to the Bank/CU you normally do business with. They should be GLAD to write the loan. personally I think they will let you buy just about anything you want with no problem and give you a 5% rate to boot.

 

Thank you both!

 

It's very reassuring to know that it'll be there, most likely, when I need it, which I'm hoping is a least a year out...