When to start looking at financing?

[trayack]

I have ordered a '13 Scab that should be built the week of 11/12/12. I'm just wondering when I should start looking into finance options. I'm not currently planning on financing though the dealership as I feel I could get a better rate elsewhere. I'm looking at Bank of America (my normal bank) for easy of payment and keeping track with BoA online banking, or PenFed based on what what I've read here seems to be the best rate going.

So, I'm just wondering when I should start applying for loans and such. Last I checked my credit score was in the 720-740 range i believe. I currently have about $1400 on a credit card, and an $4000 left to pay on my vette (loan through BoA). Would it help to pay one of those off?

Has used PenFed?...how did it go?

- Travis

 

[Fred]

I have ordered a '13 Scab that should be built the week of 11/12/12. I'm just wondering when I should start looking into finance options. I'm not currently planning on financing though the dealership as I feel I could get a better rate elsewhere. I'm looking at Bank of America (my normal bank) for easy of payment and keeping track with BoA online banking, or PenFed based on what what I've read here seems to be the best rate going.

So, I'm just wondering when I should start applying for loans and such. Last I checked my credit score was in the 720-740 range i believe. I currently have about $1400 on a credit card, and an $4000 left to pay on my vette (loan through BoA). Would it help to pay one of those off?

Has used PenFed?...how did it go?

- Travis

How much are you going to finance on the truck.... That is the first question

 

[blockdoc]

My order isn't scheduled yet. I applied for a loan from my credit union for 1.9%, which is pre-approved until it gets closer.

 

[The Car Stereo Company]

i know from my last auto loan when you get preapproved it is valid for 30 days. at least at my bank it was..... so i would probably try about the time the truck gets built. but im no financial expert, just posting a previous experience

 

[RaptorWifey]

I believe PNC is good for 60 days. Best bet would be to call BOA and ask them how long a loan quote is good for... then apply accordingly. As for the debt, what they look at is debt to income, and where you stand for monthly payments with what you make... that being said, if you can pay off the CC or the Vet, you always do it! Why pay interest if you don't need to.

 

[trayack]

How much are you going to finance on the truck.... That is the first question

My price for the truck is $46,665. I plan on putting $16K down on it, and already have $1K in as my deposit when ordered. So, roughly $29-30K.

As far as my loans/debts go what I listed $1,400 CC and $4K vette (I'm currently 6 months ahead on payments) are my ONLY outstanding loans. No mortgage (I rent). I made $125K last year, and am in the proscess of getting divorced if that matters to the bank...it sure does to me This year I will make roughly 10-15K less I assume. Lost overtime from crying and vomiting when she said she was done...

- Travis

 

[The Car Stereo Company]

sorry to hear about the marriage...........

 

[mouldman1]

Shed no tears my friend. Think about it this way if u were still married she wouldn't let u get a raptor!!!

 

[RaptorWifey]

Sorry to hear about the divorce.
You should be fine on debt to income. Although they will ask you how much your rent is and include that in their decision to approve you. The divorce should only hurt you if you have any joint cc's or loans or if there is a mortgage that you will be transferring to her, etc If there is none of that, do not offer that information up to the bank... its none of their business but they may see it as a liability (such as her not paying utilities that are in both your names, or running up a cc.. etc.) I think your best bet is to call BOA and see how long their loan quotes are good for, and what rates they are typically offering someone with a mid 700 score. If they want to pull your credit before giving you information, hang up on them or ask for a manager. You arent ready for that and you don't want it dinging you. Then you can apply when you are within that time frame, or seek out another lender if the rate isn't appealing.

Good Luck!

 

[Fred]

My price for the truck is $46,665. I plan on putting $16K down on it, and already have $1K in as my deposit when ordered. So, roughly $29-30K.

As far as my loans/debts go what I listed $1,400 CC and $4K vette (I'm currently 6 months ahead on payments) are my ONLY outstanding loans. No mortgage (I rent). I made $125K last year, and am in the proscess of getting divorced if that matters to the bank...it sure does to me This year I will make roughly 10-15K less I assume. Lost overtime from crying and vomiting when she said she was done...

- Travis

Travis,

The old saying all else being equal pay off the highest debt, I would pay the Vette off first since that debt is secured...that being said going thought the big D changes everything...just remember cash is easy to value...a vehicle is not...nor is it as liquid....you are fine on the truck...you have the benefit of shopping for the lowest rate...just remember some of the banks will whack you with some hidden fess...of course make sure the loan is "simple interest"....

Divorce should not hurt ,you credit unless their is something in your name and ss# and your wife fails to pay...get everything out of your name that is not yours ASAP...

I am not giving you any legal or financial advice...just be careful what you do while going through your divorce...you don't want the other side saying you are trying to shelter assets...etc...

Good luck...

Remember. Why do Divorce lawyers make so much money....because they are worth it....

Fred