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      09-28-2012, 12:03 AM   #35
Jedi Poltergeist

Drives: 2011 BMW M3 6MT ZCP
Join Date: Mar 2012
Location: Southern California

iTrader: (0)

Originally Posted by BMW Fanatic View Post
Don't buy the car. Wait until you have the $$ saved as opposed to getting it via credit.

Also, not sure if true but I heard through the grapevine that the more places you go ask for loans etc, the more your credit score is affected (not in a good way) and the 'inquiries' won't leave your file for 36-60 months.
This is good advice but I feel like in this day and age it's really more about how you leverage the money that you have..

Originally Posted by jonbig12 View Post
It’s odd that they are telling you “past or present delinquencies” are preventing you from be qualified for more money. How much money you are qualified for is typically a function of your debt-to-income ratio. Any past credit difficulties have already been factored in by your credit score, and unless you have a recent bankruptcy, or repo of some sort the analysis is usually left to the credit bureaus. Regarding the scenario you suggested, I doubt any institution is going to give you “the other $20k” as it were. You will need to find another lender who will give you the full amount which may or may not be difficult. You may have to pay a higher rate to ultimately get what you want.

Regarding the credit inquiries, there are indeed soft and hard pulls. However the credit bureaus give you a 30 day “shopping period” in which you can have up to 10 inquiries for the same purpose and they will all be looked at as one inquiry. You typically are not punished for doing your due diligence as a consumer.

If it were me I would simply get the car you want and refinance it later
I've heard this numerous times, I think I might go this path. Is there any cost in refinancing? Or does my new creditor eat that cost to earn my business?

Originally Posted by Yugo View Post
Penfed is the best! .99% through September if you buy through a qualified dealer, which is a pretty good selection of dealers at least in my area. Also .49% for 48 months. 3 more days left
Holy crap, 0.49%? It just keeps getting better!

Originally Posted by buschy View Post
penfed wouldnt even approve me but USAA approved me for 60k for a car and 80k for a boat at the same time.
Penfed is strick. try somewhere else, anywhere else.
They certainly are pretty strict, I think it's because they are running low on cash reserves at this point, I know lots of people have applied for these loans!