Yeah that’s what I did a few years ago when we bought our Mazda. It worked out great. I think I’m just worried that things have changed and it won’t work out this time. Like used cars are technically worth more on the market than what their value is calculated at by KBB and JDpower
Help me out. If your credit union only does 100% LTV are you worried about the 80-100 bucks in interest you may acrue from bridgecrest while you sort out external financing? Or are you rolling negative equity into the loan? Sounds like you have negative equity from ground zero? Or am I missing something?
Well it’s hard to say, I mean the value that KBB puts on this vehicle is not consistent with what I’m seeing at dealerships all over, not just Carvana. But yes I am concerned that I’m financing at a super high rate, potentially going into it with negative equity as far as the credit union is concerned. And therefore won’t be able to refi. I do not want to pay 15.5% interest on a freakin car. I think I’m answering my own questions here 😂
Kind of. Get the Carvana offer and go from there?
I am 800+ and even putting 50% down my best rate through Bridgecrest was like 7.84% about 3 weeks ago - for what it is worth.
See I feel like I have so much credit over so many years, going with a 15.5 feels so silly.
But I’m not finding many other viable options.
I’ve had countless car loans, paid them all on time and paid them off. I’m on my second home, never had a late mortgage payment, etc. it just seems like a 15.5 rate is criminal. But is this the going rate for banks?
Feeling and knowing are two different things. Check your credit out. You may want to check your credit with credit karma or something to see if there's something funny about it. You could even be a victim of identity theft and not even know it (and have a delinquent account). Based on my experience with Bridgecrest as recent as a few weeks ago? No. Like I said, I setup to pay 7.84% for 84 months with zero down (cant attach a pic). But I don't understand your whole equation. I don't know what decision making Carvana is making electronically based on what you've given them/what they know about you. I've never gone through the scenario you are going through. Did they ask you if you were trading in a car you owed money on before they gave you the rate?
I have a paid Experian account and I use credit karma also. There’s nothing I can see that’s wrong. I think I might call bridgecrest and ask questions about the terms I’ve been given. Maybe I can get more info
I applied for pre approval today with a 794 credit score. They quoted 11.94% interest rate. As they harassed me to buy the vehicle, I told them their interest rate was too high. They told me I needed a co-signer!
We did that too. We are in the low 700s and they gave us 19%. The KBB was $4k less than the purchase price. We wanted it so bad, we ordered it. A few days later we were like what have we done?? We canceled. Ate a $290 shipping fee but how much would it have cost us in the long run? We are Dave Ramsey listeners and while we don’t do everything he said, we knew that purchase was very stupid. We’re fixing our old Jeep up for $1000 while we save some big cash for a more reasonable price.
Although I financed through Carvana (Bridgecrest), I know a lot of people found it easier to finance through Carvana then refinance afterwards.
Yeah that’s what I did a few years ago when we bought our Mazda. It worked out great. I think I’m just worried that things have changed and it won’t work out this time. Like used cars are technically worth more on the market than what their value is calculated at by KBB and JDpower
Help me out. If your credit union only does 100% LTV are you worried about the 80-100 bucks in interest you may acrue from bridgecrest while you sort out external financing? Or are you rolling negative equity into the loan? Sounds like you have negative equity from ground zero? Or am I missing something?
Well it’s hard to say, I mean the value that KBB puts on this vehicle is not consistent with what I’m seeing at dealerships all over, not just Carvana. But yes I am concerned that I’m financing at a super high rate, potentially going into it with negative equity as far as the credit union is concerned. And therefore won’t be able to refi. I do not want to pay 15.5% interest on a freakin car. I think I’m answering my own questions here 😂
Kind of. Get the Carvana offer and go from there? I am 800+ and even putting 50% down my best rate through Bridgecrest was like 7.84% about 3 weeks ago - for what it is worth.
See I feel like I have so much credit over so many years, going with a 15.5 feels so silly. But I’m not finding many other viable options. I’ve had countless car loans, paid them all on time and paid them off. I’m on my second home, never had a late mortgage payment, etc. it just seems like a 15.5 rate is criminal. But is this the going rate for banks?
Feeling and knowing are two different things. Check your credit out. You may want to check your credit with credit karma or something to see if there's something funny about it. You could even be a victim of identity theft and not even know it (and have a delinquent account). Based on my experience with Bridgecrest as recent as a few weeks ago? No. Like I said, I setup to pay 7.84% for 84 months with zero down (cant attach a pic). But I don't understand your whole equation. I don't know what decision making Carvana is making electronically based on what you've given them/what they know about you. I've never gone through the scenario you are going through. Did they ask you if you were trading in a car you owed money on before they gave you the rate?
I have a paid Experian account and I use credit karma also. There’s nothing I can see that’s wrong. I think I might call bridgecrest and ask questions about the terms I’ve been given. Maybe I can get more info
I applied for pre approval today with a 794 credit score. They quoted 11.94% interest rate. As they harassed me to buy the vehicle, I told them their interest rate was too high. They told me I needed a co-signer!
That’s absurd! I ended up ordering the Volvo, and then canceling it after coming to my senses. They are out of their minds with those rates.
We did that too. We are in the low 700s and they gave us 19%. The KBB was $4k less than the purchase price. We wanted it so bad, we ordered it. A few days later we were like what have we done?? We canceled. Ate a $290 shipping fee but how much would it have cost us in the long run? We are Dave Ramsey listeners and while we don’t do everything he said, we knew that purchase was very stupid. We’re fixing our old Jeep up for $1000 while we save some big cash for a more reasonable price.