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DAP Forums > Other Topics > Other Topics

Buying my first car

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#1
04-26-2015, 06:16 PM
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iDream
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I have decided to purchase my own car. Anyone had any issues applying for an auto loan with only DACA?
i went to a local credit union to open a checking account last week and I ask the agent a few questions regarding their auto loan services. She said whenever im ready, just bring in my proof of income..... in my head im thinking, " is it really only that they're looking for?"

now my question, is it really only your proof of income?
No status of residency?
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#2
04-26-2015, 06:52 PM
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A few people here have said they just put a big down payment and manage to get a loan, others get it through a co-signer. But read their policies well and ask their agents questions regarding this
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#3
04-26-2015, 06:58 PM
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I got an auto loan 10 years ago without DACA and just my in-state driver's license (RIP). They just want to know you can pay it back.
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#4
04-26-2015, 08:39 PM
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Quote:
Originally Posted by Pianoswithoutfaith View Post
A few people here have said they just put a big down payment and manage to get a loan, others get it through a co-signer. But read their policies well and ask their agents questions regarding this
^im kind of hesistant to ask them about this. but once i come back there, ill wait for her to ask.

Quote:
Originally Posted by IamAman View Post
I got an auto loan 10 years ago without DACA and just my in-state driver's license (RIP). They just want to know you can pay it back.
oh yeah? sweet! we'll see in a couple of weeks.
hopefully, they wont deny me.

thanks for the input guys!
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#5
04-26-2015, 08:58 PM
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Quote:
Originally Posted by iDream View Post
^im kind of hesistant to ask them about this. but once i come back there, ill wait for her to ask.



oh yeah? sweet! we'll see in a couple of weeks.
hopefully, they wont deny me.

thanks for the input guys!
I should mention that I have decent credit, but had never loaned a car before so my interest rate was high (like 12.9%). I really didn't care at the time because I knew I had some insurance money coming to me (my old car was totalled when *irony* I was t-boned by another illegal who didn't have license nor insurance while he was driving his gf's sister's car).

Anyway, it's really none of their god damned business whether you're on DACA or not...don't even mention it.
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#6
04-27-2015, 12:59 AM
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I just bought a car and got a loan from Santander. They ran my credit and gave a super high interest rate because i have a big debt and because my credit is super new. No hassle at all, didn't even ask why my license had TEMPORARY on it. I live in FL
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#7
05-07-2015, 09:59 PM
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Okay guys quick update.
I got approved for a 30k auto loan with 1.99% Apr.
That should be a good thing right?
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#8
05-07-2015, 10:57 PM
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Quote:
Originally Posted by iDream View Post
Okay guys quick update.
I got approved for a 30k auto loan with 1.99% Apr.
That should be a good thing right?
Congrats!! That is a spectacular interest rate. You're basically paying close to nothing in interest.
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#9
05-07-2015, 11:23 PM
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Congrats!! That is a spectacular interest rate. You're basically paying close to nothing in interest.
Thanks! Yeahhh i was shocked too! I came in there expecting 4-5% apr.
But when the loan officer ran my credit, 10 minutes later.. He said i qualify for $30,000 with 2.49% but since im a member and i wanted to do a direct repayment using the checking account i have with them, he gave me a .50% subtraction from the 2.49%. Which pretty much brings down to 1.99%.


Whats so amazing is that they didnt even ask for my paystub!!!!!! No bullshit. Im like "are you sure you dont need it? I have 2 months worth of it, right here"

He said, " nah, youre good!"
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#10
05-09-2015, 09:26 AM
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Quote:
Originally Posted by iDream View Post
Thanks! Yeahhh i was shocked too! I came in there expecting 4-5% apr.
But when the loan officer ran my credit, 10 minutes later.. He said i qualify for $30,000 with 2.49% but since im a member and i wanted to do a direct repayment using the checking account i have with them, he gave me a .50% subtraction from the 2.49%. Which pretty much brings down to 1.99%.


Whats so amazing is that they didnt even ask for my paystub!!!!!! No bullshit. Im like "are you sure you dont need it? I have 2 months worth of it, right here"

He said, " nah, youre good!"
Whats your credit score?
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