What kind of score needed for pentagon loan

lando76 · 04-08-2010, 12:05 PM

Just curious what type of score would be needed to qualify for a pentagon loan on this car. I know their interest rates are unreal but not sure what it would take to qualify for that. AK could charm in here. I believe he went that route.

d02808045 · 04-08-2010, 08:45 PM

Quote:

Originally Posted by lando76

Just curious what type of score would be needed to qualify for a pentagon loan on this car. I know their interest rates are unreal but not sure what it would take to qualify for that. AK could charm in here. I believe he went that route.

I'm not sure how they determine the score, but if you're in the mil/or related to mil, you'll get it for sure. AK has to pay for the application or something like that...I would call them up to check... I was offered at 3.99 for 60 months. They took a long time to send me the check, in the mean time, I go with USAA and they give me INSTANT approval at 3.975 for 48 months....and of course i'm in the mil...

Matt · 04-08-2010, 10:02 PM

I can't speak for PenFed, but most institutions don't reward people above 600 or 650 (FICA Score), as much as they penalize or dissuade people below that mark.

DK13 · 04-09-2010, 01:59 AM

Well basing it off AK's score wouldn't really help if you have a general idea of your score as I believe he stated in his 3.99% thread that his score is pretty immaculate...

370Z JT · 04-09-2010, 03:36 AM

My score was 800 for penfed.

FuszNissan · 04-09-2010, 09:03 AM

Unfortunately it isn't about score anymore.

Banks look at Debt to Income, Income,and Score. So you may have an awesome score like 800 but have an 80% D.T.I (debt to income) and may not get a loan.

m4a1mustang · 04-09-2010, 09:05 AM

Fusz is right. Debt to income is the primary factor. If you have to stretch to cover the loan, you're not going to get approved.

lando76 · 04-10-2010, 11:29 AM

Quote:

Originally Posted by FuszNissan

Unfortunately it isn't about score anymore.

Banks look at Debt to Income, Income,and Score. So you may have an awesome score like 800 but have an 80% D.T.I (debt to income) and may not get a loan.

Wow bang on the money with this Fus, I was denied by penfed not because of my score but due to the fact my two credit cards are carrying to high of a balance compared to the limits. So looks like I am going to put in some OT, pay down the debt to lower than 50% and try again. My score was not a problem the lady said. Weird 4 years ago and they would be throwing a loan at us.

04-08-2010, 12:05 PM	#1 (permalink)
lando76 Base Member Join Date: Jul 2009 Location: ca Posts: 107 Drives: N/A Rep Power: 16	What kind of score needed for pentagon loan Just curious what type of score would be needed to qualify for a pentagon loan on this car. I know their interest rates are unreal but not sure what it would take to qualify for that. AK could charm in here. I believe he went that route.

04-08-2010, 10:02 PM	#3 (permalink)
Matt A True Z Fanatic Join Date: Oct 2009 Location: Augusta, GA Age: 41 Posts: 1,680 Drives: 2010 Avalanche LT Rep Power: 19	I can't speak for PenFed, but most institutions don't reward people above 600 or 650 (FICA Score), as much as they penalize or dissuade people below that mark. __________________ "Any man who can drive a 370z while kissing a pretty girl is simply not giving the Z the attention it deserves." Albert Einstein....modified.

04-09-2010, 09:03 AM	#6 (permalink)
FuszNissan A True Z Fanatic Join Date: May 2009 Location: St. Louis Posts: 14,275 Drives: Pure Sex Rep Power: 542	Unfortunately it isn't about score anymore. Banks look at Debt to Income, Income,and Score. So you may have an awesome score like 800 but have an 80% D.T.I (debt to income) and may not get a loan. __________________ Mods: Too Many to list! LouFuszNissan ZDAYZ 2012

04-09-2010, 09:05 AM	#7 (permalink)
m4a1mustang A True Z Fanatic Join Date: Feb 2009 Location: Northern VA Posts: 55,385 Drives: on two wheels Rep Power: 6962	Fusz is right. Debt to income is the primary factor. If you have to stretch to cover the loan, you're not going to get approved. __________________ - Steve Zs & Coffee - Saturdays at 10AM in Fairfax, VA and Columbia, MD (Click the banner!) LIKE us on Facebook!

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04-09-2010, 01:59 AM	#4 (permalink)
DK13 Base Member Join Date: Apr 2010 Location: SoCal Posts: 2 Drives: 07 Dodge Charger SXT Rep Power: 15	Well basing it off AK's score wouldn't really help if you have a general idea of your score as I believe he stated in his 3.99% thread that his score is pretty immaculate...

04-09-2010, 03:36 AM	#5 (permalink)
370Z JT A True Z Fanatic Join Date: Jan 2010 Location: United States Posts: 2,905 Drives: 370Z PW 7AT Rep Power: 378	My score was 800 for penfed.