Hi all,

I'm buying a used '02 max for $20k from a private seller. I'll be putting $4k down and have the rest financed. Problem is, peoplefirst.com just denied me a loan even though my FICO is 749 and I make $37k/yr. I can only determine that's due to my short 1 1/2 yr job history and I've lived at my current address for less than a year.

Luckily, my dad agreed to be my co-signers when i reapply at peoplefirst.com again tomorrow......would you guys know if it matters who's the main and co-applicant and since i'm just denied, would I be eligible to get a loan from them again? Advice please.

Go somewhere else.

I would not re-apply there. There are many many banks out there. Why did you pick an online lender? Fico of 749 will get you the best rates out there, regardless of the 1.5 years.

One more thing, do you have any other debt?

only @$3000 credit debt

I would say you should go to your bank. I have nearly no credit, as a result of not being able to work while in college, and i have about 16K in college loans to pay back, and i was approved by my bank. Good luck and congratulations (hopefully).

Your FICO score is very good. This score takes in consideration your work history and all the other crap. The reason Peoplesfirts denied is most likely the poor resale value of Maximas. Go to your bank and have them finance the car. Or you can try lendingtree.com

You are kidding, right? The car depreciation has no bearing on the loan value. In fact, when you get preapproved by peoplefirst, they don't even ask for what car/truck you need the loan. They mail you a blank check that you can fill up to your preapproved amount.

I don't know about Peoplesfirst, but I was refinancing my brother's Mitsubishi. We boght it on their 0,0,0 sale. After a year of paying nothing, we wanted to refinance for a better rate. I had a score over 700, i ws making over $50,000 and work and lived at the same plase over 3 years. So I thought I would have no problem. I applied at Eloan.com and was denied. I called there and that what they told me. The current resale value of the car was much lower than the amount I was requesting, even after put $2000 down. So, I went to a local banc I had an account with and got it refinance for a good rate with only $1000 down.
I don't know how Peoplesfirst work, but ever financal institution has it rules.
I'm a finance major and took banking at college while ago. If your dad or you are Credit Union members you can get the best rates out there. this is due to some Gov. regulation that allow Credit Unions have lower reserve.

I agree.....I'm a Loan officer at a community bank and you definitely shouldn't have a problem getting a loan at a local bank. For best results, go to the bank where you have your accounts - they always try to help their customers......

I agree. I'm also a Credit Union member. I don't know what my FICO score is but I do know that my credit history is excellent. So I bought an '03 SE back in Sept. and did the financing at my local Credit Union @ 4.95% fixed.