topic Re: Auto loan approval question... in Auto Loans

Auto loan approval question...

OmmeggaTX — Thu, 12 Apr 2012 21:22:39 GMT

60% downpayment on a $22K car

5% utilization and 1.5 year of on time payments (2 credit cards)

Scores 550s to low 600s , 2-3 Collection and couple of 90day lates from 1.5 ago...

What are my chances?

Re: Auto loan approval question...

pizzadude — Thu, 12 Apr 2012 23:32:21 GMT

I think with a downpayment of 60% you won't have any trouble getting approved. Not sure what interest rate they'll throw at you though.

Do you have any previous auto loan history ?

Re: Auto loan approval question...

Revelate — Fri, 13 Apr 2012 04:57:47 GMT

60% down? Guarunteed. I have a worse report / score than you do, and I threw 30% and had no issue. Interest rate /shrug, get the loan, keep your payments on time and as your derogatory marks age further, it won't be a trouble refinancing if you so desire in the future... especially since you're going to be laughably in the black on the car from a loan to value perspective.

Re: Auto loan approval question...

GrowingCredit — Fri, 13 Apr 2012 18:38:57 GMT

Revelate wrote:
60% down? Guarunteed. I have a worse report / score than you do, and I threw 30% and had no issue. Interest rate /shrug, get the loan, keep your payments on time and as your derogatory marks age further, it won't be a trouble refinancing if you so desire in the future... especially since you're going to be laughably in the black on the car from a loan to value perspective.

+1. Your DP will take care of all their concerns.:smileyvery-happy:

Re: Auto loan approval question...

FrugalRican — Fri, 13 Apr 2012 18:42:34 GMT

With a 60% DP, don't be surprised if they don't just throw you into the car and push it out of the lot themselves.

The APR is a different story.

Re: Auto loan approval question...

webhopper — Fri, 13 Apr 2012 20:34:21 GMT

OmmeggaTX wrote:
60% downpayment on a $22K car
5% utilization and 1.5 year of on time payments (2 credit cards)
Scores 550s to low 600s , 2-3 Collection and couple of 90day lates from 1.5 ago...

What are my chances?

You won't have a problem, I suggest applying with a lender that you already have a banking relationship with, as they will be more likely to extend you credit on good terms.