topic Re: Do I have a chance? in Auto Loans

Do I have a chance?

ccoke04 — Sun, 30 Sep 2012 19:56:57 GMT

-Credit Score (FICO): 572

-Price of vehicle: $28.5k

-Downpayment: Approx. $4-5k

-Annual Income: $48k

-No other bills/expenses, although $25k in deferred student loans

-Member of a credit union.

Any input would be greatly appreciated. Thanks in advance :)

Re: Do I have a chance?

creditnocash — Mon, 01 Oct 2012 00:15:11 GMT

do you have any other cards that are effecting util.

with a 572 its kind of rough.

what cu are you a part of?

ask them if you put down 4-5k what rate they would offer you?

Re: Do I have a chance?

ccoke04 — Mon, 01 Oct 2012 01:38:40 GMT

Thanks for the reply.

I'm with Coastal Federal Credit Union here in North Carolina. I also have a secured credit card with them that I've had for 5 months. Should I bring a copy of my credit report with me to a branch and have them look it over before I apply?

Re: Do I have a chance?

Shogun — Mon, 01 Oct 2012 02:36:47 GMT

Have you tried to clean up your credit? A few points in your score could help a lot.

Re: Do I have a chance?

ccoke04 — Mon, 01 Oct 2012 02:41:03 GMT

I have, I paid off three collection accounts in June although they all turned down my GW letters. Are there any lenders that would approve me other than Santander? I wouldn't particulary mind a higher apr as I would eventually refinance.

Re: Do I have a chance?

Shogun — Mon, 01 Oct 2012 03:32:37 GMT

I would try your CU first. They seem to be more lenient.

Re: Do I have a chance?

duckling5540 — Mon, 01 Oct 2012 14:19:26 GMT

I would just go with Santander, thats probably your only shot.

Re: Do I have a chance?

sccredit — Mon, 01 Oct 2012 23:24:51 GMT

duckling5540 wrote:
I would just go with Santander, thats probably your only shot.

Santander is a last resort, not a first try.

There was a time I had scores in the mid to high 500's and had a loan from Wells Fargo Dealer Services at 10% and Ally at 10%. Only go to Santander if you absolutely have to.