http://ficoforums.myfico.com/t5/Student-Loans/Possible-to-get-an-auto-loan-with-a-defaulted-perkins-loan-on-CR/m-p/1705758#M10090 <p>No, I think you are better off doing the rehab.  If possible, I would wait until you are done with the process before car shopping.  It will help you a lot.</p> Sat, 17 Nov 2012 18:32:50 GMT laz98 2012-11-17T18:32:50Z http://ficoforums.myfico.com/t5/Student-Loans/Possible-to-get-an-auto-loan-with-a-defaulted-perkins-loan-on-CR/m-p/1705354#M10086 <p>This is the short and tall of it:</p><p> </p><p>I recently checked my credit score and as of this month my EQ/TU is 636/640.   I have a defaulted federal perkins loan ($4700)  that I finally tracked down last month - it went into default in 2010 (whoops!); and I'm in the process of rehabilitating.  From reading the forums, I understand it will take 9 months to even be returned to the Dept or Edu for the original amount of $3000.   I've moved, was completely disorganized for years, etc etc.. basically a mess.  But, I'm trying to get back on track.  I opened a secured credit card through my bank about 6 months ago (though it's only a low balance... $300), I keep the balance super low and make payments monthly to establish revolving credit.  I believe my score has vastly improved in the last year alone, but I'm wondering if I'll be able to qualify for an auto loan while I still have the defaulted student loan on my CR.</p><p> </p><p>I have very little established credit, besides this one loan that went rogue.   My other student loan was for $4500 and I've paid it on time every month for the past 10 years, and there's only about $1000 left on it.  </p><p> </p><p>I opted for the loan rehab rathern than settling because I assumed in the long run it would look better on my report to have it come out of defaulted status rather than just paid/closed.  Was I incorrect in doing so, should I have just paid it in full? </p><p> </p><p>Will I even be able to get an auto loan, if I my own bank wouldn't  grant me one?  I applied for a 13k used auto loan with Wells Fargo, having banked with them for 10+ years, have a savings, and secured cc with them, and I didn't even qualify for even a 12% loan because of my delinquent student loan and lack of other credit.  What should I do?  Should I hold off on purchasing a newer vehicle til my default status is resolved? </p> Sat, 17 Nov 2012 08:26:21 GMT http://ficoforums.myfico.com/t5/Student-Loans/Possible-to-get-an-auto-loan-with-a-defaulted-perkins-loan-on-CR/m-p/1705354#M10086 alfstein 2012-11-17T08:26:21Z http://ficoforums.myfico.com/t5/Student-Loans/Possible-to-get-an-auto-loan-with-a-defaulted-perkins-loan-on-CR/m-p/1705758#M10090 <p>No, I think you are better off doing the rehab.  If possible, I would wait until you are done with the process before car shopping.  It will help you a lot.</p> Sat, 17 Nov 2012 18:32:50 GMT http://ficoforums.myfico.com/t5/Student-Loans/Possible-to-get-an-auto-loan-with-a-defaulted-perkins-loan-on-CR/m-p/1705758#M10090 laz98 2012-11-17T18:32:50Z http://ficoforums.myfico.com/t5/Student-Loans/Possible-to-get-an-auto-loan-with-a-defaulted-perkins-loan-on-CR/m-p/1706298#M10091 <p>Locked thread to direct others here:</p><p> </p><p><a target="_blank" href="http://ficoforums.myfico.com/t5/Auto-Loans/Possible-to-get-an-auto-loan-with-defaulted-student-loan-on-CR/m-p/1705352">http://ficoforums.myfico.com/t5/Auto-Loans/Possible-to-get-an-auto-loan-with-defaulted-student-loan-on-CR/m-p/1705352</a></p><p> </p> Sun, 18 Nov 2012 01:00:55 GMT http://ficoforums.myfico.com/t5/Student-Loans/Possible-to-get-an-auto-loan-with-a-defaulted-perkins-loan-on-CR/m-p/1706298#M10091 llecs 2012-11-18T01:00:55Z