06-05-2012 09:56 PM - edited 06-05-2012 10:05 PM
Thanks for taking the time to look!
I am currently in the process of rehabilating my credit. I want to purchase a 2012 VW GTI that should cost around 29K.
I take home about 3400/mo after taxes
My score is right around 600
I have 2 car loans on my report with 2 late payments on both (VW credit), but paid off.
I have one Repo, that is almost up that is about 7k owed. (Honda)
4k in collections (military debt)
2 collection debts for 200/400 (phone and credit card)
I have up to 14,000 I could put down in cash.
I have been at my job since 2005
1.5 years at my apartment.
devastatingly handsome (j/k)
Now to the questions..
Can I get a loan?
What kind of APR range am I looking at?
Are there diminishing returns for puting down more cash?
I am about to move in with my girlfriend, my rent will drop from 1100 to 600. Should I wait, or would that hurt me since I will be new to the address and I also will not be on a lease.
Thanks again in advance for all the help!
06-06-2012 01:58 PM
The amount you are willing to put towards a down payment will certainly overcome the negatives in your file. As to the rate i would hazard a guess that you may be able to stay in the upper single digits. It's unfortunate that your major negatives are related to auto financing because that will lower your auto enhanced FICO score. But not all financial institutions use the auto enhanced anyway. Shop around and find your car and make the deal when you do. Your address changing should have little or no effect as long as you are still at the same employment and can show the stability at the previous address.
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