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Advice needed

New Member

Advice needed

I am looking to get a new car loan if possible.  I have a Fico score currantly of 681. I do have a couple late payments on my credit score.  Now this was not a mistake on my part and am trying to clear it up.  I have student loans and Sallie Mae did not give me my 6 months after graduation forebearance.  So I have 2 60 day late and a 90 day late from them.  That is more likely than not the cause of my low score.  I have a 0% utilization rate on my credit cards.  I have no collections either.   I do have about 60k in student loan debt.  I have a great job and make just a touch over 50k and my debt to income ratio is 27% including student loan payments, and living expenses.  What kind of apr should i expect?   I plan on putting down 8k along with a trade in, more likely worth $500 towards a Honda Accord Sport.  Out the door price including taxes etc was 23k

Message 1 of 7
6 REPLIES
New Member

Re: Advice needed

I dont think youd have any problem getting a low rate.  If not from the dealer, a CU should be able to get you 1.9%.  I frankly wouldnt settle for less.

 

have you tried letting 1-9% utilization report?  It may be enough to get you to a 690something.

Message 2 of 7
New Member

Re: Advice needed

The utilization has reported. Ive always been on time with everything except for that absurd sallie mae ordeal. Ive had no luck getting them to remove it and have been thinking about getting them to remove the trendline entirely. I applied with chase last night to see what they would give as well as capitalone to give myself a apr before i go in and start negociating. This is such a stressful experience!
Message 3 of 7
Senior Contributor

Re: Advice needed

Always keep your util between 1-9% Fico loves seeing those number. Never keep your credit cards at 0% util.

Message 4 of 7
New Member

Re: Advice needed

Crap.... i should have waited couple of weeks and reached out here first before applying and leave a balance on my cards. I just applied for the loan and my credit cards report on the 1st of the month. However idk if my car will last that long!
Message 5 of 7
Senior Contributor

Re: Advice needed

Where is your fico score currently if you dont mind me asking? Do you have any baddies on your CR's? Credit Unions are a great place to go to obtain a car loan.

Message 6 of 7
Highlighted
New Member

Re: Advice needed

My fico is at 681 and the only negatives i have is 2 60 day late and a 90 day late on my sallie mae loan that was supposed to be in deferment. Ive had no luck getting them to remove.
Message 7 of 7