Advice on what loan to get/my options on a used car/?s on Cap One

[bluewolf1017]

Credit Score: All pulled TODAY

                      708 TU

                      714 EX PLUS Score (Pulled Direct from EX)

                      The 3 following were pulled from EQ's site, at the same time as above. Not sure why they differ, especially since the above scores are direct from bureaus

                      682 EQ

                      672 EX

                      677 TU

AAoA: 2 years

Income:20k/year on paycheck stubs, but I make an addition 5-6k a year in commission, I dont get a stub on that. It just goes direct to my bank account.

Lenght of Employment: 2 years

Previous Loan Experience: I have 3 federal student loans, and 1 Wells Fargo Studen loans, total on all loans that is still owed ~9k. EVERY SINGLE payment on time since 02/2011.

Requested loan term (XX Months): 60

Down payment amount: Id like to get 0 down

Co-borrower/Co-Signer: None

Other:

The only thing derrogatory on my account is one medical collection account for 250, it has been paid in full on the same month it was reported. long story short, it was a car accident, and insurance company said they took care of all of the debt as it was the other party's fault. i was never notified of the debt until credit karma sent me an alert saying I had a collections account now being reported. After searching for the collections company, I called the same day and paid it in full but TU was the only one who would remove it from my report. The other two show as paid in full.

Other then that I have 3 credit cards with a total CL of 3,750. Currently using 400 total of that.

6 HPs on all reports, last was in 11/2013 for a Citi card I was approved for.

Im looking to get a monthly payment of ~200-240, so I've estimated my max purchase price on a car is 12k, at 60 months. Ive always heard going 72 months usually ends up with the borrower being upside down.

I'd probably go through Capital One, as my oldest card with the highest limit is with them, but there's a few issues I will probably have with them.

The way I understand it, is that you have to go through one of their authorized dealers. I have an issue with that because a family friend has a used car dealership, and would be willing to either take me to the auction and sell me a car at his cost, or just one from his lot for his cost +500. He's not listed on Cap One's site as an "approved" dealer.

Do they approve others then what are listed on Cap One's site? And I was also curious about how strict they are on the mileage limit. I get "pre-approved" letters from them every week, and on the back of them they say the car must be less then 7 years old and have less then 70k miles. He has two hondas, both 08, one civic and one accord. the accord has 80k miles and the civic has 79k, both would be about 10.5 which is perfect, but they obviously exceed the 70k miles limit. He also has a 2010 accord, with 60k miles, but its a stick shift (Ive driven stick shifts forever, but Im getting tired of them) and it'd be about 12.5, so a little over my limit.

Does anyone else have any other recommendations for lenders? Ive also thought about Wells Fargo, since my checking/savings account is with them, and I have a credit card with them, but I've heard bad things with their auto loans.

I'd like to be approved with 0 down, as my current car is not worth much as a trade in. (2001 Hyundai Accent, 115k miles, but the paint is in rough shape)

I'm hesitant to have my credit ran at any dealers, because last time it resulted in 4 hard pulls.

Any advice would be greatly appreciated, and I apologize for the long block of text lol.

[StartingOver10]

None of those scores are the kinds that lenders look at when you apply for an auto loan (or mortgage or credit card).

Those scores are what is referred to here as FAKO scores. They are an entirely different formula than what the lender's use to determine credit worthiness. Your actual FICO scores could be higher or lower. There is no correlation from a FAKO score to a FICO score. BTW, just because they are sold 'direct by the credit bureau' doesn't mean that they are FICO scores. In fact, there are many, many formulas used to generate scores to sell to the general public strictly as a revenue generating device by the CRA's.  Is it confusing? Yes. It is designed to be that way.

Having said that: if you want to pull your score before you finance a vehicle, then pull the EQ score here at MyFICO so you have an idea of where you stand.

It sounds like, based on what you posted about your actual report, that there aren't any issues anyway.

The very best way to finance your vehicle is to get approved through a credit union. That way there is only one pull and you get the rate and terms the CU tells you. You don't have that potential of the dealership changing terms there after. You also can go to any dealer and not just 'approved dealers'. I would not go to Wells for a car loan at all.

[bluewolf1017]

I really appreciate your help. While I knew sites like Credit Karma and Credit Sesame didn't show your real score, I had no idea that the scores direct from the bureau were not correct. That helps a lot.

There's a local CU that I could join, but have never had any experience with them. I guess my next step would be to go talk to them.

Do you think I have a decent chance of being approved? I think the only bad thing would be my low income.

[StartingOver10]

Based on what you posted I think you can get approved by a CU. The amount of the approval will be based on your DTI (debt to income) and more importantly affordability of the vehicle. That's one of the reasons I like CU's - their approval takes into account your actual ability to pay.

Every CU has their own criteria but they are usually much more forgiving than the banks. Check them out

[Remember0]

I agree. You should get approved. BUT when you state income, you NEED to include your commission. So when they ask salary, PLEASE put 26k or 27k. If they ask for verification, at that point, you can explain the details: 20k guaranteed + 6-7k commissions (and offer them the 2 years of bank statements as proof if they want).

You should be good. See what your local CU says. If they give you a rate >5%, come back here and post. I think we should in general be able to finance you for <5%.