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Afraid of what my Auto Enhanced score will be!

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currentlywinning
Frequent Contributor

Afraid of what my Auto Enhanced score will be!

I am rebuilding and have NEVER had a car loan. Do most lenders go by the auto enhanced score to determine rates? If so Im screwed. Can I ask that they just take my FICO's into consideration being that it is my first car loan?

Just keep swimming...just keep swimming...just keep swimming, swimming, swimming....
Message 1 of 6
5 REPLIES 5
Revelate
Moderator Emeritus

Re: Afraid of what my Auto Enhanced score will be!


@currentlywinning wrote:

I am rebuilding and have NEVER had a car loan. Do most lenders go by the auto enhanced score to determine rates? If so Im screwed. Can I ask that they just take my FICO's into consideration being that it is my first car loan?


If you need a car, you can always get re-financed later.  Most dealership lenders will pull an auto-enhanced FICO, and as a first-time buyer (or financer) it may well be lower; however, that's a long way from being completely screwed.

 

You're not going to know until you try, and it really doesn't hurt you to apply to a bunch of places as the inquiries will all get rolled up into one from a scoring perspective, and it's an easy thing to explain on recon / manual review to an analyst or underwriter in the future.  I suspect that some of the smaller lenders (some CU's for example) might use a non-auto-enhanced pull: I suggest you line up your potential lenders, and then go hit all of them nearly simultaneously, and walk down to the dealership with whatever you got and see if they can do better.

 

Even if you get financed nowhere before going to the dealership, dealerships *want* to sell you the car, so they will usually work with you and the lenders to try to get you into a car and the majority can get you something nearly regardless of your credit history.  I got financed with a 551 Auto-EX score, the APR is high, but that's expected with a sub-prime loan... it'll be lower when I refinance in a few months.

 




        
Message 2 of 6
Anonymous
Not applicable

Re: Afraid of what my Auto Enhanced score will be!

Do you have any credit at all? If so, what's your FICO here? Do you have any history of installment loans?

 

Not ever having a car note might sting a little, but I doubt it's the end-all, be-all of auto financing if you have other stuff. However, if all you have is one or two small CC accounts, you might need to be prepared to have a co-signer.

 

Also, down payment... Bigger is better. Money talks, you know Smiley Happy

Message 3 of 6
currentlywinning
Frequent Contributor

Re: Afraid of what my Auto Enhanced score will be!

I have given myself $3500 to put down, not a penny more. The cars I am looking at are less than 17k. I have a student loan in rehab but I have been making my payments on time and this month is my last payment to come out of default. The last I checked my score was 579. Since then I have had a baddie removed and I hope my first CC will be reporting before the end of the month- that should give a nice boost!

 

I am making myself SICK over all of it, I need to just go on and get it over with. I am going to go to my credit union (which Ive been with since 2008) and see whats they say. 

 

I dont like being told no! LOL

Just keep swimming...just keep swimming...just keep swimming, swimming, swimming....
Message 4 of 6
Anonymous
Not applicable

Re: Afraid of what my Auto Enhanced score will be!


@Anonymous wrote:

Do you have any credit at all? If so, what's your FICO here? Do you have any history of installment loans?

 

Not ever having a car note might sting a little, but I doubt it's the end-all, be-all of auto financing if you have other stuff. However, if all you have is one or two small CC accounts, you might need to be prepared to have a co-signer.

 

Also, down payment... Bigger is better. Money talks, you know Smiley Happy


+1.

 

What are the types of baddies? How many? How old?

Message 5 of 6
currentlywinning
Frequent Contributor

Re: Afraid of what my Auto Enhanced score will be!


@Anonymous wrote:

@Anonymous wrote:

Do you have any credit at all? If so, what's your FICO here? Do you have any history of installment loans?

 

Not ever having a car note might sting a little, but I doubt it's the end-all, be-all of auto financing if you have other stuff. However, if all you have is one or two small CC accounts, you might need to be prepared to have a co-signer.

 

Also, down payment... Bigger is better. Money talks, you know Smiley Happy


+1.

 

What are the types of baddies? How many? How old?


5 medical baddies that I am in the process of trying to get taken off, either through HIPPA or PFD. I had insurance when they were put on but now they say its too late to pay!Smiley Mad They are all from 2006-2007.

Just keep swimming...just keep swimming...just keep swimming, swimming, swimming....
Message 6 of 6
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