Auto Loans

[michintom]

Hello,

Just joinied the forums but have been lurking around for some time.

I'm ready to purchase a new car in a few months (30k) car and need some advice

Currently, I'm using Equifax Complete Premier Plan.

My credit score as of 1/11/2013 is 667.  Over the last few weeks, my revolving account's debt to credit ratio has been lowered from 88% to 62%.  Hopefully I should be able to lower it down to 0% once my cards have been paid off.

I only have a two credit cards so far.  Capital one with 300 limit and Amazon Store Card with 2000.

My Installment has a balance of $62,809 and credit limit of $60,409.  (Student Loan, payments start in June)

Revolving account balance of $2,019 and limit of $2,300.

Thanks in advance! 

[Epcot]

Welcome to the forums! Getting your util down will definitely help. Are you a member of a local Credit Union?

[michintom]

Thank you!  I'm not a member of any credit unions.  Does credit unions help with auto loans?

I forgot to add that I have a trade-in vehicle and plan on having $2,000 down payment before purchase. 

[pizzadude]

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michintom wrote:

Thank you!  I'm not a member of any credit unions.  Does credit unions help with auto loans?

I forgot to add that I have a trade-in vehicle and plan on having $2,000 down payment before purchase. 

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Some CUs have more lenient underwriting standards, or may offer better rates.   YMMV.

I agree that lowering your utilization will help boost your FICO score.   Have you pulled a FICO score to know where you stand ?

[michintom]

pizzadude wrote:

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michintom wrote:

Thank you!  I'm not a member of any credit unions.  Does credit unions help with auto loans?

I forgot to add that I have a trade-in vehicle and plan on having $2,000 down payment before purchase. 

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Some CUs have more lenient underwriting standards, or may offer better rates.   YMMV.

I agree that lowering your utilization will help boost your FICO score.   Have you pulled a FICO score to know where you stand ?

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Thank you for the reply.  I'm pulling the regular credit scores and not the fico scores from Equifax.  My scores are 667 as of today 1/11/2013.  

[pizzadude]

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michintom wrote:

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Thank you for the reply.  I'm pulling the regular credit scores and not the fico scores from Equifax.  My scores are 667 as of today 1/11/2013.  

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I'd recommend checking a FICO score to know where you stand ~ the Equifax credit score is not used by lenders and can't be correlated to a FICO score.

[michintom]

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pizzadude wrote:

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michintom wrote:

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Thank you for the reply.  I'm pulling the regular credit scores and not the fico scores from Equifax.  My scores are 667 as of today 1/11/2013.  

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I'd recommend checking a FICO score to know where you stand ~ the Equifax credit score is not used by lenders and can't be correlated to a FICO score.

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Just pulled Equaifax FICO score from the Score Watch here.  It's currently at 660. 

[MovingForward_2012]

What is your income? You need a decent income for a $30K car.

[michintom]

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MovingForward_2012 wrote:
What is your income? You need a decent income for a $30K car.

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My income is only 30k a year.

[MovingForward_2012]

That's going to be a hard sell. I wish I had better news for you. Probably not impossible as it is slightly better than a $16K car making $16K. But typically you don't want to purchase a vehicle that cost the same as your salary. Can you afford a $550 car payment?