@MG550 wrote:
Credit Score: ~606
AAoA: 0yrs 5mos
# of positive trade lines: 7
# of negative trade lines: 3
Income: 35000
Lenght of Employment: 3 years
Previous Loan Experience: None other than current secured loan
Debt-to-Income (DTI): 2%
Year of Car: 2013
Miles: 60,000
Purchase/Refinance: Purchase
Requested loan term (XX Months): 48mos
Down payment amount: 1500-2000
Co-borrower/Co-Signer: Yes if absolutely needed
Looking to buy a used car for under 15000 in a few months. Currently working on GWs for negative accounts. Thanks in advance, any insight is appreciated!
You can almost always get a loan, the question is the terms. SInce you have a few months would do all I could to improve your scores do what you can to convert those three negative tradelines to improve. Your secured loan should help you with an installment loan history, your average age of accounts and other negatives are factors but like I said do what you can by working with the folks on the rebuilding section. I always, always suggestion working with a credit union to get prequalified before you go shopping. This is particuarly important for folks with lower scores and some dings on their credit because a dealer will likley put you in a higher interest loan and it will be tough to refinance your way out on a used car generally. Penfed, DCU, Alliant and NFCU are probably the best but there are plenty of great local credit unions to do business with. Join one and apply with them but I would try and get 20-30 points on my Fico scores. Finally get your actual fico scores here and focus on the auto scores. That is what the lenders will almost always use and an auto score can vary from a regular fico 8 which can lead some folks to be surprised when they go to qualify.
