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Approval Odds?

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Anonymous
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Approval Odds?

Looking to get a car loan in the next few months. Current scores are around 680. DTI is extremely low, less than 10%. Income is roughly $80k. Two negatives on the credit report - a medical collection for $200 that I may try a PFD on. Sadly, the second negative is a repo from late 2013. The payment history has been removed somehow, which is probably a good thing. At the end, there was long history of lates. I guess that's obvious. I do have two Credit Cards, both in good standing, no lates, and utilization will be under 10% before I apply.

 

I do plan on shopping around for the loan at Cap1, the dealer, and either DCU, PenFed, or NASA CU. I'll be moving to one of those, just haven't decided.

 

Looking to finance roughly $25k for a new-ish car. How bad will the repo from two and a half years ago hurt?

Message 1 of 14
13 REPLIES 13
Anonymous
Not applicable

Re: Approval Odds?

Sorry, just saw the sticky. Let me drop the pertinent info:

Credit Score: ~680

AAoA: ~18months

# of positive trade lines: 2

# of negative trade lines: 2

Income: $80k

Lenght of Employment: >10 years

Previous Loan Experience: 1 Auto Repo - 30 months ago

Debt-to-Income (DTI): <10%

Year of Car: 2015

Miles: Between new and 20,000

Purchase/Refinance: Purchase

Requested loan term (XX Months): 60 months, would consider 48-72

Down payment amount: Possibly $3k

Co-borrower/Co-Signer: No

Other:

Message 2 of 14
Anonymous
Not applicable

Re: Approval Odds?

Anyone?

Message 3 of 14
dabrian
Frequent Contributor

Re: Approval Odds?

Don't think you'll have any issues getting an approval but you probably won't get the best rate.
NFCU Sig Cash-20k/ Amex BCP-19.4k/ Amex Costco-1.2k/Chase Marriott-12k/CSP-13.4k/ Freedom-5.5k/ Discover IT-14k/NCSECU-5k/Walmart-10k/Lowes-25k
Message 4 of 14
Anonymous
Not applicable

Re: Approval Odds?

Thanks, Dabrian. I'm hoping to end up under 7% with minimal down. I can live with that and refi down the road.

Message 5 of 14
Anonymous
Not applicable

Re: Approval Odds?

Try the pre qualify for capital one. After you get that you will know roughly what your getting and with that walking into dealership they will try to beat the APR you got from capital one

Message 6 of 14
Anonymous
Not applicable

Re: Approval Odds?

Is that just a soft pull on their website? They send me offers all the time, but I avoid doing anything with them to avoid the hard pull. I have a negative collection falling off next month and don't want to do anything until that's gone.
Message 7 of 14
Anonymous
Not applicable

Re: Approval Odds?


@Anonymous wrote:
Is that just a soft pull on their website? They send me offers all the time, but I avoid doing anything with them to avoid the hard pull. I have a negative collection falling off next month and don't want to do anything until that's gone.

Yes, the CapitalOne pre-qualifier is just a soft pull.

Message 8 of 14
Anonymous
Not applicable

Re: Approval Odds?


@Anonymous wrote:

Thanks, Dabrian. I'm hoping to end up under 7% with minimal down. I can live with that and refi down the road.


I wouldn't hold your breath.

Message 9 of 14
Anonymous
Not applicable

Re: Approval Odds?

You could always talk to the finance guy at the dealership (assuming you are going to purchase through a dealership).

 

Explain everything, be honest and he can probably give you good advice prior to applying.  I'm sure they've seen it all.

 

Or just apply and find out.  The worse they can say is no and while we all hate rejection, it passes quickly and you can learn from it.

 

But again, I would find a reputable dealership (even if you are not going to be buying from them) and act like you're going to buy, sit down with the finance guy and just explain your situation.  If there's any chance, he will probably tell you to fill out the application.  If there's no chance, he will probably tell you that as he probably doesn't want his time wasted either.

Message 10 of 14
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