cancel
Showing results for 
Search instead for 
Did you mean: 

Approval odds?

tag
Anonymous
Not applicable

Approval odds?

Looking at getting a new Camaro.  Have a decent amount to put down.  Looking for opinions on if I could get a decent rate or not.  I do have lates on my reports, last late was 6 months ago.  One paid collection (with Midland, paid in full).  

 

ETA looking at a price of 42k approximately for the car.  

 

Credit Score: EX 655, TU 632, EQ 630 (yesterday with CCT).

AAoA: 3 years

Income:  43k annually (my income alone)

Lenght of Employment: 10 months with current employer (will be a year by the time of purchase).

Previous Loan Experience: Current autoloan with GMFinancial, cosigned with my husband.  Not trading it in.  No mortgage.  All other loans are old auto loans.

Debt-to-Income (DTI): About 15% (just the autoloan)

Year of Car: 2017 (by the time of purchase it will be the new model year, been in discussions with a salesperson).

Miles: 0

Purchase/Refinance: Purchase

Requested loan term (XX Months): No real preference.

Down payment amount: 10-12k

Co-borrower/Co-Signer: If needed

15 REPLIES 15
RonM21
Valued Contributor

Re: Approval odds?

Being honest, this can go either way. Even though your collection is paid, they'll still see it and 6 months ago on a late payment is not that long ago. Combined with your scores being somewhat on the low side and short amount of time at your job, it's hard to tell. It's great you have a co-signer if needed, and a good down payment.

If you absolutely have to do this now, I'd hope they pull EX because that is your highest score and closer to a range that can possibly be worked with a bit easier.

Either way, best of luck, and I hope you get what you are looking for !!!


Total CL: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 2 of 16
Anonymous
Not applicable

Re: Approval odds?


@RM21 wrote:
Being honest, this can go either way. Even though your collection is paid, they'll still see it and 6 months ago on a late payment is not that long ago. Combined with your scores being somewhat on the low side and short amount of time at your job, it's hard to tell. It's great you have a co-signer if needed, and a good down payment.

If you absolutely have to do this now, I'd hope they pull EX because that is your highest score and closer to a range that can possibly be worked with a bit easier.

Either way, best of luck, and I hope you get what you are looking for !!!

Thank you so much for your advice and opinion!  I'd love to get the collection deleted, but being it's Midland and I had to fight with them to even get it to change to paid/$0 balance, I don't think deleting it is going to go very far.  

 

 I did just do the prequalify thing with CapOne, just for an idea and they gave me this - 

 

Kinda of suprisingbut looks like it might be doable.  The car isn't a must have.  It's a major want, but not a need.  >.<  I did a little checking with the local CU's and they won't touch anyone who isn't a 680 or higher, which sucks.  

Message 3 of 16
TRC_WA
Senior Contributor

Re: Approval odds?


@Anonymous wrote:

The car isn't a must have.  It's a major want, but not a need.  >.<

Cool... while you are still in the pre-buy mode... rethink the Camaro.  Seriously.  Unless you absolutely must have that ugly box on wheels... give the Challenger a test drive.

 

Roomier... incredible to drive and all around a much sexier retro muscle car.  I checked out all 3... Camaro... Mustang... Challenger.

 

car.jpg

 

The decision was a no-brainer.

 

Smiley Wink

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 4 of 16
Anonymous
Not applicable

Re: Approval odds?


@TRC_WA wrote:

@Anonymous wrote:

The car isn't a must have.  It's a major want, but not a need.  >.<

Cool... while you are still in the pre-buy mode... rethink the Camaro.  Seriously.  Unless you absolutely must have that ugly box on wheels... give the Challenger a test drive.

 

Roomier... incredible to drive and all around a much sexier retro muscle car.  I checked out all 3... Camaro... Mustang... Challenger.

 

car.jpg

 

The decision was a no-brainer.

 

Smiley Wink


Lol I did look into Mopar (and Ford Smiley Wink ), but honestly I'm bowtie through and throughfor a variety of reasons.  Smiley Happy  Thank you for the opinion and advice though.

Message 5 of 16
sr383
Regular Contributor

Re: Approval odds?

Opinions are subjective. Otherwise, everyone with $40,000 would be driving a red Challenger. Smiley Very Happy

Costco TrueEarningsSallie Mae MasterCardDiscover itUS Bank Cash+Chase SlateBlue Cash EverydayFidelity VisaTU-803/EQ-808/EX-800
Message 6 of 16
TRC_WA
Senior Contributor

Re: Approval odds?


@sr383 wrote:

Opinions are subjective. Otherwise, everyone with $40,000 would be driving a red Challenger. Smiley Very Happy


Yeah they are.  I don't have anything against the Camaro...  I used to have one.  It looked like this.

 

5834-Driver-Front.jpg

 

What is baffling to me is how it went from that... to this.

 

2014-chevrolet-camaro-1-600x337.jpg

 

I just don't see the appeal in driving a box on wheels with horrid blind spots... and I'd still be saying that no matter if I was driving a Challenger or a Prius.  That's why I didn't buy the Camaro... and the reasons behind not buying a Mustang were the same... blindspots to go with the super cramped cockpit.

 

That being said I'll stick with the opinion in my original post.   Just offering advice as someone who has test driven all 3.  Smiley Happy

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 7 of 16
sr383
Regular Contributor

Re: Approval odds?

Yep. The Camaro that debuted in 1982 went virtually unchanged for 28 years, so they must have been doing something right. ...

Costco TrueEarningsSallie Mae MasterCardDiscover itUS Bank Cash+Chase SlateBlue Cash EverydayFidelity VisaTU-803/EQ-808/EX-800
Message 8 of 16
Anonymous
Not applicable

Re: Approval odds?

I would go with a tesla model 3, roomy, style, performance, 500k+ people can't be wrong.

Message 9 of 16
Anonymous
Not applicable

Re: Approval odds?

It's always great to have other people's opinions.  It's something I'm always opening to listening to.  I've always been partial to the camaro.  I did test out the challanger, the mustang and the camaro.  I just keep going back to the camaro even with defaults.  It all boils down to personal preference.  Smiley Happy  But like I said, I like hearing everyone's opinions, even when they don't align with mine.

 

As far as the Tesla goes, that's just not my cup of tea so to speak, add in that I don't know how feasible a Tesla would be for my location.  Heck the nearest Tesla dealer is in the Twin Cities and thats an 8ish hour drive one way for me lol.  

 

Any way I go, the car is going to be in storage for about half the year due to my location Smiley Sad, so pretty much hoping for a mild winter so I can drive more.  

Message 10 of 16
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.