Hello,
I posted earlier about a BK issue (paid off my car loan previously but shows negative as included in a BK 
) but some things have changed since then.
Credit Score: Was 660 on myFico, currently 601 on goscore.com. I'm expecting a bump here shortly as I have been doing well on on-time payments for past 6 months and received a 50% credit limit increase on one of my two credit cards.
Income: Currently 36,000k/year.
Lenght of Employment: 3 years in my current position. In one month, I will be starting a new job with a salary increase to 48k plus car allowance per year. It is in a different industy (currently manage 3 veterinary practices, now going to manage one health insurance office) but my actual position and job duties are going to very similar (payroll, accounting, human resources, etc).
Previous Loan Experience: I have paid two car loans off in full in the past, but one has dropped off now and the other shows negative because I paid it off when I was in the middle of a bankruptcy and they show it as discharged. The bankruptcy was filed in June of 2009. I also have an installment loan that I've made on time payments on for over 6 months but it is with DLC which some sources say will hurt my credit. Although they do report payments (history shows up on Credit Karma) I have noticed it doesn't show on myfico reports or some of the other credit sites.
Debt-to-Income (DTI): I have $1600 remaining on the installment loan (Stupid I know!!). I believe I will be able to get about $3,000 for my old truck - I used to think it wasn't worth much but recently had repairs (new brakes, fixed check engine light issue, new steering pump, etc.) I reguarly get asked if I'm selling it as there seems to be a market even for high mileage Nissan pickups. So I'm hoping not to count that installment loan(plus it's questionable whether it shows or not) and have that paid off with a little left over for down payment. Credit card minimums are $70/month,total debt on CC is about $600. Rent is $500/month.
Year of Car: 2012 Honda Fit
Miles: 14k
Purchase/Refinance: Purchase, would be financing about 17-18k
Requested loan term (XX Months): 60 months
Down payment amount: probably about $1500 but need to secure financing before selling truck (only transportation right now) so could be less.
Co-borrower/Co-Signer: No.
Other: I really need a newer car. Although my truck is reliable, part of my job will be running insurance documents over around town plus I will have a 80 mile roundtrip commute now. My truck is 12 years old and looks more than it's age - got keyed by someone a few years ago and just doesn't look very "presentable". My new boss hasn't requested that I get a new car but I for reliability sake (it's reliable now but currently adding 25 miles per day to it's already high mileage, not 100 plus) and presentability, the sooner I get in a new car the better.
My question I guess is whether I should try for financing now or give it a few months in to the job. With my extra income, I can pay off my installment loan in a couple of months and get rid of it, my DTI will be much lower and my credit score should continue to rise. On the other side, I'll have to say that I've only been at the new job for a few months and it is in a different industry (although I know to try to relate it as a similar position). I expect with my credit to pay a higher interest and I'm okay with that as I think I can refinance it in a year or so (plus salary should take another big jump at the beginning of 2014). I know it's dodgy to start a new job but I have a good job history (9 years previous job, 3 years current job).
@Smokinjbc wrote:Hello,
I posted earlier about a BK issue (paid off my car loan previously but shows negative as included in a BK
Credit Score: Was 660 on myFico, currently 601 on goscore.com. I'm expecting a bump here shortly as I have been doing well on on-time payments for past 6 months and received a 50% credit limit increase on one of my two credit cards.
Income: Currently 36,000k/year.
Lenght of Employment: 3 years in my current position. In one month, I will be starting a new job with a salary increase to 48k plus car allowance per year. It is in a different industy (currently manage 3 veterinary practices, now going to manage one health insurance office) but my actual position and job duties are going to very similar (payroll, accounting, human resources, etc).
Previous Loan Experience: I have paid two car loans off in full in the past, but one has dropped off now and the other shows negative because I paid it off when I was in the middle of a bankruptcy and they show it as discharged. The bankruptcy was filed in June of 2009. I also have an installment loan that I've made on time payments on for over 6 months but it is with DLC which some sources say will hurt my credit. Although they do report payments (history shows up on Credit Karma) I have noticed it doesn't show on myfico reports or some of the other credit sites.
Debt-to-Income (DTI): I have $1600 remaining on the installment loan (Stupid I know!!). I believe I will be able to get about $3,000 for my old truck - I used to think it wasn't worth much but recently had repairs (new brakes, fixed check engine light issue, new steering pump, etc.) I reguarly get asked if I'm selling it as there seems to be a market even for high mileage Nissan pickups. So I'm hoping not to count that installment loan(plus it's questionable whether it shows or not) and have that paid off with a little left over for down payment. Credit card minimums are $70/month,total debt on CC is about $600. Rent is $500/month.
Year of Car: 2012 Honda Fit
Miles: 14k
Purchase/Refinance: Purchase, would be financing about 17-18k
Requested loan term (XX Months): 60 months
Down payment amount: probably about $1500 but need to secure financing before selling truck (only transportation right now) so could be less.
Co-borrower/Co-Signer: No.
Other: I really need a newer car. Although my truck is reliable, part of my job will be running insurance documents over around town plus I will have a 80 mile roundtrip commute now. My truck is 12 years old and looks more than it's age - got keyed by someone a few years ago and just doesn't look very "presentable". My new boss hasn't requested that I get a new car but I for reliability sake (it's reliable now but currently adding 25 miles per day to it's already high mileage, not 100 plus) and presentability, the sooner I get in a new car the better.
My question I guess is whether I should try for financing now or give it a few months in to the job. With my extra income, I can pay off my installment loan in a couple of months and get rid of it, my DTI will be much lower and my credit score should continue to rise. On the other side, I'll have to say that I've only been at the new job for a few months and it is in a different industry (although I know to try to relate it as a similar position). I expect with my credit to pay a higher interest and I'm okay with that as I think I can refinance it in a year or so (plus salary should take another big jump at the beginning of 2014). I know it's dodgy to start a new job but I have a good job history (9 years previous job, 3 years current job).
just apply... if it's not good rate then wait... job length doesn't come into play that much I don't feel with cars...
