Reply
New Member
Devon33
Posts: 5
Registered: ‎02-08-2013
0

Auto Loan Approval Chances??

[ Edited ]

Hello All,

 

This is my first post and I'm just looking to get a little guidance and/or reality check, this is uncharted territory for me!

 

I'm in a position where I need to get a new car, I have 160k miles on my TL. Now the tough part, I have a FICO of 550 but, I own my home with a $2450 a month mortgage and only have 2 credit cards with about a 3k limit and a 120 balance between all three. From 2009-10 I went through some personal things that caused a lot of financial strain (two households in the DC area) that caused things to fall behind big time. I have 4 public records all of which are paid. My current loan on my TL which closes out next month is current along with my mortgage. I still have one lingering collection that has not been updated/removed yet. I paid off my second mortgage last August so that's paid and closed.

 

I have a strong income (high six figures) for the last 5-7 years or so and at least 20k to put down along with 2 previous car loans. The cost of the 2010 suv is 37k. I don't want to pay cash in full. So I'm looking to get into the car make the payments for a year, then refi, then maybe pay it off later once I get some solid car history.

 

Any information would be greatly appreciated…

New Contributor
Robertwd82
Posts: 71
Registered: ‎11-19-2012
0

Re: Auto Loan Approval Chances??

With that amount down and with proof of income, you shouldnt have any trouble at all.  You said you have had 2 prior loans, have you ever been late on them?

 

If not you should have a higher auto enhanced Fico.  

 

good luck!

 

 

New Member
Devon33
Posts: 5
Registered: ‎02-08-2013
0

Re: Auto Loan Approval Chances??

[ Edited ]

Thanks for the information Robertwd82.  I was late on my current car during the tough times.  Not within the last year or so...

New Member
Devon33
Posts: 5
Registered: ‎02-08-2013
0

Re: Auto Loan Approval Chances??

So just to make sure I can get something, I applied at roadloans, they gave me a 12% on 20K with 1k down and a 36 month term, payment is 600 a month. Not too bad for my score and only a 36 month loan. I wonder if the dealer can do better? So at least I know with my down payment and this loan I can get into something that I'm looking at and not be upside down on the car.

New Contributor
Robertwd82
Posts: 71
Registered: ‎11-19-2012
0

Re: Auto Loan Approval Chances??

Thats a good interest rate for your fico score.  I would apply at the dealership, but dont let them know of your approval until you see their financing terms.  Also now is the time to apply at a few other places while you are in that 2week inq window.  

 

 

 

 

Regular Contributor
SE7EN57
Posts: 178
Registered: ‎12-08-2012
0

Re: Auto Loan Approval Chances??

[ Edited ]

I got a car loan with Ford Motor Credit for a brand new Ford Focus SE couple months ago with no credit history other than a $300 secured credit card with 11 month history at the time and I put down 10k and the car was 19k. They financed me when no one else would. My apr is 9.19 for 72 months and my monthly payments are only $152.

 

EDIT: Almost forgot they pulled Equifax and my FICO was 663 at the time non auto enhanced.

 photo d132202e-50dc-4d73-9df2-1f138f451209_zps8ca7acb4.jpg
New Member
Devon33
Posts: 5
Registered: ‎02-08-2013
0

Re: Auto Loan Approval Chances??

Robert,  What's some other good places to try besides the dealer? Thanks

New Contributor
Robertwd82
Posts: 71
Registered: ‎11-19-2012
0

Re: Auto Loan Approval Chances??

Other dealers with the same vehicle, capital one auto finance, show your fico score and credit reports to your local credit union and see if they would be able to help you.

 

Your best shot might be at the dealers though. 


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}