Auto Loan Approval

[jonnyringo]

I am getting ready to purchase a new car (never had a car loan before) but am cautious of what my chances of approval are.

FICO score is 661 with no delinquencies in the past 1.5 years. I have had 4 accounts in collection about 2 years ago. Have a salary of $48k / yr and have been at my job 3 years and have a DTI of 50%.

I am looking to purchase a $25k  new car with $4k down. I am worried about who I should get a loan from because I don't want to have 5 different lenders run my credit inquiry count up and pushing my score down again.

Any Tips?

[ngerasimatos]

You should be fine for an approval, what type of car are you wanting to buy? American companies tend to be more flexible than say, BMW or Lexus, when it comes to approvals. Do you bank with a CU?

[jonnyringo]

Thanks for the reply!

Yep I do bank through a credit union. I know the loan officer there and was going to talk to her this week to get her thoughts on the situation too.

[MarineVietVet]

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@jonnyringo wrote:

Thanks for the reply!

Yep I do bank through a credit union. I know the loan officer there and was going to talk to her this week to get her thoughts on the situation too.

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One thing I like about my local CU is I can call and simply ask the LO I've dealt with for years what kind of score is needed to get the best rate. You might try that. You'll get an idea how you stand score wise without a credit pull. Although eventually of course they will have to pull your score.

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Whats In Your FICO Score

[Anonymous]

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@jonnyringo wrote:

Thanks for the reply!

Yep I do bank through a credit union. I know the loan officer there and was going to talk to her this week to get her thoughts on the situation too.

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Yes, do this.  It will cost you nothing, the time involved is minimal, and she can give you some advice, of course, eventually she'll have to pull your report.  I wouldn't even worry too much about getting your report pulled.  All the pulls within 30 days is counted as 1 pull, or so they say, specifically so those looking for auto or mortgage loans can try several sources without being penalized.

Good luck!