Auto Loan Chances with a 580-Cap One maybe?

[stufhappens]

Hello,

I am very new to the forums and am trying to rebuild my credit with hopes to apply for an auto loan in the next 6 months. From what I can see, there are many variables that play in the auto financing game. I am trying my best to see where I fit into all of that. I would like to know what would be my best route and which finanical institutions I should try when the time comes. Or is it better to see what the dealer can do?  I am very interested in the Capital One Blank Check Program. Below are my stats:

Credit Score:581

Collections:3 totalling around 1K

Last Late Payment: Student Loans, Nov 11

Income: $42K

Downpayment: $3K

Loan Amount: about $20k- brand new car

In the next 6 months I could like to try a PFD for the collections, but 2 are with Time Warner and the other is for Spring. Both of which I have read are difficult to be deleted.

Thanks!

[nws2002]

I was approved last week for a CapOne loan of up to $24k with an EQ score of 547 (per the letter I received from them).  Loan term of 60 months with a rate of 11.25%.  My income is a bit higher than yours at $52k per year.  No downpayment required as long as the loan falls within the 110% LTV limit.  I've never had a car loan in the past either, in fact I've had the same car that my parents bought me as a gift when I graduated high school in 2002 until now.