So I ended up making a life choice that backfired recently which has added some credit card debt that I'm paying down. It's nothing unmanagable, but it'll take a bit of time. Unfortunately, my current vehicle doesn't have that much time left in it, and due to a split, it means I'll no longer have a second, reliable vehicle to fall back on in the event that mine kicks the bucket. As such, I need to start preparing to finally purchase something new. So I place myself at the feet of those in this forum for some hopeful input on my chances of getting a new car.
So my father works at Toyota, and I plan on using his employee purchase voucher to buy a new Corolla SE Premium since I'll probably have this car for quite some time. They seem to run around $22,000 - $23,000 before the voucher and I think the voucher takes a few thousand off the sticker price. I plan to wait until my tax refund comes in, should be close to $1,600, and combine that with the $500 I banked for a down payment of, hopefully, $2,100.
My current credit information:
Credit Score: 684 EQ08 (12/16 Scorewatch), 691 TU08 (12/16 Barclayscard)
AAoA: 3 years 6 or 8 months depending on CRA
# of positive trade lines: 23
# of negative trade lines: 1ish (Couple of 30 day lates on an old auto loan from 2006)
Income: $56,000
Length of Employment: ~3 years at current company, 1 year 8 months at current position
Previous Loan Experience: 1 auto loan in 2006 (Couple of 30 days late, fully paid off and closed)
Debt-to-Income (DTI): $850 / $4666.67 = ~18%
Year of Car: 2015
Miles: 0 hopefully
Purchase/Refinance: Purchase
Requested loan term (XX Months): Would like 60 months and pay extra to close early, but open to any.
Down payment amount: $2,100
Co-borrower/Co-Signer: None (Do I need to try and find one?)
I had an auto loan for a used car in the past a couple of years out of high school that I fully paid off, but I had help in signing up, so this is my first solo auto loan and first new car that I'm going for. So I'm writing to ask for any advice I can get as far as:
- Where to apply
- Do I have a chance of getting a loan with this information
- If so, what kind of APR should I shoot for/expect
I currently have banking relationships with Chase and Park Community Federal Credit Union as well as credit relationships with those in my signature. I'm hoping to purchase shortly after my tax return is deposited, before which I will pay down my current utilization as much as I can to have the best scores I can before I apply (Shooting for < 30% utilization overall).
Hoping you guys can help me get this right! Thanks for any advice you have!
@Tsuyoi wrote:So I ended up making a life choice that backfired recently which has added some credit card debt that I'm paying down. It's nothing unmanagable, but it'll take a bit of time. Unfortunately, my current vehicle doesn't have that much time left in it, and due to a split, it means I'll no longer have a second, reliable vehicle to fall back on in the event that mine kicks the bucket. As such, I need to start preparing to finally purchase something new. So I place myself at the feet of those in this forum for some hopeful input on my chances of getting a new car.
So my father works at Toyota, and I plan on using his employee purchase voucher to buy a new Corolla SE Premium since I'll probably have this car for quite some time. They seem to run around $22,000 - $23,000 before the voucher and I think the voucher takes a few thousand off the sticker price. I plan to wait until my tax refund comes in, should be close to $1,600, and combine that with the $500 I banked for a down payment of, hopefully, $2,100.
My current credit information:
Credit Score: 684 EQ08 (12/16 Scorewatch), 691 TU08 (12/16 Barclayscard)
AAoA: 3 years 6 or 8 months depending on CRA
# of positive trade lines: 23
# of negative trade lines: 1ish (Couple of 30 day lates on an old auto loan from 2006)
Income: $56,000
Length of Employment: ~3 years at current company, 1 year 8 months at current position
Previous Loan Experience: 1 auto loan in 2006 (Couple of 30 days late, fully paid off and closed)
Debt-to-Income (DTI): $850 / $4666.67 = ~18%
Year of Car: 2015
Miles: 0 hopefully
Purchase/Refinance: Purchase
Requested loan term (XX Months): Would like 60 months and pay extra to close early, but open to any.
Down payment amount: $2,100
Co-borrower/Co-Signer: None (Do I need to try and find one?)
I had an auto loan for a used car in the past a couple of years out of high school that I fully paid off, but I had help in signing up, so this is my first solo auto loan and first new car that I'm going for. So I'm writing to ask for any advice I can get as far as:
- Where to apply
- Do I have a chance of getting a loan with this information
- If so, what kind of APR should I shoot for/expect
I currently have banking relationships with Chase and Park Community Federal Credit Union as well as credit relationships with those in my signature. I'm hoping to purchase shortly after my tax return is deposited, before which I will pay down my current utilization as much as I can to have the best scores I can before I apply (Shooting for < 30% utilization overall).
Hoping you guys can help me get this right! Thanks for any advice you have!
You will be fine. In fact. With your score. Don't offer that 2k. Just put 500 down and save rest for rainy day. It does not rake a750 score to get great car loan As car is collateral itself. Just be hard. Mist of that down payment is free cash for dealer and salesman. So don't be excited. Stay strong. 