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Hi, new to the forums.
I am considering a new car loan, probably somewhere in the area of $25k. Looking at interest rates, and knowing I won't be approved for the lowest by any stretch, that seems to be an amount I could afford safely. Because I am rebuilding my credit after a BK (discharged 7/2012) I am very concerned about "wasting" any inquiries without carefully examining my likelihood of approval.
My history:
BK discharged July 2012. As a result, looks like 10 negative items (included in bankruptcy) on my reports. Admittedly I need a little more practice interpreting the CRs though.
Income 74,000 (11 years at the same job, government)
Auto History - perfect payment history with Toyota Motor Credit for 8 years. Current car is paid off (2004 Scion) but account is still reflected on my report despite being closed.
FICOs: depends on the day and bureau, it seems. Somewhere between 625 (on the low end) and 670 on the high.
Credit cards: CreditOne unsecured ($600 with 10% util) and Barclays ($1500 with 0% util). Credit1 is a year old, Barclays just a month old.
Student Loans: perfect history since 2003. Highest balance $31,000. Current remaining about $24,000.
I'm confused about DTI calculations, and I am aware that the BK is HUGE black mark. Any thoughts on my chances? What might I expect for a down payment?
Also, I just recently joined NFCU but did not want to attempt any credit requests out of fear of the new inquiries/account age.
All advice is appreciated!
nobody? Also, BK actually discharged in July 2013... Typographical error
You are probably right tht you would not get the lowest rate but I don't see you having an issue getting financed at a decent rate. I'd probably even try through Toyota
Thanks Salem. I hear what you're saying about Toyota, and they have been very good to work with over the years. I just wish they were offering a more inspiring vehicle right now. Nothing even remotely seems appealing. I am in the market for a small SUV/crossover because I need to tow every now and again and cart around a lot of junk. But the RAV4 is such a bore, the Highlander and 4Runner are overpriced in my opinion.
Does Toyota Financial handle Lexus financing, or are they their own entity? I ask because I would rather go with a Lexus that's several years old and at least enjoy the look of the darn thing. I know it's just a car, but for 11 years I have toiled away in an econo-box that has been functional but joyless. I'd rather work a few hours of OT and enjoy that commute for a change...
Lexus Financial Services is part of Toyota Financial Services and your Toyota history will be taken into account