How bad will one late but recent payment affect getting a new car loan? I will be needing to purchase a new car within the next 3 to 9 months due to the poor condition of my current car. My current credit score is in the low 500s. I currently have 3 30 day lates on my most recent car loan. Two were in 2008 due bank error. I've fought the bank to get the correction. It leaves for a few months then comes back. The 3th 30 day late is correct. I was late on the final payment in Jan 2010 because it was almost four times the current payment amount so I had to take two months to pay.
No other recent lates. I had some late payments in 2005. I have 11 inquires in the last year mostly mortgage related. My credit cards are currently maxed out, but will be paid off before the car purchase. Also, I will be paying off one mortgage loan before the car purchase. Debt to Income will be low once the mortgage loan is paid off. Any chances of getting a decent rate with late payment showing on the loan? What can I do other than paying off my credit cards to improve my score during the next six months.