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Established Contributor
Posts: 712
Registered: ‎06-11-2012
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Auto loan/Repo

I had an auto loan in 2005 that got repo'd because I was going through some personal issues back then. The repo fell off my reports last year and so did all of my paid off collections I had. so as of last year I started off with fresh and clean reports.

 

Well, I'm thinking about getting an auto loan this summer and my question is am I considered a first time buyer since my reports don't have any auto loans on record? My longest history is a Cap1 secured card that I got in July 2012. I have 3 credit cards and 2 store cards at the moment

 

Do you think I'll qualify for an auto loan with only a year of history in July and am I considered a first time buyer?

 

DCU Visa Platinum 11/12

Discover 1/13

Express 1/13

Walmart 1/13

 

annual income 18k, but I make over 20k with side jobs.

 

 

 


DCU Platinum: 4000 - Discover IT: 11000 - Walmart: 5000 - AMEX BCP: 18000 - Chase Freedom VS: 5000
in the garden since 1/24/14 - #GARDENSTRONG
Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
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Re: Auto loan/Repo


eviLution wrote:

I had an auto loan in 2005 that got repo'd because I was going through some personal issues back then. The repo fell off my reports last year and so did all of my paid off collections I had. so as of last year I started off with fresh and clean reports.

 

Well, I'm thinking about getting an auto loan this summer and my question is am I considered a first time buyer since my reports don't have any auto loans on record? My longest history is a Cap1 secured card that I got in July 2012. I have 3 credit cards and 2 store cards at the moment

 

Do you think I'll qualify for an auto loan with only a year of history in July and am I considered a first time buyer?

 

DCU Visa Platinum 11/12

Discover 1/13

Express 1/13

Walmart 1/13

 

annual income 18k, but I make over 20k with side jobs.

 

 

 


You might be able to get a high interest loan with a good down payment. Sounds like you will be a first time buyer, but that probably isn't your biggest problem. The problem is likely the short history.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


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