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Thanks in advance for the help.
So I'm looking for a second auto loan as my current one is for my wifes car and want to know if I'll be able to get approved.
My current loan for 40k 4.74apr payment of $640
my revolving is at 20% Utl with payments of $92
mortgage $3200
anual income of 120k
My scores are sitting in the mid to high 600s
no lates the last three years.
Let me know if you need any other information.
If you could let me know what I'm looking at as far as realistic expectations for loan amount, term etc
Thanks for volunteering your knowledge and expertise! Here is my situation:
- short sale completed 2+ years ago, but still a deficiency reported for mortgage as 180+ days late.
- also 2 credit cards that were settled for less than balance owed, both from 2+ years ago as well.
- current estimated scores (by USAA Fako) are 696 EX, 657 EQ, 742 TU.
- annual income approx 90K, looking for a 50K loan (includes 5K down).
- never late on any auto loans (10+ years history) and current revolving usage is under 5% of total limits.
Trying to clean up from a job loss 2 years ago, resulting in short sale and credit card losses. Any chance for approval here - since the mortgage delinquency is still being reported? If I am approved, will I be paying 20%?? Thanks in advance!
@Janders000 wrote:Thanks for volunteering your knowledge and expertise! Here is my situation:
- short sale completed 2+ years ago, but still a deficiency reported for mortgage as 180+ days late.
- also 2 credit cards that were settled for less than balance owed, both from 2+ years ago as well.
- current estimated scores (by USAA Fako) are 696 EX, 657 EQ, 742 TU.
- annual income approx 90K, looking for a 50K loan (includes 5K down).
- never late on any auto loans (10+ years history) and current revolving usage is under 5% of total limits.
Trying to clean up from a job loss 2 years ago, resulting in short sale and credit card losses. Any chance for approval here - since the mortgage delinquency is still being reported? If I am approved, will I be paying 20%?? Thanks in advance!
I would think you stand a good chance for approval based on your auto history. You will want to be sensible in what type of unit you look at and I would expect rates in the 8-14% range depending on structure. $ 50K will be a tough sell, you may want to set yout sights on a lower amount to increase your chances at an approval.
@Anonymous wrote:Thanks in advance for the help.
So I'm looking for a second auto loan as my current one is for my wifes car and want to know if I'll be able to get approved.
My current loan for 40k 4.74apr payment of $640
my revolving is at 20% Utl with payments of $92
mortgage $3200
anual income of 120k
My scores are sitting in the mid to high 600s
no lates the last three years.
Let me know if you need any other information.
If you could let me know what I'm looking at as far as realistic expectations for loan amount, term etc
I do not see an issue with an approval as long as your debt ratio is inline, looking at what you listed, you may need your spouse to sign with you.
Hi. Early 2013 I am planning on applying for my first auto loan. I want a used vehicle from 2008 or younger, that stays under 13,000 for the total loan, putting down a $1000 down payment. I have had credit that is relatively young as the average age is 18 months, however the oldest account is over two years old. I have never been late for a payment and only use up approximately 30-51% of my total credit. I have one credit card and two silly merchant cards that are always up to date as well. I am paying off until January a Same as Cash offer on one of the cards, as well as furniture from R & F, so everything is paid on time and to date.
With this information, and making a little over 35k a year with my husband responsible for all utilities, what are my chances for a loan? I was stupid when I moved to the US and didn't know how inquiries affected the overall credit, which is why I won't even consider applying for a loan before my 5 stupid inquiries fall off in February. After that, I will only have the 3 inquiries which were all approved.
Any and all help is appreciated! Thanks!
I should have included that my latest credit score is 717, so not bad at all. Thanks!
@Anonymous wrote:I should have included that my latest credit score is 717, so not bad at all. Thanks!
I would suggest getting Pre Approved through a credit union or bank before going into the dealer, you can then shop the dealer's rate aganist your pre approval.
Most banks go off model year for rates. The newer the car the lower the rate.
I do not see an issue with you obtaining a rate below 5% with your score and downpayment.
Thanks for any advice you can give. I wasn't planning on buying until spring next year, but I may need to speed things up at the rate my car is needing repairs.
Scores below, here's my current scenario:
2 Collections accounts 12+ months old (Medical - Paid)
1 Collections account 24+ months old (Paid)
Auto Loan from 2007 (Perfect history, Paid)
Auto Loan from 2009 (Perfect history, Paid)
2x 30 day late CC payments from within 12 months (Jan and Apr)
2+ 30 day late CC payments 18+ months
2x Student Loan Accounts (Perfect history, paying)
3x Current Revolving CC (UTIL <5%, 1x new, 1x 12 months, 1x 6 years)
1x Unsecured Loan from 2010 (Perfect history, paying)
AAoA: 5.25 years
Income: 70k gross, same company 6 years
Expenses: $180 UnSec Loan, $180 Student Loan, $850 Rent
Looking for: 2010-2011 VW @ $19,000
Trade/DP: Trade owned outright ~$5,000
Total Loan Value: ~$15,000
There's a SLIGHT possiblity I'm getting my 2 medical collections removed, but this is based on not being able to.
First, will I be able to be financed by anyone but Cap1, second are my rates going to be sky high?
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