Reply
New Member
Posts: 3
Registered: ‎10-21-2012
0

Auto loan after voluntary repo

Hi,

I was a consigner on a auto loan where the primary borrower wasn't able to afford it any longer and turned the vehicle in about 6 months ago. Still has a balance of about $5,000. I currently have one vehicle and looking to finance another.

My credit score is 620, 615, and 626. I am looking to purchase a vehicle for about 16,000 and put about $3,000 down. is there a possibility that I will be approved? Not too worried about the interest rate due to me getting it refinanced in the near future.

Additional info: Been at my job for 2 1/2 years and make about 3400 gross monthly.
Moderator Emeritus
Posts: 10,847
Registered: ‎12-30-2011
0

Re: Auto loan after voluntary repo

Welcome to the forums brandon!

 

Possibility yes, normally I'd say no problem with 20% down; however, that voluntary repo if there's still a balance being paid on it might be a killer.  Do you know what the status currently is on it?  Is it still being paid or is it in some other state?

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 683, EQ 8 690, TU 710, EX 715 (01/01/15)
Goal Score: 700 on EQ 04 (01/01/16)


Take the myFICO Fitness Challenge

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.