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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: 11,198
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 04 700, TU 04 731, EX 98 725 (05/24/15)
Goal Score: 700 on EQ 04 (01/01/16)


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