Auto loans with 588 score

Anonymous · ‎01-10-2017

Hi! Everybody, just want to ask if anybody had recently applied for a loan at the dealer thru Toyota FInancial, we are looking for a new 2016 4runner ( joint application ) but our credit scores are not that high ( 580 ish ), we had two car loans ( paid with lates way back 2014, honda and cap one ) since then its just mortgage and no credit cards. I did compute for the DTI and it is 24-25% using our real paystub. My wife has one public record(2012), and me one collection (year) ,lates on the mortgage ( more than a year now since the last one ) no inquiries ,its just slow ,prob bec, we don't have revolving?

We only have the mortgage as the only loan right now , by the way.

So , what are the chances we have , apr to expect or probability of being approved.

How about the Auto Score?

Thank you for all inputs.

elim · ‎01-10-2017

pull your fico auto scores first. that will give you a better idea.

Anonymous · ‎01-10-2017

Hi! elim

thanks for your reply, where can i get it, without paying $60 , I believe its not available to gen. public.

StartingOver10 · ‎01-10-2017

@Anonymous wrote:
Hi! elim
thanks for your reply, where can i get it, without paying $60 , I believe its not available to gen. public.

It isn't available for free. You can get it here, but you do have to buy the 3B report to get it.

Have you considered getting one revolving account? It may boost your score significantly (over 620) so you aren't in subprime territory for your auto loan. You don't have to use the card except for a pack of gum every few months. You can even boost your score with a very small low limit card. I would suggest this before you enter into a long term auto loan with a high interest rate.

Appleman · ‎01-10-2017

True FICO Auto scores you need to buy. Or if you apply for an auto loan there will be a truth in lending form that gives the score the lender used. You would get this score if approved or denied. I am wondering if you would benefit from a shares secured loan on your credit file?

Anonymous · ‎01-10-2017

Hi! I actually thought of getting at least a secured card just to get in the door, but right now its more of a need than want , wife's odyssey is starting to show signs and safety is the reason why we are looking , have you seen one close to my case thats been approved , if so on what range apr? When you mentioned subprime, who are considered subprime, by the way, we were approved way back 2005 thru toyota for a 4runner sport 12% 72 months ( credit and income are actually lower then ) traded it after a year, do you think they still have the info?

Anonymous · ‎01-10-2017

I saw this on the web: http://www.toyotaofseattle.com/toyota-finance-rates

Anonymous · ‎01-10-2017

That's a nice info, I'm from Maryland, so im looking at 15% , per the scoring tier, we're planning to go on saturday, will put $1000-1500 down, will see if lender will pick us up, will keep everyone posted, hopefully.

Anonymous · ‎01-10-2017

@Anonymous wrote:
Hi! I actually thought of getting at least a secured card just to get in the door, but right now its more of a need than want , wife's odyssey is starting to show signs and safety is the reason why we are looking , have you seen one close to my case thats been approved , if so on what range apr? When you mentioned subprime, who are considered subprime, by the way, we were approved way back 2005 thru toyota for a 4runner sport 12% 72 months ( credit and income are actually lower then ) traded it after a year, do you think they still have the info?

Had that same credit 3yrs ago, I could not even secure an auto loan. Had to cosign with my mom who has just few points above mine. We got approved for 18K Loan with a 9% APR.

Anonymous · ‎01-11-2017

I see, we would love to have a co-signer but nobody is available, they actually got a new car loan as well ( same reason aging car ) , but hoping that lenders will look not only on the scores but the ability and stability and DTI as well, but like they say, go and try it and see where we stand, we can always walk away if the rate is way high, i will post whatever happens, good or bad, hopefully good.Thanks!!