@Anonymous wrote:Hi all what do you all thin my chances are for a car loan
28 years old
been on CRA for 9 years
My Credit scores are 610 639 and 674
have 5 open credit lines
1 is a CC in good standing at 0 balince
4 school loans in good standing 2 never late 2 late 2 years ago
had a car loan 6 years ago payed off
now for the bades
have 2 charge offs
1.charge off 5 years ago wich is only reported on i CR
1 charge off 6 years ago old CC
and 2 Colletions
1 is for the old CC thats 6 years old
and 1 thats a old cell bill 2 years old
I'm looking for a 14989 car loan with a 3000 down payment its a chevy malibu
I make 1700 a month and get 400 from the goverment totel in 2100 a month
any sugetions will help thanks
also what is easyer to get a loan on a new or used car the new car loan is 19k 3k down payment
I would say you are in pretty good shape for financing. You won't get a prime rate but if getting financing is your goal I don't think should run into any issues. General rules in automotive financing are:
you can finance 90% of the MSRP of a new vehicle meaning you need to put down 10% plus tag, tax, title, fees, etc.
You can finance 80% of the MSRP of a used/ preowned vehicle meaning you need to come up with 20% +++
In your example 3K on a 15K auto should suffice. Other factors may be the age/condition of the vehicle, terms of the Bank etc. If you are a member of a Credit union I strongly suggest you check for an approval through them first. If you go to a dealer they will shop you and you will never know what rate you will ultimately qualify for as they might add points to your rate to increase their profits.
