05-15-2013 01:16 PM
I have a TU Fico 682, EQ Fico 658 & Ex FAKO 659. I had a carloan from credit acceptance in 2007, kinda got behind in 09 & paid off in 2011 I have 2 collections paid off, 1 falls off next month & the other at the end of 2014 & a judgement satisfied. First premier credit card paid on time low balance for 2 years, & a 5/3rd credit card paid on time for 4months both less then 10% util. I went to my credit union to try to get a loan for a car, 30K. I make 80k a year, I was told I needed a cosigner because I had no installment loan history. She pulled my TU & they came back with a 633. They require a 550 for a car loan. My question is there any bank out there who will give me a shot & wont give me some crazy high interest rate. I really need a new car bad & its sad my credit union wont even help me.
05-16-2013 12:56 PM
Your past negative history with a car loan is going to hurt your interest rate that you do receive from most places is what I suspect. In any event, if you have a particular car in mind then shop a couple of dealers with that model and let their F&I guys find you a loan. Your scores aren't bad and your income is good. If you are willing to bring a few bucks to the table for a DP then you should be able to get a vehicle at an interest rate that is not going to bury you. And if you make solid payments on the loan for 12 -18 months you would be able to get a very reasonable refinance rate somewhere.
The key is going to be making sure that no new credit problems rear their ugly head during the acquisition to refinance time period. Hopefully you have learned your lessons and moved on to better credit behavior now.
05-16-2013 01:39 PM
Yea my payment history for that car loan dont even show up on my credit report. It just shows it was paid off but it does indicate a few late payments. During that time I was laid off & tryed to make the payments but had to spread out what little money I had for other things. I think letting them find me a bank to finance would be better too. I'm going to wait a few more months & try again. I have a baddie coming off next month & July.
05-16-2013 02:56 PM
05-17-2013 10:25 AM
As a finance manager at a dealership, I would suggest trying capital one, PSECU, or maybe Huntington National. It depends on how the deal is stuctured but it sounds like a pretty easy deal to get bought with some money down.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. 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.