Can I get a good auto loan with my scores?

[Anonymous]

Hi, im new to all this but would love some advice. I have been repairing my credit score and got it up alot in the last 7yrs. My dad used my credit since i was 17yrs old and at one point just trashed it and took off, i have been waiting the last 7yrs for all the bad stuff to go away. 7yrs ago when i started i had scores all in the low 400. Now i have a 724, 698, 658 and really need a new car.(want an suv). I have a good job and my boyfriend has a super good job. He did not have any credit at all i started his about a year and half and he is 653, 670, 700. I have $5000 to put down and would like to know what kind of intrest am i looking at and is there a way of knowing before i mess with the creditors checking our credit if i have a chance of getting a loan and how much and intrest? Thanks in advance for ya'lls help.

[MarineVietVet]

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@Anonymous wrote:

Hi, im new to all this but would love some advice. I have been repairing my credit score and got it up alot in the last 7yrs. My dad used my credit since i was 17yrs old and at one point just trashed it and took off, i have been waiting the last 7yrs for all the bad stuff to go away. 7yrs ago when i started i had scores all in the low 400. Now i have a 724, 698, 658 and really need a new car.(want an suv). I have a good job and my boyfriend has a super good job. He did not have any credit at all i started his about a year and half and he is 653, 670, 700. I have $5000 to put down and would like to know what kind of intrest am i looking at and is there a way of knowing before i mess with the creditors checking our credit if i have a chance of getting a loan and how much and intrest? Thanks in advance for ya'lls help.

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Welcome to the forums.

At my credit union I can call and ask what scores are needed for the lowest rates. I would assume you could do this with any CU or bank. Remember though that scores are only one thing a lender will look at. Income and job history are also important.

From a BK years ago to:
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802
3/10 EQ- 800

You can do the same thing with hard work

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[nathan]

If you are a member of a cu, try them first. Your scores aren't great, but aren't poor either. You will definately get approved, but your concern should be at what interest rate. Your 5k down payment may help depending on how much you are trying to borrow. 5k  down payment may help in a 15k to 20k car loan, but not in a 45k loan. if those are fico scores, you have a good shot, and if you have a previous auto loan history, your enhanced auto score might be even better.

[Anonymous]

Nathan wrote:   if you have a previous auto loan history, your enhanced auto score might be even better.

That true, but I am not sure that CUs pull enhanced scores.

[FastMovingAquaticFowl]

Something else to consider is lowering your rate yourself by paying a bit extra.

In dec/08, I fonanced an SUV and the loan was 21.5% APR (My AutoEQ was 605).

Since then, I've been paying an extra $140 or so a month on this note and

that will lower the interest paid to an effective 13% or so and pay off the vehicle

in 3 years (36 months for optimum AUTOEQ bump) rather than the scheduled 5.

A horrible APR isnt the end of the world if you can afford to pay enough extra to

mitigate the usury rate. Of course, we'd all like better, but a high APR isnt the deal

breaker it could be if you can adapt.

Good Luck!

[Anonymous]

Thanks everyone for the advice. I don't belong to a cu here where I live, but I do have numerous auto loans with ford credit. One of them does show 3 late payments (has to do with the bad dad thing and all the problems he left me with). I do make good money and have been with my job for a really long time so I'm stable and my boyfriend makes good money too but he has only been with this new company for about 8mo. I will call some cu thou and see what they say, his mom is with a cu so I'll start there. My cu is in las vegas and it just has a little savings that I left in it before I moved I really don't do anything with the acct don't know if they would be able to help since I'm so far away and don't use the acct, just has my money sitting in it. Again thanks so much for ya'lls help it gave me somewhere to start.