My FICO is 657 and rising. Income of $100K. Been at my job 10 years. Several old COs and collections from 2008.
Do the dealerships look at just the FICO score or do they see the collections and debt ratio, too?
Do you think I'll be approved at a decent rate?
Looking to buy something for $20K new. I have about $800 in monthly debt payments.
Starting Score: 657
Everything will be looked at, but if you're clean for 4+ years, that'll likely be their primary focus.
It's hard to predict APR's for mixed files and middle scores as it really depends on what lender you wind up with. If you have financed a car successfully in the past, that'll likely help too. I would talk to CU's and maybe a few others (Cap One possibly?) before going down to the dealership. Whether the collections and CO's are opened or closed may make a lot of difference when it comes to anyone underwriting the loan, and downpayment always helps too.
End of the day, if your report is on the ugly side, I'm guessing you can still get in the 10-12% range with what you stated, but if you have a positive auto loan or maybe mortgage, and your CO's and collections are paid, you might do better than that. Won't really know till you get out and start testing the waters. Just be ready to pull the trigger within a month of starting at the latest from a FICO scoring perspective, though these days it doesn't take that long anymore to try a dozen or more lenders if required.
Makes sense, thanks. I do have a perfect prior car loan for $20k through an OEM dealer bank, paid off in 2008. My two other current car loans are through my CU but don't show up on my TU CR. This loan also show as never late.
On the negative side, i do have several open collections. That said, since all my negative CC COs hit in 2008, I've paid/settled 4 of them totaling $10k.
I agree I Just need to go talk to some lenders, my CU and or the dealerships. And yes, I will make sure all the inquiries are bunched together and I pull the trigger quickly.
I think you have a great chance for approval because of your income. I have been through two BKs, a 7 and a 13, filed two years apart from each other in 2003 and 2005, and through that time period up to Nov 2012, I was always able to get financing even with scores in the 500's because my income was such a blinding factor and the finance manager always mentioned that to me. It was clear to them that I fell on hard times as all my previous auto loans were in good standing. Now the interest was always enormous so I don't know what your rate will end up being. Most auto loan companies have 4 tiers and your score falls in the tier 3 or 4 range, which means it is likely you will get approved by a prime lender, but your rate will be high single digits. You can always refi after your credit improves a little more.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! 
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That's very encouraging, thanks. I just called my CU and I'm going to send them my CRs and talk about my options on Monday. I'd be just fine with an APR in the single digits. Looks like I need to raise my FICO up just a bit to get Into the 3rd tier. I'm thinking I can raise score pretty easily in the next few months after I've neglected it for a few years
Of coursethesis is assuming the lender pulls similar or better score than what I'm seeing.
My DH has scores far worse than yours (580ish) and was financed thru a buy here/pay here place up to $7K. He even had 2 defaulted auto loans on his CR (Charge offs totaling over 20K!!!) and the place gave him a shot with payments of only 210$/month for a 7 yr old sedan in really good condition. We had it for over a year before hubby totaled it in an accident (not his fault). but yes, it is possible!
Starting Score: 526 EXP 09/2012 600 FICO 10/2012 608 EX (lenderpull)11/2012 
I do appreciate newbie's feedback. That's said, Mike is right. Looking for conventional financing in the single digits. If I can't find that I'll have to right it out with my current car until I can qualify.
Thanks to all.