@Anonymous wrote:Okay, Im sure this topic has been overposted but I'd like to ask your thoughts anyway...
My scores are around 615 with all 3 bureaus and Im looking to get a used car loan for a 2012 F150 Crew (around $22k-$26k) since there are some good deals right now.
Baddies:
2 medical bills for $1000 total in collections from 2009
1 time warner account in collections for $690 from 2010
1 charged off bank account for $50 from 2008
5 recent inquiries
Good:
1 HSBC unsecured card $300CL/$40BAL 6 months old
Started with a 505 score 4 months ago, so I feel like Im doing pretty darn good so far...
With the info above, what are my chances of getting approved? Im trying not to put a ton of money down and also Im wanting to use a creditor that WONT pull equifax since thats my worst credit file. I dont care about the intrest rate too much since I plan of refinancing in a few months as my credit continues to improve.
Thanks so much!
You may get approved but that will come witha big down payment and possibly a high interest rate. Avoid Santander at all costs!!!
Are these collections paid??
@havecollectionsaccounts wrote:I would try to go through a credit union. My score was 606 and I was able to get into a brand new Toyota Corolla with $1400 down at 12.45%. The dealership submitted my info to several banks and finally financed me through Capital One. I was able to refi 1.5 yrs later at 4.99% w/ credit score of 636. I've heard that credit unions are generally more lenient. Many banks will request that you pay off any collections accounts prior to financing. Good luck!
This ^^
The CU refi is going your best option once you find a lender that will get you in the door. Or if you have a CU already i'd go and see if they can approve you first.