@Brian_Trying_700 wrote:Go to the dealer and then to your local credit union. Compare all rates. My dealer pulled from 5 banks.
You also bought a used car, new cars are completely different from a risk analysis perspective for the lenders, and often as large of a downpayment isn't required.
To the OP: I think you will be OK, though realistically another $1000 on a downpayment would probably seal the deal outright. 20% down on a new car I suspect most lenders will find some financing option for you... even if you had my credit issues, which you don't appear to have.
As Brian correctly suggests, it costs you nothing but time to do a little bank shopping on your own... though I would certainly take advantage of that a few days *before* you're planning to walk down to the dealership. I'd strongly encourage you to have the numbers before negotiating with the F&I person, more information is always better in this case.
Mortgages don't count as revolving debt (they're installment).
If you had more time, you might do better by using some of that down payment to pay down whatever credit card balances you do have. The reports have to list *something* on them unfortunately as dings, and usually the ones near the bottom of the list can be somewhat irrelevant.
If you're curious I'd post more information on your various tradelines on the Understanding FICO scoring or even General Credit Topics forum (including current balances vs. their credit limits); however, any payments you make now probably won't hit the report until sometime after May 1st at this point, and that doesn't help you right now unfortunately... I don't think you're going to have much if any trouble getting financed, even the extra 1K is probably unnecessary but it might help with some lenders