DO I STAND A CHANCE?

[Anonymous]

Hi guys, first time posting. I have a really rough credit situation. I am right around 480 score because of multiple collection items I am currently trying to remove (all due to fraud). I have had 3 credit cards that I have been paying for over 2 years now with no misses. I am only 20 but I make 42k before taxes and don't have any major bills. I am looking to finance a $15000 jeep wrangler. Do I even stand a chance getting financed? My credit cards carry less then 25% balance. How much should I be expecting to put down and what apr would I be looking at? Thank You in advance for any help.

P.S. I have never had any loans. I tried to get pre-approved with navy federal and usaa and got declined.

[Anonymous]

P.S.S.  I currently have a car that has way too many miles and I need to get into another reliable vehicle asap. Unfortunately I do not have the time luxury to wait until my credit score improves. I would be happy with a high apr and then refinancing after I fix the collection items. I also do not want to buy another cheap car cash.

[Anonymous]

You might want to try and get your total util below 10% on CC and you might see a jump that could possibly take you in the land of 500s.  How long have you been on your job?  The reason I ask is because most lenders like to see atleast 6 months to a year, and if you have a co-signer, that has pretty good credit that would probably be your best bet.  The most important thing is to try and get most of those baddies removed, lenders take manuel reviews into consideration also. 

[Anonymous]

well, I have been at the job for over 1 1/2 years. I didn't always make 42k but thats my latest raise and current salary. I am also a part time student if that matters. Unfortunately I do not have a co-signer but I just got the dispute letters and most collections will be removed from experian ( I filed online) I still have 2 collection items for only $1000 (both) which I will have paid off this month. I could only assume this will boost the score and hopefully I will have a better shot at financing a car.

[Anonymous]

I am sure you will financed, now the amount they will finance you for and the interest rate is another story. Maybe if you get in your fives it would help. My first car loan while in college had a very high interest rate, but from experience I would suggest getting as high as you can go with your score and then getting a car that cost around $10-$12k. Pay more than your monthly payment and keep working on improving your credit score. You can always refinance the loan or get a better car by trading in, if your credit improves...