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I dont understand, I'm looking to finance a 2013 infiniti JX for 52k with about 10k down, I started applying in June of this year and have been to 3 dealerships, the dealerships just kept on pulling my credit and now I have 75 credit inquiries on equifax and experian, and 21 on transunion.. I have perfect payment history on my credit cards (they are all pretty new), currently have high utilization, and 21lates on prior auto loan.
I CANT GET FINANCED ANYWHERE.
any suggestions, I was also looking at a ford eplorer..... but .....denied.......
I make 92k a year as a general contractor,
scores tr-612
equifax and experial-580..... they were all in the high sixes until utilization posted..
Any suggestions would be appreciated...Thx
Base on your basic question I'll say no. 52k for car down 10k finance 42 k,no sorry you are super high risk .if you can bring 20 k and up for down payment then you may can get it.iam sorry base on your credit score ,your credit in a toilet. You have to fix it before try to get big finance
I'm assuming you don't need the car right now. I would pay off all cards and only allow one to report 1-9% util. Get a copy of the report and see what is dragging you down, make notes and then try to GW, DV, PFD, etc.
I believe that you will eventually find someone to finance you (probably require a bigger down payment), but it wouldn't be good business for you in the form of higher interest rates, possibly throwing you of budget (plus you might be so desperate for approval that you will probably accept everything the dealer throws at you).
Your options are:
Fix credit or maximize what you already have (bring util down)
Find a cheaper car
Save up for a bigger down payment
I agree. Maxxed utilization, 21 lates on auto loans? sub 600 score, and asking for a loan on a 52K dollar automobile......... If you have a $90,000.00 income, What seems to be the issue here?????
I got an auto loan for 36k from Cap one with a 620ish score with zero down and I had a couple 30 day lates within a few months of getting the new loan.
Just keep working the score by paying down the cards and you will get it.
Tooleman694, what was the interest rate on this loan if you don't mind me asking?
It was 16 percent.
I would take a copy of your CR to a local CU and see what they say. They may not tell you anything unless you apply but it is worth a shot and it wont cost an INQ. Some CUs might even give you advice on what to do to help your changes, in the short term.
@creditwatcher2012 wrote:I dont understand, I'm looking to finance a 2013 infiniti JX for 52k with about 10k down, I started applying in June of this year and have been to 3 dealerships, the dealerships just kept on pulling my credit and now I have 75 credit inquiries on equifax and experian, and 21 on transunion.. I have perfect payment history on my credit cards (they are all pretty new), currently have high utilization, and 21lates on prior auto loan.
I CANT GET FINANCED ANYWHERE.
any suggestions, I was also looking at a ford eplorer..... but .....denied.......
I make 92k a year as a general contractor,
scores tr-612
equifax and experial-580..... they were all in the high sixes until utilization posted..
Any suggestions would be appreciated...Thx
I think the text highlighted in red sums it up completely, especially that last one: 21 lates on an auto loan?! considering the dealers and many other companies use an Auto Enhanced Fico Score which weighs heavily on payment and previous history with auto loans, no wonder the poor guy can't get one! :X
Not to beat a dead horse but I thought the TEN 30day lates on my report was bad. On a 60 month loan you was late more then 1/3 of the times, if I was
you I would try to see if I could get the new pathfinder, its the same vehicle without all the bells and whistles. I will also be in the car market in the next
couple of months and actually looked at both vehicles. Our primary vehicle is on it's last legs, hopefully I can get my credit score to at least 620 ASAP,
our local toyota dealer told us he can get us approved for a 42k highlander with a minimum credit score of 620 plus $5000 down. Our current toyota will
be paid off in March 2013. The only reason for the 10 lates was bc my wife was diagnosed with stage four cancer and had to quit her 40k per yr job. I had
to go part time, my income dropped from 90k+ per yr, to just a little over 42k. Good Luck.