Do I Qualify?

[Anonymous]

Hello, I've been working on my credit for the past year and have gone up significantly from the high 400s that I started with. I am in desperate need of a new car and want one that I can use for more than a year this time. I've only gotten beaters and bad deals. I currently owe $2500 on the one I bought last summer that is going to die any minute. So I decided to get my Ficos and see if I can qualify. Can anyone give me advice?

Credit Score: 615/607/602 (Auto 8 632/635/611)

AAoA: 2 years 2 months. 6 years total history.

# of positive trade lines: 2

# of negative trade lines: 2 (closed/settled/paid last summer)

Income: 2340 / mo

Lenght of Employment: 2 Years

Previous Loan Experience: Currently 9-10 months in on an auto loan with no late payments. Pay $188 per month.

Debt-to-Income (DTI): 10%

Year of Car: 2014 or newer

Miles: Less than 50k

Purchase/Refinance: Purchase

Requested loan term (XX Months): 60 Months

Down payment amount: None - Slim

Co-borrower/Co-Signer:

Other: I would like to roll my current loan into a new one, and have a loan no more than about $15k.

If there is any other information you need, or anything else. Please let me know. I would like to get going on this!

[bigpoppa09]

Have u tried Cap 1 auto navigator it's a soft pull to see if u prequalify?

[Anonymous]

No I haven't. It's a soft pull so I won't be affected on credit report? And if I decide against those terms, then I am not obligated to do anything or pay anything? Thanks!

[Anonymous]

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@bigpoppa09 wrote:

Have u tried Cap 1 auto navigator it's a soft pull to see if u prequalify?

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I just tried and got approved for $16988. Would I be able to roll my current $2500 loan into a new loan with this total?

[jason0618]

It'll all come down to equity in the trade compared with book value on the new car.

[Anonymous]

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@jason0618 wrote:
It'll all come down to equity in the trade compared with book value on the new car.

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Can you explain this a little more? What numbers/percentages should I be looking at?

[jason0618]

With your scores, I would think you should be able to get 100% LTV somewhere.
What's the car you're trading in that you owe $2500 on? If wholesale trade value is $2500 or more, you should be fine. If it's a pos that's worth scrap value of around $200, then you may have issues. What state are you in?

[Anonymous]

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@jason0618 wrote:
With your scores, I would think you should be able to get 100% LTV somewhere.
What's the car you're trading in that you owe $2500 on? If wholesale trade value is $2500 or more, you should be fine. If it's a pos that's worth scrap value of around $200, then you may have issues. What state are you in?

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It's more on the latter side.It runs but needs a bit of work. I live in IL. Which value do I use for LTV? Thank you for your help!

[jason0618]

Most banks will use nada trade in clean condition. If you want to pm me some info I can set it up for you and see where it puts you