Do I have a chance at being approved?

[speckled]

I've been working on repairing my credit for the past year or so and have gotten up from the mid 400's since then. We desperately need a new car. First time attempting to get an auto loan.

Credit Score: 
Ex: 616

Eq: 632
Tu: 634

Husband is in the high 500's I think

AAoA:  8 yrs

Income: $40,000/yr (if combined with husband about $65-$70k)

Lenght of Employment:  This one worries me... only about three months. I finished my masters degree in 2015. Had a one year internship during that time, was then with an employer for two years, until we recently moved and I've been at my new job for 3 months. Never any employment gaps, and even though these have been different employers, they're all in my field using my professional license.

Previous Loan Experience: No previous auto loans, mortgages, or personal loans. Six figure student loan debt that is current.

Debt-to-Income (DTI): Very low.

Year of Car: 2016 or 2017

Miles: 30k - 40k

Purchase/Refinance: Purchase

Requested loan term: 60 or 72

Down payment amount: $3500

Co-borrower/Co-Signer: Probably could if we needed to.

Other: Credit util is at 8%. I'm confused because CreditKarma shows my payment history as 100%, while the Experian app shows my payment history is poor. I have four derog remarks. 1 I'm disputing, 1 is paid but hasn't reported yet, and the other 2 will be paid soon. I have lots of other collections accounts that are showing up on my report, but that I have paid off. Some that I've paid off are listed as derog but with a $0 balance?

Looking to finance about $18,000. Any chance of me being approved with a not crazy interest rate?

[Anonymous]

I will say that you can be approved, probably will require both of you. Now the rate is not going to be good. The only way for you to get a decent rate will be a large deposit and even that may not be enough. Unfortunately paying off derogatory items does not remove them, perhaps good will letters to the creditors can see them removed if they were small but if they were large or seriously delinquent its unlikley you will see them disappear before they age out. So yes you can get the loan but will definitely require shopping around for the lowest rate

[speckled]

Thanks for your insight. Hopefully if we don't get a great interest rate, we can refi in a year or so as scores improve.

I'd be thrilled to get 8% or below. Likely wishful thinking, but I've been browsing the approvals thread and have seen posters with similar numbers be approved with decent rates. I know every situation is unique, though. Dare to dream!

[speckled]

Bump to hear more thoughts on if I have a chance of being approved and what sort of rate we might expect.

[tooleman694]

You will be approved, probably the best rate would be around 10 percent.