cancel
Showing results for 
Search instead for 
Did you mean: 

Do I qualify and what do you think my rates would be at?

tag
Anonymous
Not applicable

Do I qualify and what do you think my rates would be at?

Credit Score: 623 FICO

AAoA: 2 years 9 months

# of positive trade lines:2

# of negative trade lines:1 account in collections for a disputed student charge

Income: $2,050 a month

Lenght of Employment:1 year 10 months

Previous Loan Experience: none

Debt-to-Income (DTI):12%

Year of Car: 2012 chevy volt

Miles:48,070

Purchase/Refinance: Purchase 12,000

Requested loan term (XX Months): 60-72

Down payment amount: 1200

Co-borrower/Co-Signer: none

on time payment: 95.5% - 97.5% ( having 1 missed payment removed, 2 total in past 3 years total)

Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Do I qualify and what do you think my rates would be at?

Yes you will qualify. Your rate would be around 7%-7.5%. You might find a credit union that gives you 6.5% or so if you look hard. I'm a fan of leasing or buying NEW hybrids ($7,500 tax credit) but not used ones unless they have a significant warranty and excellent price.

 

With a 7% apr, down payment of $1200 and 60 month term on a purchase price of $12,000 the monthly payment would be around $250.

 

If I pulled the trigger on this deal myslef I would need that Volt talked down in price to $10,000 with a down payment of $1000 and would not budge too much from there. There is comfortable wiggle room for used hybrids especially considering the dealer probably paid less than $8000 for that specific vehicle. That would put your monthly payment around $200 which is far more palatable for you.

Message 2 of 5
Anonymous
Not applicable

Re: Do I qualify and what do you think my rates would be at?

Thank you for getting back to me so quickly! That will definitely help as well! I wasn't getting approved last month at 588 with the amount down I had(wanted 2400 down), definitely hoping this time around the 40ish point gain will help Smiley Happy I'd definitely look into a newer one for the incentives, just right now I know I wouldn't have a great score on something right now but should be able to have this paid off pretty quick if I end up getting approved for it. It is certified preowned with a 2 year extended warranty as well, would that change anything on their pricing end?
Message 3 of 5
Anonymous
Not applicable

Re: Do I qualify and what do you think my rates would be at?

Well, be interesting to pull the carfax and see if it's 1 or 2 owners. It would be assumed that a 2012 model year car would be bought in late 2011 so it could be a one owner 5-6 year loan or a car that was leased twice at 36 months each...or neither lol. Going rate for that vehicle with 50k miles in my experience is about $12.5k which i would not spend. Trade in value is about $9k to a dealer but trade in is more profitable than an outright sale to the dealer which would be about $8k (assuming good condition). A new 2016 in the state of Califonia can be had for $24,900 after all their tax credits!

 

Hybrid/electric space is competitive now with huge lease and buying incentives because of the $7.5k federal tax credit ($9.5k if you live in California and add the state tax credit). Add in the macro trend (because of depressed gas prices, fuel efficiency and millenials entering space) that 8 out of 10 vehicles sold are suv/trucks and you see why dealers have a hard time moving cars let alone used hybrids (even luxury brands) - which is good for buyers. That car can be had for $10k-$10.5k tops; just negotiate. Start at $10k with the offer and don't budge too much.

 

never owned a hybrid myself (soon) but hear that once you get a car that is averaging over 50mpg+ you will never go back. Add in a cc that offers 3%+ back at gas stations and you can save thousands quickly.

 

assuming you drive 15k miles a year and take that 5 year loan that car will have around 120k miles on it by the time the financing ends and you could probably trade it in for $3k or sell it outright for $2k so driving it for 5 years will essentially cost you around $7k or $1.4k yearly (after subtracting trade in or sell). Maxing out that 15k miles at the cars 92mpg rating you end up spending $410 in gasoline (89 octane at $2.6/gal) yearly. Add in insurance and incidentals (brakes, tires, minor repairs) at $1.1k yearly and the total cost should be somewhere around $2.9k yearly after trade in is factored and $3.5k yearly up until then. That is pretty good considering some jacka**es on these boards take out $40k loans at 10% interest.

 

take that above paragraph with a grain of salt because i have no idea how you drive or your plans. I was just throwing out a cookie cutter average.

 

 

Message 4 of 5
Anonymous
Not applicable

Re: Do I qualify and what do you think my rates would be at?

Thank you! Yeah if I end up getting approved for it, I'm definitely grabbing it. Right now it's a matter of just waiting 2 weeks for my statement to get reported so I have even better rates since I paid my credit card off in full and am having a missed payment way back removed. The cool thing with these ones being plug ins, is my work does charging for free outside. I just have to walk an extra block for it. And I work 3 miles from my apartment, so theoretically given it has a 50 mile range not counting the regenerative braking I should be able to run completely off the electricity without needing to use up gas except on my infrequent road trips. I'll probably call back today see what they can do right now since they've been trying to reach out since I said the amount down was out of line for the pricing and I'd rather wait to them for my score increase at the statement I recently got back. Insurance is pretty cheap for them as well, which I did not think would be the case. But it'll definitely end up saving me over my Jag xtype I had which just ate premium at 16mpg here in NY, until it finally blew.
Message 5 of 5
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.