Do I qualify for an auto loan?

[nikkih901]

Credit Score: My FICO scores as of 10-15-14 EQ-633 TU-626 EX-642

AAoA: According to Credit Karma 5 years 7 months

# of positive trade lines: 4 

# of negative trade lines: 1 (student loan late payment March 2014)

Income: $3500/month 

Lenght of Employment: 1 Year 3 months

Previous Loan Experience: Paid repo from 2005 no longer showing on my end. 2005 Foreclosed mortgage showing paid and in good standings

Debt-to-Income (DTI): 31%

Year of Car: 2013

Miles: 24,500

Purchase/Refinance: Purchase

Requested loan term (XX Months): 60

Down payment amount: $3000

Co-borrower/Co-Signer: No 

Other: Final purchase price $25,000. 9% utilization on both cards combined

Thanks in advance!!

[SamsungHDTV]

I think you stand a good chance in getting approved. Not at the best rates, but still get approved. I don't think a big bank will touch a forclosure still reporting though. I say best chances are credit unions/santander/roadloans/captive lenders. 

[nikkih901]

Thank you for responding. I've been told that I should not app until my scores are 700 across the board. I'm interested in getting a rate that is lower than 3%. Can you provide insight on what I should do in order to make this happen? Waiting/saving is something I'm willing to do. 

[sccredit]

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@nikkih901 wrote:

Thank you for responding. I've been told that I should not app until my scores are 700 across the board. I'm interested in getting a rate that is lower than 3%. Can you provide insight on what I should do in order to make this happen? Waiting/saving is something I'm willing to do. 

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If you are looking to get under 4% that is probably pretty good advice.  With your scored I would think you'd be in the 5%-9% range.  When you get your FICO score above 675 you can look to DCU for a 1.9% approval.