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Member
Posts: 21
Registered: ‎08-14-2016
0

Do I qualify for auto loan

Hello, im looking to see if I would qualify for an auto loan. All feedback is appreciated. Im looking to apply through NFCU.

 

Credit Score: 612 Equifax score 8 ( I plan on paying down some credit card balances and Myfico simulator states i'll be at 639)
Income: $1500/month
length of Employment: 2 years
Previous Loan Experience: N/A
Debt-to-Income (DTI): Have no bills besides utilities
Year of Car: 2013
Miles: 45k
Purchase/Refinance: Finance
Requested loan term : 60 - 72 months
Down payment amount: $1000
Co-borrower/Co-Signer: N/A

10 credit accounts all being paid and never late.

1 charge off account unpaid - $6k One Main - Nov 2015 was the first missed payment

1 collections unpaid- 6k for One Main - date assigned Jan 2017

1 charge off paid - Bank overdraft $355

 

Any suggetions that will help me will be much appreciated. 

Community Leader
Super Contributor
Posts: 14,572
Registered: ‎11-11-2014
0

Re: Do I qualify for auto loan

I don't see it in your initial post but what is the cost of the car you are looking to finance?

Member
Posts: 21
Registered: ‎08-14-2016
0

Re: Do I qualify for auto loan

I'm looking to get $12k in total
Member
Posts: 21
Registered: ‎08-14-2016
0

Re: Do I qualify for auto loan

Bump
Regular Contributor
Posts: 198
Registered: ‎09-12-2016
0

Re: Do I qualify for auto loan

Id say you will np let us know
Valued Member
Posts: 39
Registered: ‎09-16-2016
0

Re: Do I qualify for auto loan

Need to know your debt to income ratio.  Do you have rent or mortgage?  DTI is not just credit, but also your rent or mortgage paymnent in relation to your income.

Current FICO 743, no baddies
April '16 550 4 collections

Current credit and limits (in order of approval)
Discover It (Unsecured at 6 mos) 4k -- Cap 1 Quicksilver One (500) -- Overstock (3400) -- NFCU Cash Rewards (25k) -- Share Secured Installment (500 - paid down to 40ish) -- Amex PRG (NPSL) -- Amex BCP (20k) -- Amex EDP (5k)
Member
Posts: 21
Registered: ‎08-14-2016
0

Re: Do I qualify for auto loan

I do not pay rent. My phone bill is $150 and internet $50. And my quicksilver payment is $75 at the moment. Besides that I don't have any bills more than $25.
Valued Contributor
Posts: 1,545
Registered: ‎12-16-2014
0

Re: Do I qualify for auto loan

I would work with a credit union.  That One Main account is going to be your biggest barrier, if you could negotiate that debts with the collectors you would be better off.  Open collections like that are pretty big red flags.    A dealer will likely get you a loan but the interest will be high so trying a credit union first is going to be worth the effort.

NFCU Go Rewards 18k, NFCU Go Rewards AU 22k, NFCU CLOC 15k, NFCU N Rewards 14k, Amex ED preferred 12k, Amex BC 1k, USAA CL 2k, Hawaiian Air Barclay 1.2k, Venture One 10.1k, Target 7k, Citi Costco 2k, Citi AAdvantage 7k, NFCU Platinum AU $14K, Penfed Platinum Rewards $5.5k. PayPal 2.2K, Discover IT 6k

Gardening till 2018, Goal of 700's by the end of 2017
MyFico Scores June 2017: EQ 692 TU 703 EXP 698
Established Member
Posts: 47
Registered: ‎09-23-2016
0

Re: Do I qualify for auto loan

I think you would get approved at higher interest rate...probably around 21% with $1k down for a $12k car... do you currently have previous auto loans? If not then it will be a bit tough but doable with a higher interest rate. 

 

Auto loan lenders wnat to see how well you pay your car payments, not much more emphasis is placed on other loans. With no other auto loans on your reports then they feel that they are taking a bigger risk. Refinance after about year once you got some auto credit under your belt. 

 

Example, my friend who works for one of the largest BMW dealers in the nation sees guys who come in with a score in the high 500s and get Tier II approval because they do pay their car payments on time and not much else.. 

BK7 08/2016 DC 12/2016
Merrick Bank $700 | Credit One $450 I CFNA $1200 (Survived BK7) I Starting Score 10/2016: TU 597 I EX(LP) 607 I EQ 592 I
Current Score 6/2017: TU 645 | EX 639 | EQ 665

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