Do I qualify?

[kingfet]

Credit Score: 560

AAoA: 1 Year

# of positive trade lines: 2

# of negative trade lines: 3 (1 Large collection that will fall off in October 2014. Should I wait for this to fall off?)

Income: $42,000

Length of Employment: 2+ Years

Previous Loan Experience: None – No Car Loan Experience.

Debt-to-Income (DTI): 1% (I do not pay for rent)

Year of Car: 2012 Chrysler 200

Miles: 42,000

Purchase/Refinance: Purchase

Requested loan term (XX Months): 60

Down payment amount: $1200 (Car costs $13,500)

Co-borrower/Co-Signer: No.

Other: I live with family, have no bills besides insurance, cell phone and two credit cards. Neither have a balance.

I previously had absolutely terrible credit when I was younger. Decided to start rebuilding last year and actually become an adult. I have brought my score up from 404 to 560 and have perfect on time payments on my two secured cards for the past year. Need a car as I commute 90 miles a day round trip to work. I have a 2008 cobalt I could trade in if necessary but would like to keep as a backup.

[CAnNY]

Last year February I think my score was lower than yours and my credit union offered me a loan. I of course have over ten years with them and my AAOA was like 7 or more years.

Yes, I think you have a chance. May not be the most favorable interest rate. If you have a CU try them first perhaps. 

Also check out the auto approval thread to see where others were being approved and with what score. 

BEST OF LUCK!

[Creditaddict]

Where is the car? Dealership?

Roadloans but you won't like the rate

[kingfet]

Yeah its at a dealer. I am fine with any rate. just another cost of rebuilding.

[Creditaddict]

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@kingfet wrote:

Yeah its at a dealer. I am fine with any rate. just another cost of rebuilding.

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Then I would apply online for Roadloans so you can see at least an approval and a terrible rate so when you go to the dealership anything they get you will be better! and if for some reason they are giving you hard time about getting you approved, then you can come back at them I already have this approval and then I bet they will get it done.

but any credit union options in your area or elsewhere you qualify for?

[kingfet]

i am not a member of one. I use a regional mutual bank I am really happy with. Dollar Bank out of Pittsburgh.

[Creditaddict]

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@kingfet wrote:

i am not a member of one. I use a regional mutual bank I am really happy with. Dollar Bank out of Pittsburgh.

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might be worth checking iwth them if your relationship gets you anything.