Do i qulaify?

[Schoolbuskid]

Credit Score: 611, 629, 635
AAoA: 4.5
# of positive trade lines: 15-20
# of negative trade lines: 9
Income: 23000
Length of Employment: 10 YEAR
Previous Loan Experience: 2 paid with lates
Debt-to-Income (DTI): 40%
Year of Car: 2002 Dodge Dakota 4x4
Miles: 104k
Purchase/Refinance: purchase

Purchase Price: $7995
Requested loan term (XX Months): 48-72
Down payment amount: 0
Co-borrower/Co-Signer: no
Other: 10 month employee, my summer job in make around 3500/ month... It's what I do full time now. How would I factor that in?

[Anonymous]

You're going to be hard pressed to find a bank that will finance a 14 year old vehicle for 4-6 years.  

[Schoolbuskid]

 ok, how about this one?

Credit Score: 611, 629, 635
AAoA: 4.5
# of positive trade lines: 15-20
# of negative trade lines: 9
Income: 23000
Length of Employment: 10 YEAR
Previous Loan Experience: 2 paid with lates
Debt-to-Income (DTI): 40%
Year of Car: 2011 Ford F150 Reg Cab XL
Miles: 127k
Purchase/Refinance: purchase

Purchase Price: $8950/ $9337 OTD
Requested loan term (XX Months): 48-72
Down payment amount: 500
Co-borrower/Co-Signer: no
Other: 10 month employee, my summer job i make around 2000-3500/ month

[Schoolbuskid]

Advice?

[Anonymous]

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@Schoolbuskid wrote:
Advice?

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@Pardon me as I am little confused based on @Anonymous post. But can you clarify? Are you buying or refinancing?

[Schoolbuskid]

Buying!

[Anonymous]

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@Schoolbuskid wrote:
Buying!

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@Aaah, thanks.  I just read it again and for some reason I understood it as "refinancing a 14 year old car".   @Anonymous is right.  The only way you are going to be able to get a loan to buy is by getting a personal loan instead of an auto loan.

[Schoolbuskid]

OK even for the second post on the 2011 Ford F150?

[Anonymous]

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@Schoolbuskid wrote:
OK even for the second post on the 2011 Ford F150?

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Yes.  The mileage on the car will pose a problem.  Most banks limit the mileage to 70-75k with some CUs stretching it to 100k.  The car in question has 127k....  If you can find something with less miles, then you stand a chance.

[Schoolbuskid]

Sounds like I gotta find something under a 100k, that's still in my price range of 10k or less.

Man I like that Ford truck!

OK thanks! Let the search continue!