hi....dont think you will qualify for 0% interest loan...should be at least 720......cash down or trade allowance doesnt affect interest rate offered.....after this loan if it is paid on time your score will rise.....maybe next loan...good luck...........
@inara220 wrote:
Credit Score: 640 Experian (only one I have checked on myfico- My "free score" on Discover card is 652, and my "free score" at my credit union is 666 but it was last updated over a month ago)
AAoA: 6 yrs
# of positive trade lines: I'm not exactly sure what this means... accounts that have always been paid on time? In that case 12 between student loans and credit cards
# of negative trade lines: 1 $365 collection from 2012 (I have been contesting this... bad former landlord), 2 "30 days late" that are old 2008/2011
Income: $57,200 and on it's way up over the next 5 years
Lenght of Employment: at current job? 2.5 years, # of years I've been full time employed 16
Previous Loan Experience: No car loan. Personal loan at credit union that I've always paid on time, is 3 payments from being DONE, 7 student loans, I recently graduated so these don't have much payment history
Debt-to-Income (DTI): 36% <-- I think... this is hard to deterimine. I have a high ratio though when you count in student loans)
Year of Car: Brand New Nissan Leaf
Miles: it's new...
Purchase/Refinance: Purchase
Requested loan term (XX Months): 72
Down payment amount: Flexible (I could put up to 14K down if I want to)
Co-borrower/Co-Signer: Possible but would prefer not to
Other: I have a car that is close to dying, I also have a large amount of cash that I could use as a downpayment.
Here's the thing, I was planning on spending more time improving my credit before getting a new car but my current car is dying. I test drove a Nissan Leaf (I have a free charging station at work) and the offer is pretty decent on purchasing a brand new one. I have a large chunk of change which I was going to use to pay down credit card debts that are high (holidays just finished and other assorted reasons over the past 6 months that have caused me to use most of my credit so my utilization is very high at the moment) but I could also use that as a down payment on a car. They are offering $26,950 - 1950 (trade in of my 2001 camry that is about to die), bringing it to 25K before Taxes. I would get the full $7,500 tax credit (all electric vehicle and I make enough to take full advantage of it). So this pretty much brings the car down to $20K. Right now Nissan is offering 0% down, 0% financing for 72 months if your credit is good.
This is sort of a limited time offer (next four days because of the tax credit, there is no guarantee it will be around next year).. my car is only going to go down in value, and I would get this credit in 2-3 months.
I want to do this on my own but my boyfriend is going with me (he is a way better negotiator and I have zero experience buying cars) BUT I don't really want him to know about the credit/personal debt I am still working on getting rid of (he knows I've had trouble in the past and he knows about my 110K student loans). So... I guess my question is, when they pull your credit report, do they discuss details right there in front of you? or do they just come up with a score and say "okay ... your score is such and such so here is the financing we can give you" He seems to think that with a credit score of 650, I would have a "good" chance at getting zero percent, I think he's wrong. He says he'll cosign with me (he has impeccable credit but I would rather not do this as I think it puts a strain on the relationship plus I would then feel obligated to tell him my full credit situation instead of the 90% of it he knows).
Second question, if I don't qualify for 0%... how much would I have to put down to get the 0% financing with my "own" score (no co-sign). I can get up to $14K for a down payment (bringing the loan down to 13K) but with 0% and I still have debt at other interest rates, I'd like to put the minimum down I can so that I can be smart about my interest rates.
First time buying a car I don't really know what to expect. I wasn't planning on buying a car so soon but this seems like a good deal for my personal situation. Like I said about the free charging at work, this car would have no maintenance, gas, or oil change costs going forward ( just tire rotation).
Thanks in advance for your help/advice. I wouldn't put myself in this situation if I thought my car go go another year.
