Heres my Auto Loan App, can I finance 30-40K or is hopes and dreams?

[Anonymous]

I do very well in my new business now, problem is its cash and no its not illegal lol. In the past 2 months I have cleaned up a lot. Had over 10 collections on all bureaus which 8 of them were paid and deleted and 2 are showing paid now just zero balances(Working on them to see if I can get deleted fully) 2 months ago my buddy at bmw financial got me approved for a 20k loan with 5K down also trading in a 09 cts with 2500 negative. I got a loan for 15k last year in december from credit acceptance at 25% rate. Yes I know, but I had to pay the penalty for my stupid moves. I have had no issue with them, made all my payments on time. One payment didnt go through because I entered the wrong checking info and they called 2 weeks later asking about it. I explained it must of been a mistake and cleared it up right there with no issue.  Im in the market for a newer truck. I have since got 4 secured cards also. All the F150s Im looking at are 30K plus. I would love to do a new silverado but dont know if I would get financed for 40K. I have no problems making up to a 800 payment a month now. 

My Fico auto 8s were in the beginning 

TU603

EQ 586

EX589

Credit Application:

Your Age?37
(midwest) Chicago
Your Equifax Credit Score?         Regular Fico 607 Auto 8 622  Auto 5 648
Your Experian Credit Score?       Regular 591        Auto 8 596  Auto 2 656 
Your TransUnion Credit Score?  Regular 595        Auto 8 622  Auto 4 688

How many years have you been on file with Equifax? 18
How many years have you been on file with Experian? 18 
How many years have you been on file with TransUnion? 18

YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY

Do you have an open auto loan? Yes 09 CTS AWD I have made payments for 1 year at a whopping 25% interest at 450.00 a month. I owe 12100 on it. Never missed a payment. 
Will this open auto loan be a trade-in? yes 
How many late pays within the last 12 months on the currently open loan?None
How many late pays within the last 13-24 months on the currently open loan? none
Your current open auto loan is financed with? American Credit Acceptance
Your current open auto loan payment is? 450.00
Estimated amount you may be upside down in this vehicle? 2500 to 3000
Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best)10


YOUR REVOLVING CREDIT HISTORY

Total number of revolving account(s) you have? 4
Total percentage utilized overall? 5%
How many of your revolving accounts are store cards?0
How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 0
How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) 4
I also have a student loan that has been paid since 2003. I have 2300 left on that loan. 
YOUR PERSONAL INFORMATION

How long at your current residence? 2 years
Do you Rent or have a Mortgage, or Live w/Relative or Other? Rent 1400 
Your Monthly Rent or Mortgage payment? $1400
How long have you held your current job? 3 years I own but I put down that Im manager, I was told its better to say that. 
Your total provable monthly gross income is? 6500.00
Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return) Cant prove income, business is still new, will be taking a "Loss" for the next 2 years and get a lot of cash as payment. 
Is there additional monthly income? No
What amount monthly? N/A
Describe the source. 
Is the additional monthly income provable? N/A

YOUR DOWNPAYMENT 
Please tell me your exact down payment in cash? $3000
Does any credit repository contain any Public Record? Yes Experian 3K tax lein from 2008 not on the other 2. 
If yes, please very briefly describe.

Does any credit repository contain any Collection Account(s)? Yes
If yes, please very briefly describe.
2 collections at zero balance now. one was medical the other for a garabge service, both paid and said they would delete. Its only been one month so Im not sure it has had time to drop off on TU since it did on the others. 

Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) few years ago not good, now 10 
Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best)  same as above 10
Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best)  same as above 

2

Accounts In Collections

1

Time Since Negative

0.3 year(s)

Inquiries Summary

Inquiries

15

Public Record Summary

Public Records

1

Length of History

Oldest Account

12.1 year(s)

Average Account Age

2.8 year(s)

[Anonymous]

I was in a very similar position about 18 months ago.  I am sure you can be financed, the question is always at what cost, ie APR and down payment.  Shopping in subprime sucks so if you can hold out for a little bit longer I think you can bump your scores enough to not have to deal with the predatory subprime folks.  I would establish some unsecured cards, I am pretty sure you could get an unsecured Cap One Platinum now that your collections are paid.  My scores were about where yours were, having that open TL and using if for a few months bumped my scores nicely.  Your auto scores are not so bad really so I think a few more months they are likely to grow.  I strongly suggest you join a credit union, DCU is very popular here, credit unions are owned by the members and they don't have that predatory instink that many regular lenders have. Getting preapproved through a credit union will greatly assist your purchase.  Buying in the subprime lending market means the dealers often times have to chip in cash they actually pay to the lender to get you financed, this means of course that money is coming out of your end of the deal so in addtion to paying crazy interest your also paying money out of the deal just to get financed.  Your making good money, I would make extra priniciple payments on your current car so your no upside down, going into a dealer with negative equity and subprime FICO makes you like a wounded prey, no way you walk out with a decent deal.  Having even a tiny bit of equity in your car and a pre qualified loan from a lender will aid you greatly.  Might want to try joining DCU, if you qualify for NFCU I am a big fan of them.  Then if they accept you take a shot at a preapproval and see where you stand and plan accordingly.

Best of luck

[srecor]

Your biggest problem is not being able to prove your income. You need to start running your cash thru your bank account so lender can average 3 months deposits for your income.

[Anonymous]

I can prove that through my business bank account.

[sccredit]

If you can prove the deposits through your business bank account you should be OK.  Now is a great time to buy and with a motivated finance department you may end up at 10% or so.

[Anonymous]

If it helps, I've gotten approved while getting paid cash. I just had to show 3-4 months of bank statement showing those regular deposits.

[Creditaddict]

1. Refinance that current 25% loan FIRST!

2. Join a local credit union

3. Ford or Chevy are going to be easy approvals, just going to depend on rate but you should be able to get less than 10% and push and you can probably get less than 6%... your auto score should be better than regular score because of current loan.

[Anonymous]

I don't have any advice but I will say that even though the interest rate is terrible, customer service at ACA is really good. They helped me when I couldn't get any credit.

I would recommend you may balloon payments, get it out from underwater and at the two year mark trade it in as your down payment. Right now your down payment will just cover your negative equity, you can get out cheaper and have a lower interest rate at the end.

[Anonymous]

My advice is if u do wanna say business is losing for 1st 2 years you should W2 yourself so you have an income. Just remember you filing for lost for business for first 2 years meaning your business wouldn't be able to get any type of credit. If you need to take out loan for business your business wouldn't be able to do it. For car loan you should try capital auto financing. They finance max amount of 40000.

[Anonymous]

APPROVING BANK:Chrysler Financial
BUREAU PULLED:TU
CREDIT SCORE:685(auto enhanced fico 4) Regular Fico is 595
CUSTOMER STATE OF RESIDENCE:IL Chicago
NEW/USED:New
YEAR OF VEHICLE:2016
MAKE:Ram Truck
MODEL: 1500 Crew Cab 4x4 Fully Loaded
MILEAGE:64
RETAIL/LEASE:Retai l
AMOUNT OF LOAN:$List Price 50275.00 My Price 42956.00
TERM CONTRACTED:72 Months
APR/LEASE RATE:10.39%
MONTHLY PAYMENT:$785
ANNUAL INCOME:65k didn't ask for proof
DEBT TO INCOME RATIO:18%
Misc info
I want to be detailed here because I think it will help those who were in my situation.
Mid October I was denied for 2 used auto loans, I was littered with baddies on my reports, no revolving credit, I decided it was time for change. Last year this time I had no choice but to get into a loan at 25% on a 2009 Caddy CTS AT 450.00 a month. I had no issue paying it, I just wanted a full year of good payments. Well only after 2 months of cleaning up of being in the low to somewhat mid 500s forever.. Got 8 of 10 baddies paid and deleted. The other 2 went to zero balance. I opened 4 secured credit cards mid October and have only done the 2 dollar method on them. Scored bumped to the high 500s and since it seemed everyone had good luck with Dodge and it was the end of the year I was ready to give it a wing with 5k cash down. I was going to be about 3k negative on my caddy and was scared and thought that would be the last nail in the coffin. I have been monitoring every score like a nut every day. I told them I only wanted to try for ally and capital one because it seemed people on here had good luck. My regular ficos were 596 TU, 597 EX and 607 EQ which was a boost from mid October. So my autos 8s were TU 616, EX 598 and EQ 622. So I thought there was hope and I told the guy that I only wanted to try Ally and Capital One. Well I get the alerts when they pulled the inquiry and two hours go by with nothing. Then I get an alert for Chrysler Finacial and Im like **bleep**. I call the guy, he transfers me to the Finance Dept and I said I specifially asked not to do Chrylser. Then he pauses and says "Well they were the only ones who appoved you"......"Both others only would finance 25k", then I said well my bad, I feel like a idiot. I asked the APR and he said 10% and they even approved it with out a trade in. I wasnt even going to argue as my last car I still have Im paying 25% interest and about to get out of. I got a brand new Crew Cab Fully Loaded Sport Ram 4x4 for 42K out the door, MSRP was 51k. I want to thank everyone here and if there is hope for me then def hope for others.
So now I have talked with my parents and I'm gonna get them to take the caddy and finance it on their end. It really is a great car, I took care of it and it's perfect for them. If I have to pay something out of my pocket I'm fine with that to help that out. They have done so much for me when I was younger that this is the least I could do.

Once again. THANK YOU TOO EVERYONE!!!