Hoping Someone Will Respond!!

Mommyto2boys · ‎03-19-2009

Hi,

I would like to purchase a 05 Infiniti SUV and the retail is 22k. I currently have 2 car loans (total for both installments is $8k). One of the cars will be a trade in and I am guessing that it will cover %10 of my 20% downpayment. The only other monthly expenses I have are the house payment ($634) and my student loan ($50). I just checked my fico scores last weekend and they are 640 equifax and 659 transunion - no lates in 15 months and no repossessions. I make 60k annually and can afford to pay up to $600/month easy on the new loan payment. Do you think I can get financed in this market? Please be honest. Please respond as I am hoping to purchase this weekend. Thanks soo very much.

Anonymous · ‎03-20-2009

Hi,

I think you'd be able to get financing. You say no lates in 15 months...how many were there beyond 15 months?

I just purchased a vehicle earlier this month. When I was going through the credit apps with the salesman & the finance manager, they both told me that having an auto loan on your credit report automatically pushes you in the right direction (assuming you haven't been late on them, of course).

So yeah, I would think it's a definite go so long as your auto loans aren't reporting any negatives.

Good Luck!

-greg

Mommyto2boys · ‎03-22-2009

No lates in 15 months on anything. There are 4 lates on one car loan back in 05 and 06 but nothing since then. Will that cause any other problems? I have paid off 2 car loans with 0 lates and have a couple referenced above on the 3rd loan and 0 lates on the 4th auto loan (about to be paid off). Anyone else have any feedback?

Anonymous · ‎03-23-2009

You should be fine, I just got a loan through Chase from a dealer for an '06 Dodge p/u and I have lower scores than you do. I put $6000 down and I have nine total auto loans (7 paid off never late) and 2 open with no lates. Make sure the dealer hammers them for a good rate though, I walked out twice.