I can help, I manage a car dealership.

[UpNComing]

---

@bhenken08 wrote:

When I was 18 I really messed up my credit horribly.

(lost my job in 08 for about a year)

I had 3 credit card charge offs

Verizon charge off

I had a "car loan" for 4k that was 90 days late before I was able to pay the account off in full (no Repo)

two years ago I opened a share secured loan for a 1,000 paid it full term (never late)

1 year ago got a 1,500 unsecured loan paid it for a year. (500 balance)

3 Months ago got 2,000 loan paid off my 500 balance from my other loan then paid all of my collection accounts.

Now I after allot of hard work my score is back up to a 597 experian and 614 equifax.

I would love to buy a new GOLF.

But I know my chances are slim to none, what are the next steps I need to take?

I only make $2200 a month but don't have any other bills.

At what score should I try and get approved? ( I don't want to have a ton of inquiry's with not chance of approval)

Someone needs to make a law  requiring credit education in high school, it would save a ton of headaches!!!! 

---

Amen bhenken08!

You'll need to get your score into the low to mid 600's on TU to get a shot at getting a new Golf.

[Anonymous]

Hello i recently went in to a kia dealership in lincolnwood illinois  and they ran my credit its 740 and they told me that  for 72 months term my interest would be 4.49 %  and my payment $289 a month i know its good in a sense to have a low monthly payment but the longer the term the bigger the interest and wanted them to tell according to my credit score how much it would be if i wanted a 60 month the interest charged and the monthly payment. can you please help cause i think that with my 740 credit score i deserve a lower interest rate cause it seem high. Here in FICO it said that with my credit i can qualify for a 48 month auto loan at 3.55-3.60 interate . Please help cause i feel like im being lied to something is iffey about this .

[MarineVietVet]

Hi zone8579 and welcome to the forums.

I noticed you seem to be having some trouble posting. It is possible to edit your own post if you have posted an incomplete message. To edit your post, go to the post. To the right you'll see "Options." Click on "Options" and select "Edit Message" from the drop-down menu. If you have accidentally posted a duplicate message, you can use the “Report Innappropriate Content to a Moderator” link to ask the moderation team to remove one for you. To find this link, go to the duplicate post, click on "Options," then select "Report Innappropriate Content to a Moderator" from the drop-down menu. If you need any help with anything, let me know.

--MarineVietVet, myFICO moderator

[Anonymous]

Thanks so much! Your help is greatly appreciated.

I figured the dealership was BSing me, with regards to getting the car I was looking for (CC VR6 Lux, Candy White with red interior) in, especially since a credit check wasn't even done. I guess the two cars in Georgia and Florida would be out of the question for a dealer up here to swap with? I had leased a 2008 BMW 328xi coupe (grey on red leather) that a dealer got from Conneticut for me, so I know it doesn't have to be exactly local, but I'm guessing there's some limit on distance.

As for as ordering the car, I know you would know better than me, but I thought that I read online (VW.com?) or somewhere that the two VR6 models couldn't be ordered? On the chance it could be, how long would it take? When I was looking for the BMW, they said an order would take about 8 weeks, and I'm guessing VW would be somewhat similiar?

I'm not sure if this is appropriate for the forum, but what dealer are you at? I've been to all the one's closest to me several times each, just to look, but only really interacted with a salesperson at that one place. I should be ready in about 2 to 4 weeks and definitely like to speak to you or one of your salesman /woman about the car.

I know none of these questions were directly related to credit so please forgive me. Thanks again for your help.

[Anonymous]

---

@Anonymous wrote:

Hello i recently went in to a kia dealership in lincolnwood illinois  and they ran my credit its 740 and they told me that  for 72 months term my interest would be 4.49 %  and my payment $289 a month i know its good in a sense to have a low monthly payment but the longer the term the bigger the interest and wanted them to tell according to my credit score how much it would be if i wanted a 60 month the interest charged and the monthly payment. can you please help cause i think that with my 740 credit score i deserve a lower interest rate cause it seem high. Here in FICO it said that with my credit i can qualify for a 48 month auto loan at 3.55-3.60 interate . Please help cause i feel like im being lied to something is iffey about this .

---

You probably should get a lower score.  Why not just go to another dealership?  Also, have you applied for financing from your bank, or even better with a CU?  You can even apply online with some different companies to get better rates.  The dealership is not the only option for financing.

I'm just speculating, but they are probably adding a markup on the interest rate, to make money themselves.  If you have another offer with lower interest, watch how quickly they can usually beat it.  I also agree that you should probably try to avoid a 72 month loan.

If I were you, I would contact a different Kia dealer.  Depending on what vehicle you are looking at, Kia has a lot of great special financing offers and with a FICO of 740, I would think you would easily qualify.  Check them out here: http://www.kia.com/#/offers

Anyway, you can't expect the dealer is looking out for your interest.  If you think you deserve better, go get it elsewhere.  If you feel the dealership is lying to you, why would you continue to deal with them?

[NYY053]

Hi, I couldn't help but notice all the great advice you give on this site, I wanted to ask you what you thought about my situation.. 

I'm a 24 year old New Yorker I have a steady job I make about 38k a year, when I was 18 I got a credit card and never paid it, ruining my credit of course recently I filed for Bankruptcy and I'm waiting to be discharged in mid July.. About a year ago I visited a couple dealership trying to get a car financed.. I have a car now but its not financed in my name its a 2005 Mazda 3 SP23 (bigger engine) which I owe about 6500 on it has 115k miles on and has been in a accident and repaired. I'd say its in fair condition overall to be on the safe side. When I get a new car I t would have to be in my name only, I've pulled a couple credit scores after the bankruptcy and Its gone up actually from 540s to the 610s... My last visit to a dealership I was told no way due to the high balances.. A couple months prior I visited a Toyota year that said yes at almost 25% interest and were not sure if they could take the trade in without a large down payment.. My credit score has increased since, but I now have the bankruptcy, and all same accounts as before just with a 0 balance. Do you think its possible soon after the bk is discharged mid July- august? I'm looking for a mid sized to full sized sedan 09 or newer.. Like an Accord, Camry, Maxima, Passat.. Any insight would be appreciated Thanks..

[Huskycat]

Hello

First, awesome thread. Lots of useful information here.

I was hoping to get an opinion on my current situation. I'm a recent graduate (six months ago), making 70k a year. I'm hoping to get an auto loan in the next month or two. Right now my FICO scores range from 621 - 643 (pulled this week) with one 30 day late on a credit card from a year ago and a CC charge off (major neg) from 2007 (it was subsequently settled in full and I'm currently trying to get it removed a little early). Other possible dings: 8k in credit card debt (80% util), and I've got about 80k in student loans. Overall my DTI is 26 - 31% (housing, student loans, CCs, with the higher number assuming that I continue doubling down in my minimum CC payments).

As I said ideally I'd like to get a car in the next month or two (looking for a loan of about 20k), but I realize that my utilization is high.

1.) Given my current situation, what do you feel are my current chances of getting a loan? I ask as I've got about 3k for a down payment, but I'm at a bit of a crossroads. If I'm not likely to be sucessful now or in the near future, I may take the down payment and make a serious dent in my CCs. Do you think that my %util will be a major roadblock.

2.) I have an auto loan from when I was an undergrad (2001) that was paid in full early with no lates, but it doesn't show on my CR. Is there anyway that a lender would be able to verify this into (I figure its a good bright spot)?

Any info / help / advice here would be most appreciated.

[jamie123]

Huskycat,

A bit of advice if I may?

Being freshly graduated with a great income, is there any way you could wait 6 months to purchase a car?

In that 6 months you could put a major dent in your util and increase your scores for a definite loan approval with low interest rates.

From an old geezer's perspective you have a really good opportunity to either set yourself up for sucess or failure at this point in time. If you get the car now, finances will probably be tight for a while. If you wait 6 months, you might be in a really awesome position for that new car.

What do you think?

[UpNComing]

---

@Anonymous wrote:

Hello i recently went in to a kia dealership in lincolnwood illinois  and they ran my credit its 740 and they told me that  for 72 months term my interest would be 4.49 %  and my payment $289 a month i know its good in a sense to have a low monthly payment but the longer the term the bigger the interest and wanted them to tell according to my credit score how much it would be if i wanted a 60 month the interest charged and the monthly payment. can you please help cause i think that with my 740 credit score i deserve a lower interest rate cause it seem high. Here in FICO it said that with my credit i can qualify for a 48 month auto loan at 3.55-3.60 interate . Please help cause i feel like im being lied to something is iffey about this .

---

If you have an established loan history you should qualify for something in the mid 2%.  That's if you are in equity in the car your are purchasing.  Are you putting any money down?