I am going to try and make this as short as possible.
Currently working a wonderful job, that pays just as wonderful. Looking to buy a vehicle, but like every other car buying question, I have not so great credit.
Current credit score is a little over 600, as per TU.
Haven't had an auto loan in a little over a year, but at the time I was working a job that didn't quite pay as much as I had needed to afford it, rent, insurance for the vehicle, and other necessities of life. Was generally late on the loan until the last 2.5 years of it, which I would make my payments around a week early every time. I paid the loan off in full four months early.
Currently, I am looking at buying a vehicle with a sticker price of around $24,000. I will have $4,000 (maybe $5,000) for a down payment, which would put me around 15% of the cost for the vehicle.
I have three credit cards in my name, that I generally carry around 20% of a balance on and pay in full monthly, to help improve my credit score. This process has worked for quite a while, until just recently. It lowered my credit score 40 points, as per TU. I will now be carrying less than a 10% balance on them combined, to see how that will affect my score.
My question is, with a credit score (as per TU) of 600, would I even be considered for this loan?
I will be moving to a different state, so this will be my 3rd address within the last year. I have worked for the current company for the last six months and average around $6,000 a month gross right now, but will be increased to around $12,000 a month in six months time.
I intend on purchasing this vehicle by the end of September if all goes according to plan.
I am a member of a credit union through the company I currently work for, as it is the only way to be a member of it.
I guess what I am asking here, what would I be looking at for loan rates and my chances of approval being? DTI would be around 20% with that being housing and phone payment
