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Posts: 1
Registered: ‎11-19-2012
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Need some home on auto loan

We suddenly find ourselves needing an auto loan. We are a large family of 8 and MUST have a 12 passenger van. This is not just a random purchase. 

 

What are my odds?

 

3 medical collections. They are $74, $124, and $1400. Honestly, until we needed a loan, I didn't even know they were there! But, they are valid and ours. I can pay the little ones, no problem. 

 

3 credit cards with 0 missed payments. One updates 7/20 again. Another on 6/21.

2 of credit cards are maxed out. I can pay them both down but not sure if I have the time before we need to apply.

1 mortgage 45 months. 0 late pays.

Student loans with lates 10 months ago. Been current ever since we refinanced with a new company.

 

TU FICO is 648.

EQ is 618

 

What are the odds I can get a car loan? They don't do financing there, but I am going to call the credit union or apply online. Just wanted to see what you wise people thought.

 

*The reason I don't have time is because this is a rental company that sells their fleet vehicles. These are 12 passenger vans with bucket seats. They sell fast. The manager called me yesterday to tell me they got in what I had them looking for. I've been stalking this company for 6 months. They are so competitively priced, enterprise car rental, that they sell within a week. Neither of the maxed out cards update before 7/21...and I don't think this van will be there in 2 weeks.*

 

 

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Valued Contributor
Posts: 1,616
Registered: ‎12-16-2014

Re: Need some home on auto loan


Jzsnow8 wrote:

We suddenly find ourselves needing an auto loan. We are a large family of 8 and MUST have a 12 passenger van. This is not just a random purchase. 

 

What are my odds?

 

3 medical collections. They are $74, $124, and $1400. Honestly, until we needed a loan, I didn't even know they were there! But, they are valid and ours. I can pay the little ones, no problem. 

 

3 credit cards with 0 missed payments. One updates 7/20 again. Another on 6/21.

2 of credit cards are maxed out. I can pay them both down but not sure if I have the time before we need to apply.

1 mortgage 45 months. 0 late pays.

Student loans with lates 10 months ago. Been current ever since we refinanced with a new company.

 

TU FICO is 648.

EQ is 618

 

What are the odds I can get a car loan? They don't do financing there, but I am going to call the credit union or apply online. Just wanted to see what you wise people thought.

 

*The reason I don't have time is because this is a rental company that sells their fleet vehicles. These are 12 passenger vans with bucket seats. They sell fast. The manager called me yesterday to tell me they got in what I had them looking for. I've been stalking this company for 6 months. They are so competitively priced, enterprise car rental, that they sell within a week. Neither of the maxed out cards update before 7/21...and I don't think this van will be there in 2 weeks.*

 

 


I think you will probably be able to get this done you haven't provided debt to income or income information which is needed to provide any decent insight.  If you could wait for a bit paying down the credit cards and going after those collections would improve your chances.  Either way I would go through a credit union, Penfed and DCU are favorites here, lenders in general are getting more conservative on auto loans because of delinquencies in subprime loans and your essentially in that range so you may get a rejection but don't let that discourage you. Try a credit union and see what they say, if you get denials you might have to address some of your weaknesses, don't expect a great APR, if you get approved work on a rebuild by visting the rebuilding section here and then refinance the van in a few months to reduce your interest, there is no reason you have to stay with a higher interest loan if your credit improves.  I was able to cut my interest by 2/3 in 6 months of rebuildiong a few months ago.

Gardening till 2018, Goal of 700's by the end of 2017
MyFico Scores Aug 2017: EQ 675 TU 695 EXP 698

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