Credit Card Center Advertiser Disclosure†
10-05-2012 06:16 PM - edited 10-05-2012 06:17 PM
I currently drive a 2012 Ford Focus Titanium and I have had it with the car. I am looking of getting something more reliable. The top candidate is the new Toyota Corolla, but I may look at other cars, as well. I will give you my background information and see what are the chances of getting the loan and what I need to do. I am looking at Toyota Financial, but also what are the chances of getting a loan with Kia, Hyundai, Nissan, and others? I am looking at December at the earliest to replace the car. I may, or may not do it. Perhaps car my car may get better (and fixed). Here is my background information:
- I currently hold a $23,000 a year job
- I will be in my current employment for six months by December. My last job, I held for six years and two months. I had a gap of one year and two months between jobs (I feel that this may be a problem)
- My credit scores are: EQ 814, EX 815, TU 795. That could fluctuate a bit
- My current loan was done with a co-signer because I was unemployed when I bought my car.
- My balance on the loan is $8,500. This may go down to $8,200-$8,300 by December.
- My car has 17,000 miles and in above average condition.
- I have no rent (believe it, or not) because I am a caretaker.
- My credit card expenses are no more than 10-15% of the credit limit and I pay my balances off each month.
What other information is needed? How easy (or hard) it is to trade a car with a lien still on it? What is your advice?
10-06-2012 12:31 PM
With those scores, approval will hinge only on DTI and your ability to repay, IMO. I would think that you wouldn't have a problem, especially with a captive lender.
10-06-2012 02:18 PM
Well without a question you need to bring your scores up!!!
LOL, from 814?
10-06-2012 06:19 PM
A little sarcasm ntended, if you had scores in the 800,s would you come on here and wonder if you could get financed?
I know. I was playing along. I suspect he's confusing a FAKO with a FICO.
10-07-2012 06:54 PM
Trading in a 2012? Gonna take a loss on it, but you said you don't want it anymore, so I understand that. You shouldn't have a problem at all. You should be able to walk in and make whatever deal you want. Good Luck!
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.