Hello all, I have a question regarding my credit and purchasing a vehicle:
I will be purchasing a vehicle in late August. My credit scores are in my sig. I currently have 0% util. on my credit cards. The only debt I have is an installment student loan with about $5000. I had some financial difficulties 2-3 years back which is why my scores are a little low. I had several charged off accounts which have been all paid in full. I do have one account which is still showing an unpaid balance which I am in the process of disputing with each agency. Hopefully once that is removed my scores will bump up a little.
I am looking to purchase a vehicle in the area of $22,000. I will be putting a $7,000 - $8,000 down payment on the vehicle. I am very nervous that I will not be able to be approved for a loan with my scores and derogatory items on my reports from a few years back. Am I worrying over nothing? I realize that my interest rates will not be the lowest, my main concern is getting a loan at all.
Any input would be greatly appreciated.
06/11/08 - TransUnion - 625 Equifax - 649 Experian - 605
07/01/08 - TransUnion - 625 Equifax - 658 Experian - 615