Reply
Member
yosh
Posts: 7
Registered: ‎05-29-2008

Purchasing vehicle in August

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
Valued Contributor
1111mel
Posts: 1,060
Registered: ‎02-13-2008

Re: Purchasing vehicle in August

Having a large down payment will help.  You should be okay to get  a loan since the bad stuff is several years old.
Mortgage Lenders Mid-Score 778 I AM A HOMEOWNER!!!!! 30 Year 5% Fixed Rate, closed on 3/18/09
Valued Contributor
Schoolbuskid
Posts: 1,926
Registered: ‎10-23-2007

Re: Purchasing vehicle in August

What part of the country are you in? I would recommend you going with Nissan, they mostly care about the credit score and will approve you will some baddies! The minimum score they look for is 620, which will qualify you for tier 4! They usually pull EQ and TU. So make sure those scores are atleast 620! Good Luck!
 
 
Probably any USA Automaker such as Ford, Chrysler, GM, will be more lenient to approve since they need to move some cars!
Frequent Contributor
nathan
Posts: 410
Registered: ‎04-18-2007

Re: Purchasing vehicle in August

Very few lenders will turn you down with that down payment and your credit is not terrible. like others have said, just make sure your scores improve at the very least and you will be fine.
Member
yosh
Posts: 7
Registered: ‎05-29-2008

Re: Purchasing vehicle in August

Thanks for your input. I live in Pennsylvania. I am hoping to finance a used BMW or Mercedes. I am thinking a CU will be a better option for me. My yearly gross income is about 50k and from what I understand CU are more likely to look at DTI and current income?
06/11/08 - TransUnion - 625 Equifax - 649 Experian - 605

07/01/08 - TransUnion - 625 Equifax - 658 Experian - 615
Valued Contributor
cobra19
Posts: 1,426
Registered: ‎07-24-2007

Re: Purchasing vehicle in August

yosh.........are you eligible for NFCU membership? If so, I am sure they will give you a great rate. I was all set to finance with through Lexus, until I checked out NFCU. NFCU now gets all my business.
 
NFCU pulls EQ
New York Yankees - 2009 World Series Champions. 27... and counting.....
Member
yosh
Posts: 7
Registered: ‎05-29-2008

Re: Purchasing vehicle in August

I'll be honest with you, I do not know what an NFCU is. lol.
06/11/08 - TransUnion - 625 Equifax - 649 Experian - 605

07/01/08 - TransUnion - 625 Equifax - 658 Experian - 615
Valued Contributor
cobra19
Posts: 1,426
Registered: ‎07-24-2007

Re: Purchasing vehicle in August

Navy Federal Credit Union.......................nfcu.org
New York Yankees - 2009 World Series Champions. 27... and counting.....
Super Contributor
marty56
Posts: 5,679
Registered: ‎10-06-2007

Re: Purchasing vehicle in August

Secutity Service FCU just gave me 5.4% for 60 months.  That was there best rate.  I see 0% and 2.9 for other places  etc but not on cars that I want.
09/12/2013 FICO: EQ: 772 EX:813 TU:752
Member
yosh
Posts: 7
Registered: ‎05-29-2008

Re: Purchasing vehicle in August

I'm not eligible for membership for NFCU. Unfortunately nobody in my family is/was in the service. I know there are some credit unions in my town that are open to the public, so I'm going to take a stab at them.
06/11/08 - TransUnion - 625 Equifax - 649 Experian - 605

07/01/08 - TransUnion - 625 Equifax - 658 Experian - 615

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+