Should I Apply for Auto Loan or Wait Until Score Improves?

[Anonymous]

I haven't got the bump yet from lowering my utilization rate (should be 30-100 points), it should go up in a few days.

TU is 654. 

Clean record, no lates, no collections, nothing.   Short history of about 4-5 years.

Own home free and clear, no mortgage.  Income around 60K, fixed expenses of $1,400 a month so I have a lot of disposable income.

Total debt: $891

I would take my time but my old car is dying.

[pizzadude]

How long are you looking to finance the car and about how much are you going to borrow ?   Are your previous auto loans in good standing ?

If you aren't planning on paying the auto loan down early, and will have the loan for years, then I would wait for the new balances to post before applying, you'll probably save a lot of interest over the life of the loan.

[FrugalRican]

When you say your old car is dying, define "dying".

[Anonymous]

Borrow 16000-18000, finance 5 years, plan to pay it off in 2.    Previous auto loan paid off on time (no late payments) but this was back in 1997.

I need a new engine on my existing car, that is what I mean by dying. 

[pizzadude]

I would wait for your scores to bump up if your car can make it a few more weeks. If your auto loan is that old then it very likely won't be on your reports.