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Should I apply now or later?

Valued Contributor

Should I apply now or later?

You'll usually find me in the credit card section of this forum but here I am! Hehehe. Anyway, looking for assistance in securing an auto loan (used car) with low interest and less than 10k loan. Currently have 18% UTL and 4 credit cards reporting a balance out of 8. In promo periods right now so currently not paying any interest. Current-never late on all cards and payments. No baddies. Two cards should be PIF'd next month. I have 2 years credit history and my FICO scores are listed below. Will I have a chance at securing a decent auto loan or should I work on getting my balances down lower? Should I just get rid of the two lower amounts now and apply later for a better chance at getting better loan terms? I'm looking into applying with Chase or a credit union. Any advice would be greatly appreciated.

 

Card#1 $2,300 left

Card#2 $1,900 left

Card#3 $777 left

Card#4 $490 left

 

 

 

 

As of 2017, rebuilding...
Message 1 of 4
3 REPLIES
Moderator Emeritus

Re: Should I apply now or later?

I see absolutely securing an auto loan for that amount.  You should be able to get a decent rate too.  Do you belong to a CU?  Often they have pretty good rates on car loans.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 2 of 4
Valued Contributor

Re: Should I apply now or later?

Not yet but I've been looking into a few credit unions in my area that offer auto loans. I'm leaning more towards Western b/c they offer the lowest rates. Just wasn't sure I'd be able to secure one with all these balances reporting. Lol. Definitely do not want to waste a HP.

As of 2017, rebuilding...
Message 3 of 4
Moderator Emeritus

Re: Should I apply now or later?

If your income will support the DTI, you should be OK.  Other than that, maybe you could pay heavy for a couple months and hold out on the Auto if you think that would better suit you.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 4 of 4