So, I've never had an auto loan. I paid cash for my 2006 Dodge Charger and I have never financed a vehicle. I attempted once when my credit was absolutely abysmal and they wanted $10,000 down on a $21,000 vehicle at some ridiculous 21% APR or something like that. It was one of those "Guaranteed approval" deals where if they could get you at 50% then at least they didn't "deny" you lol.
My EQ FICO is 633 (damn, that feels good to say believe it or not. coming from 388 2 years ago) and I am sure my TU and EX are at least in the 600's because nearly every credit report had the exact same information and were only points away. Actually, my denial letter from BoA for a secured card told me my score was 617 so I would assume that is a FICO. And that was before a big deletion.
I don't know much about this auto-enhanced stuff, but I'm sure NO auto loan history is better than bad auto loan history. I want a sub 10% APR. Might be asking a lot but I refuse to be robbed. I may wait a while for some cards to age and some bad debt to age so my regular FICO looks a little better.
5 PAID charge-offs.
NO collections.
NO BK.
NO Judgments.
Scores as listed. Is a sub 10% loan in my cards or should I be waiting a while for GW attempts on some of the charge-offs? My plan is a $20,000-$30,000 vehicle with $5,000 or $10,000 down. Thanks in advance for your experience.
Starting Score: 532/564 10/21/12
My current utilization is ~10%. A couple cards haven't updated yet so it's currently probably 20% or so. You say with my current scores it would be tough. According to the credit union I am going to try at, their rates are score based. The chart shows with my score I'd be eligible for ~7%. http://www.pccu.com/rates.html
So are the 5 charge offs going to hurt me at all in this process? The loan shouldn't be for more than $13,000.
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