@Anonymous wrote:
Over the year I have come a long way with improving my credit to purchase a home. Well, I finally did it and a I close in 5 days! My dilemma--my car died last week and I desperately need to purchase a new vehicle.
Well, I joined my credit union today and they stated that there is no grace period for applying for a loan. I told them that I close in 5 days that I was interested in applying after settlement. They stated that they pull from Equifax and my FICO score is currently 670.
My concern is that I consigned on an 6 year autoloan for a friend and did not realize until a year a go that they had numerous 30 day and 60 day late payments. Well, after finding this out, I made on time payments for 11 months and paid off the vehicle to get my credit in check for obtaining a mortgage.
My Question:Will I get a better deal financing with the credit union or will the dealer use my car payment history against me even thought the vehicle is now paid off and my debt to income ratio is good with a 14 year credit history?
I am trying to find out who would probably give me the better deal--- Any advice would be truly helpful--I need to purchase the vehicle after I close on my home.--Thank you
Talk to your credit union before you set foot in the dealership, then find out what terms the dealer offers and take whichever option is better for you.
TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
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