What are my chances to get approved and what interest rate could I get?

[Anonymous]

Hi, I am wanting to buy a used car probably a 2008 around $14,000. It would be a joint application with my spouse. Our combined income is $75,000 my Husband's credit scores are EQ 689 EX 714 TU 701  Mine are EQ 630 EX 635 TU 675  and I have a BK that was discharged in Feb 2006 My husband does not have a BK  Our credit card utilization is about 51% and our debt to income ratio is about 32% We have never had a missed payment within the last 5 years and have always been on time with car loans and home loan.  I was thinking about applying with Chase, but if there is anyone out there who could recommend another place that would be easier I would appreciate it. Also what interest rate do you think I would get? Thanks!!

Message Edited by banshee24 on 06-24-2009 12:19 PM

Message Edited by banshee24 on 06-24-2009 12:19 PM

[Anonymous]

As a loan underwriter myself, you would have a good chance of being approved. If consumers have a BK or other derogs, we always look to see how they have performed since that time. Also, we look at your auto pay history which from what you say is good. I cannot recommend any specific financial institutions including my own, but credit unions generally have good rates on auto loans.

As for your interest rate, it would be based on the lower of the two credit scores. The interest rate would be in the range of 10% - 12%. Good luck!

[Anonymous]

Thanks for your response, this is good to know, I think I can live with a 10-12% for now.

[marty56]

You might also try a CU.  Mine give a pre-approval good for 60 days.  If you take copies of your CRs to them, they may give you an idea if they would make the loan without a hard INQ.  Worth a shot.

[Anonymous]

That's a great idea! Thanks! I actually did that the first time I bought a house and they told me my chances by looking at my credit reports. Thanks again! I will give that a shot.