What are my chances?

UprightStone · ‎09-16-2013

Credit Score: ExP - 629, Equifax: 692, TU: 653 as reported by MyFICO

AAoA: 6 months

Income: $60,000

Length of Employment: 10 years

Previous Loan Experience: My last car loan was about 15 years ago, I did have some late payments on it.

Debt-to-Income (DTI): 30%

Year of Car: 2013

Miles: 0

Purchase/Refinance: Purchase $27,000

Requested loan term (XX Months): 60 months

Down payment amount: $2,000

Co-borrower/Co-Signer: None

I have one old debt on my report from 5/2007 that I never paid. I have a public record of a civil judgement for $547 from 10/2006 and two paid tax liens, one from 2004, paid 2012, and one from June 2012, paid September 2012.

I have been turned down for auto loans in the past and worry about getting my feet wet again. I have been meticulous in paying my bills on time and never leave a balance on my credit cards. I only pay small bills with my cap one card and immediately pay it off. I have no real debt. I am hoping to try again in the Spring. What do you think?

Dustink · ‎09-16-2013

@UprightStone wrote:
Credit Score: ExP - 629, Equifax: 692, TU: 653 as reported by MyFICO
AAoA: 6 months
Income: $60,000
Length of Employment: 10 years
Previous Loan Experience: My last car loan was about 15 years ago, I did have some late payments on it.
Debt-to-Income (DTI): 30%
Year of Car: 2013
Miles: 0
Purchase/Refinance: Purchase $27,000
Requested loan term (XX Months): 60 months
Down payment amount: $2,000
Co-borrower/Co-Signer: None

I have one old debt on my report from 5/2007 that I never paid. I have a public record of a civil judgement for $547 from 10/2006 and two paid tax liens, one from 2004, paid 2012, and one from June 2012, paid September 2012.

I have been turned down for auto loans in the past and worry about getting my feet wet again. I have been meticulous in paying my bills on time and never leave a balance on my credit cards. I only pay small bills with my cap one card and immediately pay it off. I have no real debt. I am hoping to try again in the Spring. What do you think?

I am thinking approved, but at a very high rate.

My opinion would be to continue building and hold off on an auto app.

Too many INQs & low AAoA so I'm off to tend the Garden. Age:23

$17k $8.5K Closed $19k $6.5k $24.2k Closed $5k Closed $8.5k Closed @2.49%

JustinNguyen · ‎09-16-2013

it hard to say. your EQ fico score 692. Some of lender pull EQ only for auto loan.

i don't understand you have a car that paid off,but your AAOA is 6 months? is that something wrong? or you financed for couple months and paid it off?

What make EQ 692 and Ex 629. can you make me clear about your paid auto loan and your Account whatever in EQ and EX. thanks

UprightStone · ‎09-17-2013

My auto loan was so long ago, it doesn't even show up on my credit report. Like I said, it was about 15 years ago.

Ditovera · ‎09-17-2013

@UprightStone wrote:
My auto loan was so long ago, it doesn't even show up on my credit report. Like I said, it was about 15 years ago.

If you could find a CU around you that pulls EQ score, it would be a good place to start before seeking out dealer financing. This can give you leverage when going to the dealers. Considering your history though I am almost certain you will be looking at double digit rates with dealers. Maybe lower if CU approves you with that EQ score. In addition if your down payment is around 30% that can ease your apr significantly with dealer financing. So maybe you can save a bit more as well.

Creditaddict · ‎09-17-2013

What kind of car are you looking at?

mtrsprt · ‎09-17-2013

I'd say with 10 years at your current place of employment, 60K income, and scores in the mid 650's AVG, you have a decent chance IMO. I would also try to put down another $1500-2000.00 to even increase your chances. Also, going through a CU will get you a more reasonable rate.

I got a loan for a $11,000.00 auto purchase 3 years ago with credit scores in the low 600's, 58K income, and a TON of baddies/collections still reporting. Through Wells Fargo with 10% down and a 9.99% APR.

Starting Score: 521 TU, 597 EQ, 574 EX on 6/20/2011
Current Score: 753 TU, 764 EQ, 766 EX on 02/17/2014
Goal Score: 720-740 Across the board

Take the FICO Fitness Challenge

UprightStone · ‎09-17-2013

Thanks for the input so far!

As for what car I am looking to get, I am looking to get a new Nissan Frontier.

Creditaddict · ‎09-17-2013

@UprightStone wrote:
Thanks for the input so far!

As for what car I am looking to get, I am looking to get a new Nissan Frontier.

Nissan pulls TU and if they pull above 650 they will be able to push you through Tier 1 APR and Leasing.

Apply in dealership though... shop around the actual vehicle and pricing before you go in if you have more than 1 Nissan Dealership... you can find the one that isn't very interested in messing with you and just wants to do a no haggle deal... that's who I would go with!

UprightStone · ‎09-17-2013

There is only one Nissan dealer close, the other is almost 80 miles away. That is reassuring to hear though and thank you. I believe my credit score will only go up in the foreseeable future, so I am going to save more of a deposit and then make a weekend out of it when I am ready.

Do you think that is a good strategy?