What do you think my chances of getting approved for loan are

[Anonymous]

Currently, I am not working.  I collect $1600 in disability, monthly.  I filed BK ch 7, back in 2003.  I don't really understand it, but my car was included in the BK, and I kept it.  I was late on two, maybe three payments in the past.  It was supposed to be paid by insurance disability.    Anyways, the car has been paid off since 2007.  I  was very ill, and most of was paid by disability insurance.  I am sure that I will not qualify for a loan.  I would like to get a used car, as my daughter needs a car.  She lives with me, and it would be great to have a second car in the family.  She is a single mom and makes minimum wage.  I would love to give her my car, and purchase another used car.  I would like to attempt to get a job in private duty nursing.  However, I will need a car, as soon as I start working.  My Fico scores aren't great.  Ranging from 621 - 641.  Unfortuantely, I had my CC utilization up briefly, due to my husband charging his tires and car repairs on it.  I just paid the majority of it off with income tax refund.  Should I wait until my CC utilization goes down.  Or, is it even going to matter with my past history with auto loan.  

The only proof of income that I have is my bank statement showing my disabilty insurance and SSDI payments. 

I figured that I can afford $200 monthly payments with my current income. 

And, why can't we show auto dealerhip a copy of curent  credit report, so they don't have to pull.  I would like to know for sure they would be able to give me a loan before pulling my credit. 

[moondog7324]

The fact that you are pullin in less than $20,000 a year is a deal breaker for most lenders. To increase your chances I sugest this- you say you can afford $200 a month. Start this month and save $200 in a savngs account and see if you can live within your means, also try to get that credit card utilzation down to <10%. In 5 months you will have $1000 for a down payment. The reason lenders pull thier reports is that 1) your credit score is a snapshot of your credit worthiness at tht moment in time- t can change daily and 2) Vehicle lenders will most likely use an 'auto-enhanced' FICO score to make the decision.

Your only option, even with a $1,000 down may be a 'buy here-pay here' lot.

[LIGHTNIN]

I agree with moondog7324, 

Also if you want to get a job, try getting one at a car dealership as a cashier or office worker.Dealerships have great benefits.

I worked at one until I was laid off last year. I had free oil changes and car washes for both DH auto and mine.

Also when I needed something moved,I could borrow a truck at no charge.

Also if I needed service on my vehicle the labor was discounted by a third, regular customers had to pay $90per hr, I paid $30per hr

and parts was also discounted cost plus 10%.

On car purchases they gave employees two discount per year. either for a used or a new car.Also if I didn't use my discounts, I could let

a family or a friend use my discount.

I worked in the medical field for over 20yrs, and I would go back to the dealership in a heart beat.....Loved that job.Maybe someday

[Anonymous]

Thanks.  These are some great suggestions.  I am going to start saving $200 a month.  Car dealership job sounds great, BTW. 

My CC utilization was at 10% for the longest time, however, my husband just used it for repairs and tires on his truck.  But, I told him that all of our credit is frozen, for now.  If we can't pay cash for it, then we don't need it. 

I really don't want another car payment, either.  I wanted to reward my daughter for turning her life around.

But, back to reality, and if it can be done with cash then forget it. 

[LIGHTNIN]

Sorry for not noticing your post until today,I don't visit the auto boards often.

Good for you for freezing your CC's, and living below your means, you will be happier in the long run for doing it.

As for your rewarding your daughter....... Please don't feel bad for not giving her a car, there are other things to show 

your appreciation for her turning her live around.........Tell her how proud you are of her.....she will love that.

Let her find her own way of getting a car, then you both can be proud of her for doing that.She wouldnt want you to

go into debt for a car for her.If you have extra money that you can spare,to help her get a car, that would be ok.

Sounds like both of you, are making great choices.