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Hi Everyone,
Credit Score : 550 ( i know its bad, trying to improve)
Downpayment : 4K
Income : 55K ( just got professional job 2 months ago )
trying to get loan for 16K, is there any chance to get approved from dealers or Capitalone Auto or Roadloans or anybody.. need car ASAP
Any input is highly appreciated.
@firststep wrote:Hi Everyone,
Credit Score : 550 ( i know its bad, trying to improve)
Downpayment : 4K
Income : 55K ( just got professional job 2 months ago )
trying to get loan for 16K, is there any chance to get approved from dealers or Capitalone Auto or Roadloans or anybody.. need car ASAP
Any input is highly appreciated.
The down payment should help, along with income. My $$ would be placed on a dealer getting you financed. Give Cap1 a shot before hand, they have had some off the wall approvals lately!
@sccredit wrote:
@firststep wrote:Hi Everyone,
Credit Score : 550 ( i know its bad, trying to improve)
Downpayment : 4K
Income : 55K ( just got professional job 2 months ago )
trying to get loan for 16K, is there any chance to get approved from dealers or Capitalone Auto or Roadloans or anybody.. need car ASAP
Any input is highly appreciated.
The down payment should help, along with income. My $$ would be placed on a dealer getting you financed. Give Cap1 a shot before hand, they have had some off the wall approvals lately!
Capital One declined me. I have scores in the low 600's, make $60,000/year, same employer for 11 years.
Might want to take a look at what's weighing down your score so much. I'd guess there's a utlization issue? Otherwise it would be a few recent derogatories. Either way you may be able to pull it up to ~600 somewhat quick.
| Chase Freedom $9500 DCU Visa $10000 Capital One QS $2000 AMEX BCE $3000 | Lowe's CC $8500 WalMart CC $3100 BOA Platinum $600 AMEX Gold NPSL |
Cap one is sort of squirrley on sub-prime auto loans. I'm not sure what they're looking for as from anecdotal reports here they're all over the map.
I would talk to Roadloans, or just submit through Lending Tree anyway since that'll pick them up plus a few other lenders. Also dealer financing is a good option in your case OP; however, I greatly benefitted from knowing roughly what I was going to get before I walked into the dealership.
If you have access to a credit union already, it's worth talking to them regardless; however, it's pretty easy to refinance a loan after six months, and there's a good chance your credit score will have improved by that time too. My own from a 551 initial Auto EX got me a 19.3% loan, I refied 8 months later (income issues before that) down to just under 6%. We're not stuck with a nastly loan forever, if you need a car, just take whatever financing you can get and then switch up later.
Someone will give you an approval though looking at your numbers.
If you haven't gotten a car already, it might be worth trying to apply at a Toyota dealership. They told me that they work with all types of credit. They actually gave me a better rate than my credit union.
I'm seeking out the best place to apply also. My EQ is 699 - just came off a string of lates on my mortgage but according to Score Watch it has been current for the last 4 months. My score shot up from 641 to 699 just about two weeks ago!
I also have two credit cards and one car loan reporting. Total balance on cards is $4K. 80% UTIL. OLD balances trying to pay off. I just paid off a 2nd car loan in August. All have reported clean, never late.
Seeking a new vehicle loan. Income is $100 K. Over 15 yrs with same employer as well as I have self employment income.
Based on this, would Cap One turn me down?
@infoseek2012 wrote:I'm seeking out the best place to apply also. My EQ is 699 - just came off a string of lates on my mortgage but according to Score Watch it has been current for the last 4 months. My score shot up from 641 to 699 just about two weeks ago!
I also have two credit cards and one car loan reporting. Total balance on cards is $4K. 80% UTIL. OLD balances trying to pay off. I just paid off a 2nd car loan in August. All have reported clean, never late.
Seeking a new vehicle loan. Income is $100 K. Over 15 yrs with same employer as well as I have self employment income.
Based on this, would Cap One turn me down?
I wouldn't bother with Cap1. You have good credit. Just pay down your UTIL a bit more and you should shoot over 700. Pretty much anyone will finance you, unless you're looking at a Bugatti or something
| Chase Freedom $9500 DCU Visa $10000 Capital One QS $2000 AMEX BCE $3000 | Lowe's CC $8500 WalMart CC $3100 BOA Platinum $600 AMEX Gold NPSL |
Thanks everyone for the advice.
I have planned to payoff my balance this month and apply for loan next months with hopefully better score that low 500s.
I will keep posted how it goes..
Oh yeah a Bugatti would be nice! Or a big fancy Mercedes! Hey one can dream right?
My main concern was if the previous mortgage lates would trump the 699 credit score. I know there's so much more that goes into approval besides the actual number. And of course I don't want someone to jack me with a ridiculous interest rate! I'm assuming we could get 5% or lower since our DTI is so low (we will gross about $150K this year!)
I was thinking Cap One because I believe they calculate an auto enhanced score? I'm sure the score would jump over 700 (EQ) since my auto loans report perfectly.