@cnelson wrote:
Recently looking into getting a used car. It isn't for me, but my fiance'. Went to a Kia dealer, we wanted to lease one but told us even with my co-sign the scores were not strong enough. My score was a 758, not sure of hers. But the history on mine is short, and one of my recent CC still is not showing up yet.
My TU is a 719 and EQ is a 697. (Both reporting a balance of a CC, but actual balance is zero, so they should go up a bit)
Have one CC with a limit of 600, and another with a limit of 2000 but that is not showing on reports yet.
The loan ammount we would be looking for is probably around 10k - 12k. With 1k - 2k down. (no trade in, a tree fell on her car during huricane sandy) Give of take, not positive of what car we will end up going with yet. I think I would prefer to fiance through a bank, but not sure. What kind of interest rate should I expect and who should I go to apply? I want to try to get approved the first time so I don't have anymore INQ.
Btw, the letter of denial was from Cap 1 Auto, all the reason listed were from the co-signer, not from my credit. The deal said I would of been able to fiance a new at the lowest rate, but we really weren't interested in buying a 20,000 dollar car.
Also, I am wondering if I can go back to Cap 1, and get finacing directly with them, without adding another INQ, since all the reasons listed for deinal were on the co-app, not on me? Thanks for any information.
I'm bit confused. A 758 score doesn't allow you to lease??
Where did you get this 758 from?
Where did you get your 719 and 697 from? Are these scores you purchased from this myfico site?
Why do you need/trying to have a cosigner? Is this a car loan with your name and your fiance as the co signer?
^^With a 758 true Fico (or Auto ehanced fico) you should be able to get a car loan without a co signer -- even with a short credit history. As my friend who had mid 500s, no postitive TLs at all and short credit history got a 12k car note without a co signer.
As far as your question goes, you might want to look at the bank you (or she, or whomever is getting this loan) bank at or perhaps at a local CU.
Also you might want to try to go to a large respected car dealer that specializes in "second chance" financing. Second chance financing helps ppl who are rebuilding their credit or are first time car buyers with little to no credit history. This is what my friend did. Granted her interest rate was very high (due to baddies), and your interest rate might be high too but due to first time car buyer.
