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Valued Member
Posts: 48
Registered: ‎11-05-2013
0

Will I be disappointed?. Info included

Credit Score: 625 EQ FICO

AAoA: 5 yr 10 mo  (Oldest account 10 years)

# of positive trade lines: 7

# of negative trade lines: 12 (all paid with zero balance.  Most recent negative was 2009)

Income: 56k

Lenght of Employment: 3.5 years

Previous Loan Experience: 4 Auto Loans all with flawless payment history

Debt-to-Income (DTI): 4%

Year of Car: 2013

Miles: 36000

Purchase/Refinance: Purchase

Requested loan term (XX Months): 60 Months

Down payment amount: $1500

Co-borrower/Co-Signer: Father if needed but I would rather do on my own

Other: 

 

Car is a used Hyundai Sonata at a Hyundai dealership.  They are asking 17,389 for it.  I only have $1500 to put down.  Is this possible with the above?


Starting Score: 495 Oct 2013
Current Score: 685 Jan 2015 FICO EQ
Goal Score: (Old 680) New Goal of 720


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Moderator
Posts: 27,207
Registered: ‎09-13-2012
0

Re: Will I be disappointed?. Info included


hitch345 wrote:

Credit Score: 625 EQ FICO

AAoA: 5 yr 10 mo  (Oldest account 10 years)

# of positive trade lines: 7

# of negative trade lines: 12 (all paid with zero balance.  Most recent negative was 2009)

Income: 56k

Lenght of Employment: 3.5 years

Previous Loan Experience: 4 Auto Loans all with flawless payment history

Debt-to-Income (DTI): 4%

Year of Car: 2013

Miles: 36000

Purchase/Refinance: Purchase

Requested loan term (XX Months): 60 Months

Down payment amount: $1500

Co-borrower/Co-Signer: Father if needed but I would rather do on my own

Other: 

 

Car is a used Hyundai Sonata at a Hyundai dealership.  They are asking 17,389 for it.  I only have $1500 to put down.  Is this possible with the above?


The key point is your previous auto history.  I don't see a problem but I'd also suggest that you look into GW letters for those paid baddies. 

 

Good luck!

Valued Contributor
Posts: 1,288
Registered: ‎02-12-2014
0

Re: Will I be disappointed?. Info included

Should definitely be okay. I'd maybe start by applying to Capital One and seeing what they say. Also your auto enhanced will likely be much higher than regular FICO so the dealer should, I'm guessing, see 650+. That should get you <7% generally (actually 3-7% ideally) at the dealer.

As I am very busy with work these days, I am participating in the forums less than I would like to. Please feel free to email me directly remembermyfico //at// gmail /dot/ com if you would like me to respond to a specific question you have.
Epic Contributor
Posts: 25,513
Registered: ‎10-23-2007
0

Re: Will I be disappointed?. Info included

You should be just fine and DONT apply anywhere else like capital one (sorry poster) but OP is looking at a 2013 which is probably certified which would qualify for special APR's through Hyundai and I too bet your auto enhanced fico that they will pull will be higher then your credit score you listed and you should be able to push for a tier 2 or 3 and be under 5%

Fico Scores: EQ- 670., TU 710 Sync, EX 728 SoFi(05/04/15)
I'm just trying to catch up to RON1
95 Cards and Counting Smiley Tongue
Valued Member
Posts: 48
Registered: ‎11-05-2013
0

Re: Will I be disappointed?. Info included

Well you guys were right, and I was not disappointed!  Went to Hyundai yesterday afternoon and I got financed through Brand Bank at 5% (good call Credit Addict).  They showed my score at 676!!!  

 

Lexie- I will definitely keep on with the GWs for all those COs! 


Starting Score: 495 Oct 2013
Current Score: 685 Jan 2015 FICO EQ
Goal Score: (Old 680) New Goal of 720


Take the myFICO Fitness Challenge
Contributor
Posts: 163
Registered: ‎05-28-2014
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Re: Will I be disappointed?. Info included

Congratulations on the new purchase. Thanks for sharing!




Starting Score: EQ 541 (lender pull July 2012)
Current Score: EQ FICO 673, TU08 648, EX FICO 654
Next Goal Score: 680
Valued Contributor
Posts: 1,288
Registered: ‎02-12-2014
0

Re: Will I be disappointed?. Info included

Congrats, glad you were able to get approved!

As I am very busy with work these days, I am participating in the forums less than I would like to. Please feel free to email me directly remembermyfico //at// gmail /dot/ com if you would like me to respond to a specific question you have.
Established Contributor
Posts: 839
Registered: ‎10-25-2011
0

Re: Will I be disappointed?. Info included


hitch345 wrote:

Well you guys were right, and I was not disappointed!  Went to Hyundai yesterday afternoon and I got financed through Brand Bank at 5% (good call Credit Addict).  They showed my score at 676!!!  

 

Lexie- I will definitely keep on with the GWs for all those COs! 


Likely an auto enhanced fico. A boost from your previous loan history. Congrats

I'm a personal banker and do a lot of auto loans serving the Houston area.
I suggest first time car buyers to read the sticky guide in the auto loan section.
I try to check these forums often, but if I missed your post, please feel free to message me with a link to it.
Moderator
Posts: 27,207
Registered: ‎09-13-2012
0

Re: Will I be disappointed?. Info included


hitch345 wrote:

Well you guys were right, and I was not disappointed!  Went to Hyundai yesterday afternoon and I got financed through Brand Bank at 5% (good call Credit Addict).  They showed my score at 676!!!  

 

Lexie- I will definitely keep on with the GWs for all those COs! 


WooHoo! Good job!

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