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Valued Member
hitch345
Posts: 44
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: 651 July 2014 FICO EQ
Goal Score: 680


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Moderator
09Lexie
Posts: 26,609
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
Remember0
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
Creditaddict
Posts: 22,090
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- 626 Overstck., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
66 Cards and Counting :smileytongue:
Valued Member
hitch345
Posts: 44
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: 651 July 2014 FICO EQ
Goal Score: 680


Take the myFICO Fitness Challenge
Contributor
GooseGirl
Posts: 163
Registered: ‎05-28-2014
0

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
Remember0
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
SamsungHDTV
Posts: 566
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
09Lexie
Posts: 26,609
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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