Will I qualify for an auto loan with a decent rate?

[nikkih901]

UPDATE!!! I still want to apply for an auto loan. I decided not to pull the trigger back in October and I've been working on repairing even more and this is where I am now. What are my chances of getting a decent rate and the dollar amount I want to finance? My current info is as follows:

MyFICO.com scores as of today: EQ 689 TU 682 EX 696

Experian.com scores as of 1-4-2015 EQ 642 TU 648 EX 694

Discover Card score: 682

The scores do not reflect the 2 medical collections that were deleted as of last Thursday (not quite sure how much my scores will be effected by this). However, I still have one pesky medical collection from 2013. 

AAoA: 2 years 8 months

# of positive trade lines: 5 (3 cards, 2 student loans-deferred but making monthly payments)

# of negative trade lines: 1 student loan with 2 lates in 2014 (Nelnet has not been cooperative in removing them but I just sent an official letter from my school which proves I was still in school which should show as deferment, not late)

Income: 2014 W2 pre-tax $66,700

Length of Employment: 2 years

Previous Loan Experience: Paid repo from 2005 no longer showing on my end.

Debt-to-Income (DTI): 15%

Year of Car: 2013

Miles: 21,000

Purchase/Refinance: Purchase

Requested loan term (XX Months): 48-60 (not sure yet)

Down payment amount: up to $5000

Co-borrower/Co-Signer: No

Other: All credit cards combined currently show 2% utilization. Newest credit card is 3 months old. Looking at a 2013 E350 that is listed at $36,500.

[Anonymous]

yes I think a decent rate is possible certainly under 5%. I know DCU does 1.49 apr with an EQ 04 score of 675 and above.  Patelco CU 680. is this a deal purchase car. I think you be surprised how easy your approval is.

[nikkih901]

Hi. Yes, the car that I'm interested in is at local Mercedes dealer.  

[SamsungHDTV]

I would say you would get a rate around 3-5%.  You should be able to get +/- 3% on a brand new car, and rates are sometimes slightly higher for used vehicles depending on the lender.

[sccredit]

Are you looking at a Mercedes at the Mercedes dealer or the Lexus you talked about in the other thread?  It's kind of confusing havg 2 posts on the same thing.

[Anonymous]

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@sccredit wrote:

Are you looking at a Mercedes at the Mercedes dealer or the Lexus you talked about in the other thread?  It's kind of confusing havg 2 posts on the same thing.

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Looks like the Mercedes dealer is selling the Lexus but the two threads should be combined.

[Revelate]

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@Anonymous wrote:

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@sccredit wrote:

Are you looking at a Mercedes at the Mercedes dealer or the Lexus you talked about in the other thread?  It's kind of confusing havg 2 posts on the same thing.

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Looks like the Mercedes dealer is selling the Lexus but the two threads should be combined.

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Last thread was from October with a bunch of duplicate information; whacked the recent posts, leaving this one.

[nikkih901]

Hi everyone! I finally got the courage to apply for an auto loan with DCU this morning. I called and gave the necessary information and was approved!!! To add to the excitement, the dealer's price was $36,500 (I was told this was firm and there was no chance of getting a lower amount) and I was able to get the 2013 Mercedes-Benz E350 Sport I previously mentioned for $34,850. I chose the checking account option with auto draft to get the 1.49% DCU offered me. As if that wasn't enough, they also offered me their credit card with a $4000 CL. I accepted that too. I will pick up my car tomorrow. 

If I had not discovered this website late last year, I would not have known what to do and probably wouldn't have been able to purchase a vehicle with what I thought I knew. I am so grateful for those of you who provided opinions that stayed on topic with the information I was seeking.

[EddieK]

Great job!  And nice car!!  Congrats.