Will My Auto Loan Be Approved?

[Anonymous]

Credit Score: EQ 659 TU 654 EX 642

AAoA: 5 yrs 9 months

# of positive trade lines: 5

# of negative trade lines:  2 (one falls off next year, the other two years old..late payment)

Income:  $70,000

Length of Employment:  14.5 yrs

Previous Loan Experience: I have a repo on credit report from 10/08 I got it back and paid it off.

Debt-to-Income (DTI):  32.4%

Year of Car:  2015

Miles:  New

Purchase/Refinance:  Purchase

Requested loan term (XX Months):  60/$23,000

Down payment amount:  $6000

Co-borrower/Co-Signer: None

Other:  I want to finance this vehicle in June this year.  I'm looking to send GW letters to the OC and CA from my negative tradelines.  I'm not sure what it will do, but it's worth a shot.  

[guydiver]

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@Anonymous wrote:

Credit Score: EQ 659 TU 654 EX 642

AAoA: 5 yrs 9 months

# of positive trade lines: 5

# of negative trade lines:  2 (one falls off next year, the other two years old..late payment)

Income:  $70,000

Length of Employment:  14.5 yrs

Previous Loan Experience: I have a repo on credit report from 10/08 I got it back and paid it off.

Debt-to-Income (DTI):  32.4%

Year of Car:  2015

Miles:  New

Purchase/Refinance:  Purchase

Requested loan term (XX Months):  60/$23,000

Down payment amount:  $6000

Co-borrower/Co-Signer: None

Other:  I want to finance this vehicle in June this year.  I'm looking to send GW letters to the OC and CA from my negative tradelines.  I'm not sure what it will do, but it's worth a shot.  

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Did you get your credit scores from this site?  If so they should be close to the dealer pull, unless the dealer uses Auto Enhanced scores.  In that case, the repo will hurt.  Your current scores are decent enough to get a loan under the terms you stated.  You will probably take a hit on the interest rate, but not too much. Your DTI should  be O.K.  Don't expect manufacturer advertised promo rates though. Your down payment will carry some weight, but I'd hold that close to the vest like an ace in the hole until you need to use it.  Have you tried any credit unions yet?  Best case would be to get one of those approved going in so the dealer can't gouge you on the deal.

[Anonymous]

Thank you for the reply.  Yes, I got my scores from myFICO.  I haven't checked with any credit unions, but I'm looking to establish an accout with NFCU; as I've heard they have great rates for less than stellar credit.  Oh and I'm definitely not looking to get the promotional rates.  I'd be happy with something less that 10%.