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Would I qualify for a 0% or 0.9% loan?

Regular Contributor

Would I qualify for a 0% or 0.9% loan?

I still have some time before I get a new car but I'm asking for help now becasue if I need to start a GW letter campaign then I probably need to get on that sooner rather than later.  So here's my situation:

 

I had a metric ton of late-pay's from a Capital One auto loan that was paid off back in March of 2013 (many of them were in consecutive bunches).  I've done all I can do in terms of building up my profile and now it's just a waiting game.  I'm down to my last "string":  8 total, 6 of which are consecutive.  The stragglers are from Jan 2012 and Feb 2013.  The string will be gone by this August and the January 2012 30-day-late will be gone by November.  Hence the above mentioned time frame of 9 months.  

 

My goal is to qualify for one of those captive lender 0% or 0.9% loans.  

 

My questions are these:  

 

Would I be able to quality for such a loan with a single 30-day-late remaining in my file?  

 

Would I qualify anyway -- never mind the remaining late-pay -- given how young my profile is (AAoA 2.6 years, AoYA 5 months)?  

 

Though my lowest FICO 8 is 700, which isn't good, my Auto score is even worse at 690.  I have no clue how much those late-pay's are holding my score down and so obviously I have even less of a clue what kind of score bump I'll get when 7 of 8 are gone, but it may be that late-pay's or no late-pay's my file simply isn't good enough for such a rate.  If that's true then I doubt one single late-pay will matter much to whatever percentage rate I get.  

 

Thoughts?  Suggestions?  

 

Thanks everyone for your time.  I very much appreciate any and all help.  

 



EX 722 // TU 700 // EQ 713
5 REPLIES
Regular Contributor

Re: Would I qualify for a 0% or 0.9% loan if...

I thought I'd try bumping this in hopes that some of the auto loan experts will weigh in. 



EX 722 // TU 700 // EQ 713
Message 2 of 6
Established Contributor

Re: Would I qualify for a 0% or 0.9% loan if...

We got 0% with Toyota in July with 700 auto score- Transunion if i recall correctly.
Message 3 of 6
Regular Contributor

Re: Would I qualify for a 0% or 0.9% loan if...

Did you have any derrogs?  



EX 722 // TU 700 // EQ 713
Message 4 of 6
Established Contributor

Re: Would I qualify for a 0% or 0.9% loan if...

1 derog 8/2012 bankruptcy. Never late before or after though.
Message 5 of 6
Regular Contributor

Re: Would I qualify for a 0% or 0.9% loan if...

Thanks for that, Firemediii.  



EX 722 // TU 700 // EQ 713
Message 6 of 6