Would I qualify for a new car loan?

[Anonymous]

Credit Score: 650ish(CK)

AAoA: 2y2m

# of positive trade lines:4

# of negative trade lines:2

Income:44k

Lenght of Employment: 6 months at current job

Previous Loan Experience: Negative trade lines are defaulted student loans from 2008. See Other.

Debt-to-Income (DTI):15%

Year of Car:2015 Subaru, either Crosstrek XV or Forester.

Miles: New

Purchase/Refinance: Purchase

Requested loan term (XX Months): 60

Down payment amount: 2-4k - trade in

Co-borrower/Co-Signer: None

Other: I am planning to settle the student loans after this seasons tax offset.

Edit: Somehow this didnt ask for loan amount, so I'd guess it to be somewhere around 22-25k. Also I am a member of NFCU, if that would help anything along. I'm hoping to not need more than my trade in down. As for my AAoA, my oldest line is almost 4 years and no lates whatsoever on any of my positive lines.

[Anonymous]

Yes you should qualify if that's really your credit score. Credit Karma only provides a FAKO and that can be quite different than your real credit score.  I'd suggest you pull your reports from www.annualcreditscore.com.  You won't see your scores but will see if your reports have anything that might hold you back.  Then you might go ahead and get your real FICOs from here.   Have you checked with NFCU to see if they will approve you?

[Anonymous]

I have not as I don't want to use an inquiry in the case of a likely denial.

[Dj4Money]

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@Anonymous wrote:
I have not as I don't want to use an inquiry in the case of a likely denial.

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 The only way you'll get denied is -

•  Negatives are beyond what a underwritter will approve of (happen to me)
•  Scores Under 500 but still possible in this economic enviorment
•  Recent Repo, still possible see above.

 CK uses TU and your score is likely quite a bit higher than reported on CK. If you want to go in with pre-approval which is the prefered method around here, you might want to buy your scores from here.

  At 650 Capital One (who pulls TU in most cases) will give you a competitive rate. Some people believe they only do sub-prime lending, but they do offer competitive rates in reality.

 Credit Unions don't like ANY negative information, so if you have defaulted on your school loan, I think you can forget Navy Fed for the time being. Paying it off won't help much, is it possible to rehab it and restart making payments again? It's likely your oldest trade line, so you might wanna seriously consider rehab'ing it and get any negative notes removed (late payments, default).

 Unless you want to wait for your negatives to drop or get modified, your only choice might be mainline/mainstream lenders like Capital One. Captive lenders (OEM Banks) might also give you a pretty good rate. 

 Are you locked-in on a Subaru?

 If I were in your shoes, I would go get a Capital One Blank Check and have that in my back pocket in case the dealer can't match or improve on it.

  Also are you using TruCar for pricing??

 I'll start saying this in every post; if you end up getting what you want, share and post a picture! 

[Anonymous]

I am locked in on a Subaru. It's the only thing I can realistically afford that will give me all the features I want. I haven't visited tru car yet but I plan to! I've gotten those mails from capital one(I already have a card) about car loans but didn't put too much thought into it. Perhaps that's something I'll check out.

[Anonymous]

I used TrueCar when I purchased my car. It's a nice tool to use to help you save money. 

[prabs99]

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@Anonymous wrote:
I am locked in on a Subaru. It's the only thing I can realistically afford that will give me all the features I want. I haven't visited tru car yet but I plan to! I've gotten those mails from capital one(I already have a card) about car loans but didn't put too much thought into it. Perhaps that's something I'll check out.

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Have looked at the Subaru VIP Program? I heard it is better than Truecar.

[Anonymous]

Actually I dont think I'm eligible, at least not through my work(or anything I belong to it appears).

That does sound like a better deal than True Car.

[Dj4Money]

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@Anonymous wrote:

Actually I dont think I'm eligible, at least not through my work(or anything I belong to it appears).

That does sound like a better deal than True Car.

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  Of course any direct deal with the manufactuer will be better. Just like Ford X plan for outside employees is better than TrueCar but only employers offer that. But I think companies are moving away from that since TrueCar has setup a similar program.

 
 Even though I am a seasonal employee I still get the benefit of  Macy's TrueCar program.

 Anyway since you don't have access to it, don't worry about it. You can try to find somebody on one of the WRX/Forester forums to see if they will help you, otherwise TrueCar is better than any discount you can get yourself.

[prabs99]

Do you need the car anytime soon? 

http://www.cars101.com/subaru/subaru_discounts.html