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Would I qualify for an Auto Loan???

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Anonymous
Not applicable

Would I qualify for an Auto Loan???

 Here are my stats: EQ 692, TU 695, EX ???. Salary: $31,200. been working there for 3+ years. I have 2 unpaid collections remaining on my reports that i'm having difficulty getting deleted. Let me know if more info is needed for you guys to determine. If I would be approved, anyone know how much they would lend me or the interest rate??? Thanks in advance.

Message 1 of 8
7 REPLIES 7
pizzadude
Credit Mentor

Re: Would I qualify for an Auto Loan???

In order to help, can you share some additional information ~ how much are you looking to borrow; how much down payment can you afford; do you have any previous auto or installment loan history; what are your approx monthly debts...rent, mortgage, CC payments, etc....
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 8
Anonymous
Not applicable

Re: Would I qualify for an Auto Loan???

Thanks...had a 3k loan that was paid in 2002. Want to borrow 15k. 3k down. I live with parents so no rent. 2cc's total $800 limit, both at $0.
Message 3 of 8
Anonymous
Not applicable

Re: Would I qualify for an Auto Loan???


@Anonymous wrote:
Thanks...had a 3k loan that was paid in 2002. Want to borrow 15k. 3k down. I live with parents so no rent. 2cc's total $800 limit, both at $0.

I would think you would qualify at a decent interest rate.  The only issue coudl be this 3k loan.  Was that an auto loan?  Past auto loan history reall helps with auto loan apps.  If it was paid in 2002, it may no longer be reporting.  Most positive tradelines go away after about 10 years.  If you have no auto loans or mortgages reporting, you would be considered a first time buyer, which might raise your interest rate or make them ask for a cosignor.

Message 4 of 8
FrugalRican
Blogger

Re: Would I qualify for an Auto Loan???

I'm curious, if you have no rent, no car payment, make $31,200 a year... how come you're only making a 3K DP?

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Message 5 of 8
Anonymous
Not applicable

Re: Would I qualify for an Auto Loan???

I pay gas electric phone insurance, and all my savings went to repair my credit over the past 6 mos. Past auto loan still being reported
Message 6 of 8
FrugalRican
Blogger

Re: Would I qualify for an Auto Loan???

Gotcha. Just wanted to make sure you didn't have extra money that you COULD put on the DP but WEREN'T going to.

I've seen people that just pay a certain amount on DP because that's what they were told to do, when in reality, more can be applied and it actually helps.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Message 7 of 8
Anonymous
Not applicable

Re: Would I qualify for an Auto Loan???

thanks

 

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