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SwAgNer
Posts: 19
Registered: ‎03-09-2012
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Would I qualify for an Auto Loan???

[ Edited ]

 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.


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pizzadude
Posts: 9,674
Registered: ‎01-28-2010
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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
New Member
SwAgNer
Posts: 19
Registered: ‎03-09-2012
0

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.

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Established Contributor
jimbo831
Posts: 977
Registered: ‎02-08-2012
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Re: Would I qualify for an Auto Loan???


SwAgNer 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.

Gardening with: PSECU Combo $1k, Chase Freedom $3.5k, Discover It $1.7k, Amex Costco True Earnings $2k, Capital One Platinum $500, Best Buy Store Card $2.7k

Starting Score: FICO: 587 EX, 594 EQ, 632 TU, 2/15/12; USAA FAKO: 525 EX, 541 EQ, 525 TU, 2/15/12
Current Score: FICO: 678 EX, 629 EQ, 658 TU, 3/27/12; USAA FAKO: 721 EX, 721 EQ, 576 TU, 3/9/12
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FrugalRican
Posts: 2,876
Registered: ‎02-02-2012
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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?

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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+

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New Member
SwAgNer
Posts: 19
Registered: ‎03-09-2012
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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

Starting Score: EQ530
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FrugalRican
Posts: 2,876
Registered: ‎02-02-2012
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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)

New Member
SwAgNer
Posts: 19
Registered: ‎03-09-2012
0

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

thanks

 


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