You think I'd get approved?

[cumminsdieselfreak]

This is my situation:

Experian FICO Of 610

My Current Truck:

Trade In Value:$21k

Owe:$10K

Positive Equity Of $11K.

The truck i'm interested in has an asking price of $26k, do you think i could get approved for a loan with $11,000 in equity to use as a down payment?

[Anonymous]

What do your other auto loans look like, specifically are there any lates on any of your auto loans (even the closed ones?) I ask because most auto financers use an auto-adjusted FICO score, which weighs your previous auto loans more heavily than normal FICOs. If you have lates or repos, it will obviously be worse than 610. However, if all of your auto payments have always been on-time, it should (in theory) be higher, by many points (in my case around 25 or so).

With your trade-in, I would think you'd be in pretty good shape, assuming income, etc.

EDIT: Of course, it's always a good idea to simply keep the vehicle you have and pay it off

[cumminsdieselfreak]

I've had 2 previous auto loans before this current one of $28,800, 1 for $7500 and 1 for $20,500, i have NEVER been late one time with any of them

My biggest question is, will the $11,000 of positive equity make a huge difference as if i were paying cash down?.

[cdtotten]

Yes, the larger the down payment, the less risk to the lender, so the lower the interest rate usually is.

That being said, with a 610 FICO you are very unlikely to get the best rate offered. That is extremely low.

[Anonymous]

You may  not get the best rates, but I would be shocked if you aren't approved.  I also would think you should get a decent rate, not double digits, just a guess though.  Your trade-in will give you an $11,000 down payment which is more than 30%, that will help a lot.  Combine that with your great auto history, and you should be fine for an approval, just don't expect a super low interest rate.