Hello! My name is Rob.
I had a question for all of you. I'm trying to plan out my financial future for the next year or two, and I'd like some insight regarding auto loans.
I have been stuck on the idea of taking my current 2012 motorcycle (est. trade in value 3500) that has 6500 owed, rolling it into an auto loan of 9000-12000 with say a 2000-3000 downpayment. What sparked this interested was looking around the Bank of America website and seeing that using their calculator they have this option available.
I'm curious as to how common it is that these type of loans be approved (BoA or elsewhere), and where my credit should stand before trying to apply. I'd really like a car and not be stuck with this motorcycle in the lovely 5 minute showers here in Florida.
I am 20 years old, make 30k a year, have a 649 TransUnion score and I have the following credit lines:
Capital One (HBSC) Motorcycle Loan: (12000 credit limit, 4% something apr) co-signed with my father who has excellent credit, 6500 balance
Capital One Cash Rewards Mastercard: (750 limit, 0% apr til June then 22% or something rather) 400 balance
Macys Store Card: (300 limit, 25% or something ridiculous apr) 0 balance
Bank of America Cash Rewards Platinum Plus Visa: (700 limit, 0% apr, 22% in May 2014) 0 balance
My report with myFico advises my biggest negative factors right now are mostly time I've held credit (I only recently got my first motorcycle loan in June 2012) and my approximately 54% utilization. Keep in mind it would take me about a year or two to save up for a deposit anyways, meanwhile paying down my loan and not stacking my other cards up at all.
Thank you so much for taking a look, any and all credit advice is well appreciated, auto loan or not! I'm in a very good position with my wages and credit I feel for my young age, and I'd love to keep it like that.
