Hi. I am going to be in the market for a second used (2014)car next month. I am 4 + years into my current auto loan. I have the income to comfortably support both loans. No late payments or any other negatives in the last 2 years. No lates ever on auto loans. Got some serious slow pays from 5 to 7 years ago but no bankruptcies, foreclosures, repossessions or anything that serious. All of my auto enhanced ficos with all 3 bureaus are in the 710 to 737 range, with the exception of the old trans union fico 4 which seems stuck on 693 for some reason. A couple weeks ago I had a credit card showing 76% utilization that I paid off, which will lower my overall revolving utilization from 42% to 28% or so With the highest card utilization of my 5 revolving accounts showing 41%. This will report in the next week and may bump my numbers a bit. I will wait until it reports to all 3 before applying for a loan. Do I stand a reasonable chance of getting this second note at a reasonable rate? If I am forced to go with a subprime type loan with something crazy like 7% or over that would be a deal killer. Would a bank bite on this app? Opinions?
