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financing a car with a 660 credit score

Member

financing a car with a 660 credit score

i purchased my dream car last may acura rl 2007 i owe about 23k on the car loan. I'm looking to either trade my car in for a 2009 acura rl or to refinance my car. The car i want cost 30k and my car is worth roughly 19k. i went to my credit union and got approved for a loan but the loan amount was for only 20k. My question is how would i be able to secure more financing for this new vehicle and is there anything i could do so my credit union can approve me for a few thousand more ?

 

 

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Super Contributor

Re: financing a car with a 660 credit score


bronx1480 wrote:

i purchased my dream car last may acura rl 2007 i owe about 23k on the car loan. I'm looking to either trade my car in for a 2009 acura rl or to refinance my car. The car i want cost 30k and my car is worth roughly 19k. i went to my credit union and got approved for a loan but the loan amount was for only 20k. My question is how would i be able to secure more financing for this new vehicle and is there anything i could do so my credit union can approve me for a few thousand more ?

 

 


Can I ask why you need/want to get rid of your current car ?   Can you wait for a while longer and pay the loan down a bit more ?

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 5
Moderator

Re: financing a car with a 660 credit score


bronx1480 wrote:

i purchased my dream car last may acura rl 2007 i owe about 23k on the car loan. I'm looking to either trade my car in for a 2009 acura rl or to refinance my car. The car i want cost 30k and my car is worth roughly 19k. i went to my credit union and got approved for a loan but the loan amount was for only 20k. My question is how would i be able to secure more financing for this new vehicle and is there anything i could do so my credit union can approve me for a few thousand more ?

 

 


Did you apply as a new car loan or as a refinance?  That probably does make a difference.  

 

Personally if your dream car still runs fine, I hate the idea of rolling it over into a newer vechile which is about to start the depreciation curve you're already finding yourself on the downslope of in your current vehicle.  Seems like bad math to me, and I don't fault your CU in not liking that idea at all Smiley Wink.

 

If it was a refinance application, then you're probably stuck unless you can talk them into it (is this their loan they're refinancing?) but if you applied for a new used car loan for the 2009, consider switching it to a refinance for your current 2007 RL instead (absolutely different DTI calculation between the two, which is going to affect the loan amount).

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
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Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 3 of 5
Member

Re: financing a car with a 660 credit score

Only reason i was considering trading in my car was because i wanted to get my own car loan. my father co-signed on my current loan so i figured maybe i could kill two birds with one stone. if i got a newer car and got my father off of my current
Message 4 of 5
Member

Re: financing a car with a 660 credit score

it was a auto loan i applied for if i decide to refinance i was told acura could possibly refinance the car for me
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