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questions on approval

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jordy
Contributor

questions on approval

any ideas on approximate apr and approval chances with TU FICO 666; EQ FICO 624; and TU vantage score 724?

wanting to purchase a new auto 60 or 72 months


Starting Score: EQ 623 (1/28/10) TU 666 (1/28/10)
Current Score:  EQ 666 (3/4/10) TU 708 (3/4/10)
Goal Score:    EQ 680TU 700
Message 1 of 4
3 REPLIES 3
cdtotten
Established Contributor

Re: questions on approval

You need to provide more information; specifically, what car and model you are interested. If you check out their website, you will see the promotional rates the company offers. This is the rate for the top tier or credit (usually 710-720+). For every tier below, they typically tack on 1-2% on top of that. You can call and ask the dealer their tiers, or do a little research online.

 

If you are getting your finance through a bank or credit union, I would expect in the 7-8% range on a new car with those scores. 


Starting Score: 627 EQ, 621 TU - 11/15/08
Current Score: 778 EQ, 781 TU, 778 EXP 07/20/12 Lender Pull
Goal Score: 800 EQ & TU


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Message 2 of 4
Anonymous
Not applicable

Re: questions on approval

+1

 

Your down payment and past loan history will also play a role. Debt to income with new loan under 40%? Revolving debt under 30%? Those are a couple things my CU looked for when I bought my car in December.

Message 3 of 4
jordy
Contributor

Re: questions on approval

very sorry for the lack of information very new to this forum did not know what was needed. i have been in the process of rebuilding my credit since my divorce 4 years ago.

more info on credit report

 

no bankruptcy

had 2 credit cards that were 60 days late during time of divorce both were closed due to being joint accounts

both were paid off with 2 years 7 months on time payments never late since the divorce

have two negatives 

1st cell phone bill due to ex paid in full

2nd cable bill due to ex (still trying to fight although i did pay it in full immediatly after finding out about it)

both of those were over 2 years ago

have new credit card very low balance less than 5% credit to debt ratio with a year of on time payments on it( suspect this is what jumped my credit score back up)(i guess this would be the revolving debt that was asked about?)

no other accounts open

never had an auto loan before (thinking this may hurt my chances for approval)

dont know if it matters or not but i have no mortage payment and i own my own home ( family land and trailer given to me)

 

i definelty know that i wont qualify for top tier was just wondering what were my chances for approval and if anyone thought i could stay at least around 10% apr... i know its "higher" than what most want but im willing to pay more to rebuild my credit 

i called dealer and they couldnt suggest what "tier" i would be in with my credit score or what chances of approval would be...which i can understand

was just wondering if anyone else close to my situation has even been approved before i hit my credit score with an inquiry to be denied

 

as far as bank or credit union i dont have either in particular which ever will give me best deal i will join a local credit union at same time of purchase 

and will make sure that all credit inquries are within a week and a half time frame as to "hurt" credit score as little as possible

 

as far as vechile 

was looking into 2009 or 2010 chevy silverado 1500 crew cab

pricing with options somewhere between 27500-29000

was thinking of 5000 down payment

gross yearly income 59000+

 

thanks for any help 


Starting Score: EQ 623 (1/28/10) TU 666 (1/28/10)
Current Score:  EQ 666 (3/4/10) TU 708 (3/4/10)
Goal Score:    EQ 680TU 700
Message 4 of 4
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