I am considering a loan for a second vehicle. The unfortunate reality is that I put myself in a bad credit situation between 4 and 5 years ago. No bankruptcies, repossessions or charge-offs but several serious delinquencies 60 to 90 days. Nobody to blame but myself. Fortunately I think I have the ship headed in the right direction but not fully there yet. I would like to get a second vehicle for the summer but not sure of my likelihood of getting approved for slightly used at a decent rate for around 5 year note. My credit utilization is slightly high at around 45 percent but I could pretty easily have it down to 25 to 30 percent by April when I want to do this. Last late on anything was a 30 day 2 years ago (oversight). Have a current auto loan with 4 years positive history and 2 credit cards 2 yrs old.Current non auto ficos 704 704 720. I think by getting my utilization in order I can get all numbers in the 720 + range shortly. Problem is all the bads from years ago will cause some lenders to automatically dump me into the bad bucket. I was recently declined by my own bank for a refinance but they are self admittedly strict on underwriting standards. What do you think are my chances of making this happen at a decent rate? Any major lenders I may want to consider? Thanks.
