New Member
danyall2010
Posts: 2
Registered: ‎01-21-2010
Possibly Replacing My Car!
[ Edited ]

I currently drive a 2012 Ford Focus Titanium and I have had it with the car. I am looking of getting something more reliable. The top candidate is the new Toyota Corolla, but I may look at other cars, as well. I will give you my background information and see what are the chances of getting the loan and what I need to do. I am looking at Toyota Financial, but also what are the chances of getting a loan with Kia, Hyundai, Nissan, and others? I am looking at December at the earliest to replace the car. I may, or may not do it. Perhaps car my car may get better (and fixed). Here is my background information:

 

- I currently hold a $23,000 a year job

- I will be in my current employment for six months by December. My last job, I held for six years and two months. I had a gap of one year and two months between jobs (I feel that this may be a problem)

- My credit scores are: EQ 814, EX 815, TU 795. That could fluctuate a bit

- My current loan was done with a co-signer because I was unemployed when I bought my car.

- My balance on the loan is $8,500. This may go down to $8,200-$8,300 by December.

- My car has 17,000 miles and in above average condition.

- I have no rent (believe it, or not) because I am a caretaker.

- My credit card expenses are no more than 10-15% of the credit limit and I pay my balances off each month.

 

What other information is needed? How easy (or hard) it is to trade a car with a lien still on it? What is your advice?

New Contributor
Elcid89
Posts: 567
Registered: ‎10-04-2012
Re: Possibly Replacing My Car!

With those scores, approval will hinge only on DTI and your ability to repay, IMO. I would think that you wouldn't have a problem, especially with a captive lender.

FICO 04 scores: 809 (EQ) 812 (EX) 818 (TU)

Amex Platinum NPSL - Citi HHonors Sig. $58k - BMW Ultimate $40k
Chase Sapphire Preferred $62k - Merrill Lynch + Signature $41k - USAA Rate Advantage $28k
NFCU Flagship Signature $50k - USAA Cash Rewards AMEX $28k
Citi Platinum Select / AAdvantage Signature $31k - Chase Amtrak Rewards World MC $41k

Valued Member
blackie1
Posts: 36
Registered: ‎06-26-2012
Re: Possibly Replacing My Car!

Well without a question you need to bring your scores up!!!

2fst4u
New Contributor
Elcid89
Posts: 567
Registered: ‎10-04-2012
Re: Possibly Replacing My Car!

blackie1 wrote:

Well without a question you need to bring your scores up!!!


LOL, from 814?

 

FICO 04 scores: 809 (EQ) 812 (EX) 818 (TU)

Amex Platinum NPSL - Citi HHonors Sig. $58k - BMW Ultimate $40k
Chase Sapphire Preferred $62k - Merrill Lynch + Signature $41k - USAA Rate Advantage $28k
NFCU Flagship Signature $50k - USAA Cash Rewards AMEX $28k
Citi Platinum Select / AAdvantage Signature $31k - Chase Amtrak Rewards World MC $41k

Valued Member
blackie1
Posts: 36
Registered: ‎06-26-2012
Re: Possibly Replacing My Car!

A little sarcasm ntended, if you had scores in the 800,s would you come on here and wonder if you could get financed?

2fst4u
New Contributor
Elcid89
Posts: 567
Registered: ‎10-04-2012
Re: Possibly Replacing My Car!

blackie1 wrote:

A little sarcasm ntended, if you had scores in the 800,s would you come on here and wonder if you could get financed?


I know. I was playing along. I suspect he's confusing a FAKO with a FICO.

 

FICO 04 scores: 809 (EQ) 812 (EX) 818 (TU)

Amex Platinum NPSL - Citi HHonors Sig. $58k - BMW Ultimate $40k
Chase Sapphire Preferred $62k - Merrill Lynch + Signature $41k - USAA Rate Advantage $28k
NFCU Flagship Signature $50k - USAA Cash Rewards AMEX $28k
Citi Platinum Select / AAdvantage Signature $31k - Chase Amtrak Rewards World MC $41k

Moderator
Shogun
Posts: 12,884
Registered: ‎04-15-2011
Re: Possibly Replacing My Car!

Trading in a 2012?  Gonna take a loss on it, but you said you don't want it anymore, so I understand that.  You shouldn't have a problem at all.  You should be able to walk in and make whatever deal you want.  Good Luck!


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!