I'm considering purchasing a CPO 2012 Chevy Malibu with 28k miles for $15,600 OTD plus financing. I would trade in a 2003 Ford Excursion in fair shape with 152k miles ( I was offered a trade value of $4,000 but I would accept $5,000) and I also have $2,000 to put down. I make $27k year + a PT job I just started which is another $400 per month. I don't pay rent, I live with my grandfather & the house is owned by my parents.
Ideally I would like the car purchase to go like this which I think is fair. The dealer & I are off by $1600 but I didn't try to negotiate since I had to go to work.
Purchase price $15,000
Trade -$5,000
Cash down -$2,000
Total financed $8,000 over 48 months.
The last time I pulled my Transunion report here was August 2013 MyFico score was 679 with a high util of %54, its now much lower. My current Walmart given Fico score is 669.My credit history is as followed.
Company Balance Status
Charge Account Capital One / Kawasaki $0/10,001 paying as agreed (7 months old)
Charge Account Gecrb/Wal-Mart $452/3100 paying as agreed (1+ year old)
Credit Card Wells Fargo Card Service $0/1100 paying as agreed (2.5yrs old)
Credit Card Capital One Bank USA Na $0/0 Payment after charge off June/2008
Credit Card Gecrb/Paypalsmartconn 0/600 paying as agreed (4 months old)
Credit Card Gecrb/AmazonCC $225/900 paying as agreed (4months old)
Other Hsbc Retail Services Loan $0 Paid (6yrs old, paid 2yrs ago.)
Your oldest account was opened
6 Years, 1 Month ago
Average age of your accounts
2 years
Also reported to Experian is a Collection account in the amount of $4,000 that is 3yrs old. This creditor is a sleeping dog & I dont wish to awake it unless its to settle the origial amount of $2000.
Is there anything I should do before applying for fiancing or would it be best to wait & for another 6 months or ?? I dont need need the car, my truck runs fine but is a gas hog. I would not go through with the purchase if i had to pay more than %10 interest as it would no longer be economical.
Any advice is Welcome
Starting Score: EX FAKO 563