Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
Re: new auto loan!!!

taylor711 wrote:

I am looking to trade in my current car. I have equity in the vehicle. I just dont like it. My score is 578. I cosigned on a car 2 years ago, and she had it repoed. I currently have cap1. What are the chances of me being approved for a new loan. I have a annual income of 56000

Depends on how much is owed on repo and how long ago it was repo'ed, how much equity you have in your present car, how much additional down payment you are willing to give to purchase another car. 


You have no guaranty for approval with a 578 score and a car repo on your credit report. But with the right amount of equity and possibly additional down payment your chances for approval should increase. 


I would not have my hopes up, but stranger approvals have happened. Good luck.

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