topic Loan with 615 Ex - advice in Auto Loans

Loan with 615 Ex - advice

gettingsmarter — Fri, 09 Apr 2010 01:53:06 GMT

I have a 615 EQ / 646 EX PLUS Score (according to freecreditreport.com)

A previous 60 month loan through Mazda credit showing late payments (if only it was a positive that I gave them so much extra $$$ for lates!!!)

30 days late = 27 times

60 days late - 1 time

Paid off the loan in Sept 2008. All of my past collections are paid and showing a zero balance - but I have an incorrect state Tax lien for $5800 showing that I am in the process of getting corrected but it will take time to go through the process,

My Question is, How likely is it that I would get approved for an auto loan with this Lien still showing and the lates showing in my Auto loan history? I make approx 100K/yr with a 2 yr employment history and could put down approx 10K on a $30k loan for a used 2008/2009 car with under 30k miles. What interest rate would be likely?

Re: Loan with 615 Ex - advice

Anonymous — Fri, 09 Apr 2010 19:48:42 GMT

@gettingsmarter wrote:
I have a 615 EQ / 646 EX PLUS Score (according to freecreditreport.com)
A previous 60 month loan through Mazda credit showing late payments (if only it was a positive that I gave them so much extra $$$ for lates!!!)
30 days late = 27 times
60 days late - 1 time

Paid off the loan in Sept 2008. All of my past collections are paid and showing a zero balance - but I have an incorrect state Tax lien for $5800 showing that I am in the process of getting corrected but it will take time to go through the process,

My Question is, How likely is it that I would get approved for an auto loan with this Lien still showing and the lates showing in my Auto loan history? I make approx 100K/yr with a 2 yr employment history and could put down approx 10K on a $30k loan for a used 2008/2009 car with under 30k miles. What interest rate would be likely?

Hi gettingsmarter,

If a lender pulls a auto-enhanced score, all those lates are going to kill you. My suggestion? Find a nice reliable $10,000 car and pay cash. Work on getting your credit back in shape and then go for the newer car.

Re: Loan with 615 Ex - advice

Jazzzy — Sat, 10 Apr 2010 14:54:49 GMT

I agree 100%. Don't get ahead of yourself. DON'T go out and get a high-interest loan just to have this car.

Repair your credit, get a good emergency fund going, pay cash for what you can afford now...and you will be very thankful later.