topic Re: Would I qualify for an Auto Loan??? in Auto Loans

Would I qualify for an Auto Loan???

Anonymous — Tue, 13 Mar 2012 01:50:26 GMT

Here are my stats: EQ 692, TU 695, EX ???. Salary: $31,200. been working there for 3+ years. I have 2 unpaid collections remaining on my reports that i'm having difficulty getting deleted. Let me know if more info is needed for you guys to determine. If I would be approved, anyone know how much they would lend me or the interest rate??? Thanks in advance.

Re: Would I qualify for an Auto Loan???

pizzadude — Tue, 13 Mar 2012 03:11:38 GMT

In order to help, can you share some additional information ~ how much are you looking to borrow; how much down payment can you afford; do you have any previous auto or installment loan history; what are your approx monthly debts...rent, mortgage, CC payments, etc....

Re: Would I qualify for an Auto Loan???

Anonymous — Tue, 13 Mar 2012 14:50:46 GMT

Thanks...had a 3k loan that was paid in 2002. Want to borrow 15k. 3k down. I live with parents so no rent. 2cc's total $800 limit, both at $0.

Re: Would I qualify for an Auto Loan???

Anonymous — Tue, 13 Mar 2012 15:08:27 GMT

@Anonymous wrote:
Thanks...had a 3k loan that was paid in 2002. Want to borrow 15k. 3k down. I live with parents so no rent. 2cc's total $800 limit, both at $0.

I would think you would qualify at a decent interest rate. The only issue coudl be this 3k loan. Was that an auto loan? Past auto loan history reall helps with auto loan apps. If it was paid in 2002, it may no longer be reporting. Most positive tradelines go away after about 10 years. If you have no auto loans or mortgages reporting, you would be considered a first time buyer, which might raise your interest rate or make them ask for a cosignor.

Re: Would I qualify for an Auto Loan???

Anonymous — Tue, 13 Mar 2012 15:12:42 GMT

I'm curious, if you have no rent, no car payment, make $31,200 a year... how come you're only making a 3K DP?

Re: Would I qualify for an Auto Loan???

Anonymous — Tue, 13 Mar 2012 18:47:41 GMT

I pay gas electric phone insurance, and all my savings went to repair my credit over the past 6 mos. Past auto loan still being reported

Re: Would I qualify for an Auto Loan???

Anonymous — Tue, 13 Mar 2012 18:49:24 GMT

Gotcha. Just wanted to make sure you didn't have extra money that you COULD put on the DP but WEREN'T going to.

I've seen people that just pay a certain amount on DP because that's what they were told to do, when in reality, more can be applied and it actually helps.

Re: Would I qualify for an Auto Loan???

Anonymous — Thu, 15 Mar 2012 00:53:09 GMT

thanks