topic Re: financing a car with a 660 credit score in Auto Loans

financing a car with a 660 credit score

bronx1480 — Sat, 04 Aug 2012 16:28:24 GMT

i purchased my dream car last may acura rl 2007 i owe about 23k on the car loan. I'm looking to either trade my car in for a 2009 acura rl or to refinance my car. The car i want cost 30k and my car is worth roughly 19k. i went to my credit union and got approved for a loan but the loan amount was for only 20k. My question is how would i be able to secure more financing for this new vehicle and is there anything i could do so my credit union can approve me for a few thousand more ?

Re: financing a car with a 660 credit score

pizzadude — Sat, 04 Aug 2012 16:31:27 GMT

@bronx1480 wrote:
i purchased my dream car last may acura rl 2007 i owe about 23k on the car loan. I'm looking to either trade my car in for a 2009 acura rl or to refinance my car. The car i want cost 30k and my car is worth roughly 19k. i went to my credit union and got approved for a loan but the loan amount was for only 20k. My question is how would i be able to secure more financing for this new vehicle and is there anything i could do so my credit union can approve me for a few thousand more ?

Can I ask why you need/want to get rid of your current car ? Can you wait for a while longer and pay the loan down a bit more ?

Re: financing a car with a 660 credit score

Revelate — Sat, 04 Aug 2012 18:09:56 GMT

@bronx1480 wrote:
i purchased my dream car last may acura rl 2007 i owe about 23k on the car loan. I'm looking to either trade my car in for a 2009 acura rl or to refinance my car. The car i want cost 30k and my car is worth roughly 19k. i went to my credit union and got approved for a loan but the loan amount was for only 20k. My question is how would i be able to secure more financing for this new vehicle and is there anything i could do so my credit union can approve me for a few thousand more ?

Did you apply as a new car loan or as a refinance? That probably does make a difference.

Personally if your dream car still runs fine, I hate the idea of rolling it over into a newer vechile which is about to start the depreciation curve you're already finding yourself on the downslope of in your current vehicle. Seems like bad math to me, and I don't fault your CU in not liking that idea at all .

If it was a refinance application, then you're probably stuck unless you can talk them into it (is this their loan they're refinancing?) but if you applied for a new used car loan for the 2009, consider switching it to a refinance for your current 2007 RL instead (absolutely different DTI calculation between the two, which is going to affect the loan amount).

Re: financing a car with a 660 credit score

bronx1480 — Sun, 05 Aug 2012 02:21:12 GMT

Only reason i was considering trading in my car was because i wanted to get my own car loan. my father co-signed on my current loan so i figured maybe i could kill two birds with one stone. if i got a newer car and got my father off of my current

Re: financing a car with a 660 credit score

bronx1480 — Sun, 05 Aug 2012 02:24:52 GMT

it was a auto loan i applied for if i decide to refinance i was told acura could possibly refinance the car for me