topic Re: I Need Everyone Advice Please in Auto Loans

I Need Everyone Advice Please

Anonymous — Sun, 26 Aug 2012 00:36:53 GMT

Im looking to purchase a $33,000 SUV within 6 months. TU score 666, 3 CC ( 500,750,750 cls) all paid as agreed with no baddies about them, DTI 30%. Income 45k,, 2 prior paid auto loans with no baddies about me. I have 7 collection accts with 4 of them falling off 11/2012 and leaving a 5400 remaining in collections. I currently have 35 inqs but 25 fall off between now and 02/2013

1.) What are my changes of getting approved?

2.) What types of rates am I looking at?

3.) Who should I apply through when I get ready to pull the tigger?

4.) What else do I know or do to help me out?

Please reply and help me out. Please

Re: I Need Everyone Advice Please

keny01998 — Sun, 26 Aug 2012 02:02:28 GMT

@icu2_stl wrote:
Im looking to purchase a $33,000 SUV within 6 months. TU score 666, 3 CC ( 500,750,750 cls) all paid as agreed with no baddies about them, DTI 30%. Income 45k,, 2 prior paid auto loans with no baddies about me. I have 7 collection accts with 4 of them falling off 11/2012 and leaving a 5400 remaining in collections. I currently have 35 inqs but 25 fall off between now and 02/2013

1.) What are my changes of getting approved?
2.) What types of rates am I looking at?
3.) Who should I apply through when I get ready to pull the tigger?
4.) What else do I know or do to help me out?

Please reply and help me out. Please

I just applied for a loan recently and I know my credit union is very sensitive on collections and inquiries

1. Slim - baddieds and income ratio

2. If you are getting approved, you rate will be in double digit, may be 15%

3. Try credit union first and ask dealer to match the rate

4. Wait for collections and inquiries to fall off. Try to settle the $5400 balance. You need a co-signer with your income. Nobody will approve $33k loan with $45k salary unless you put in a huge down payment - 10k to 20k.

Re: I Need Everyone Advice Please

Anonymous — Sun, 26 Aug 2012 03:01:18 GMT

I will be putting 10k down. Also shouldnt my score go up once the baddies and inqs fall off?

Re: I Need Everyone Advice Please

llecs — Sun, 26 Aug 2012 03:31:38 GMT

You won't see a FICO gain when the inquiries drop (FICO stopped scoring them months ago...FICO ignores them after 12 months old). You might see a small gain as they drop. It depends how recent or how new your other baddies are.

Re: I Need Everyone Advice Please

Poorboi — Sun, 26 Aug 2012 08:05:18 GMT

I don't gree. I know plent of people that have gotten car loans of that amount with just $1500 down

Re: I Need Everyone Advice Please

Anonymous — Sun, 26 Aug 2012 12:20:16 GMT

So my score wont go up even after the baddies accts fall off in 11/2012?

Re: I Need Everyone Advice Please

StartingOver10 — Sun, 26 Aug 2012 13:24:43 GMT

@Poorboi wrote:
I don't gree. I know plent of people that have gotten car loans of that amount with just $1500 down

It's the combination of the credit profile and the income.

I agree with the responder above a couple of posts, the OP will have to put down a large chunk (+20%) in order to get the DTI to anything reasonable. The more he puts down, the better his chances of getting a loan.

Re: I Need Everyone Advice Please

llecs — Sun, 26 Aug 2012 21:45:44 GMT

@icu2_stl wrote:
So my score wont go up even after the baddies accts fall off in 11/2012?

I think it could.

Re: I Need Everyone Advice Please

Shogun — Sat, 08 Sep 2012 08:42:59 GMT

Once the baddies fall off you should see an increase. But as always... YMMV

Re: I Need Everyone Advice Please

Anonymous — Sat, 08 Sep 2012 15:45:55 GMT

I have some good news to report. I had 3 of the 7 collections accounts fall off as of 9/6/12 and the other 4 will fall off 11/2012. Also I had 18 inqs removed on 9/6/2012. My fako score has went up 18 pts but not sure what my new real score is of yet

Re: I Need Everyone Advice Please

Shogun — Sat, 08 Sep 2012 18:59:56 GMT

Very nice and in Nov. you have more fall off? Win/Win!

Re: I Need Everyone Advice Please

Anonymous — Sun, 09 Sep 2012 01:06:32 GMT

In Nov all my baddies fall off but I will still have like 5-7 inqs on my report I believe.

Re: I Need Everyone Advice Please

Shogun — Sun, 09 Sep 2012 01:12:30 GMT

Inquiries lose value quick. Decrease affect in 6 months and no affect in 1 year on FICO.

Re: I Need Everyone Advice Please

Anonymous — Sun, 09 Sep 2012 13:55:31 GMT

Thx for the info EVERYONE