topic Re: Eq 588 Tu 565 Experian 569 Can I get an auto loan for $20k for a used car??? in Auto Loans

Eq 588 Tu 565 Experian 569 Can I get an auto loan for $20k for a used car???

Anonymous — Mon, 02 Feb 2015 16:46:15 GMT

These are my scores, and I've disputed my credit and somethings I've had no luck getting removed. So, I have 3 charged off credit cards that I paid off Friday, they haven't updated on my credit file yet. I wonder will my score go up, should I wait to apply for financing, what's the best place to apply?

Re: Eq 588 Tu 565 Experian 569 Can I get an auto loan for $20k for a used car???

Anonymous — Mon, 02 Feb 2015 16:58:45 GMT

Typically scores will update after 30 days with the bureau's, so give it some time. Also, it is best to contact the dealer to where you are attempting to purchase and see which bureau they use for qualifying - this will help you will ensuring everying on the report is accurate, also ask the finance person questions so that you can have a better idea if you will be approved. Good luck with your vehicle purchase?

Re: Eq 588 Tu 565 Experian 569 Can I get an auto loan for $20k for a used car???

Anonymous — Mon, 02 Feb 2015 17:28:01 GMT

I recently got approved for a 25k loan for a new honda accord with a score of 576. So I dont think you should have any issues. I also had 1 collection account and 11 charge off accounts.

Re: Eq 588 Tu 565 Experian 569 Can I get an auto loan for $20k for a used car???

Dj4Money — Mon, 02 Feb 2015 19:19:23 GMT

You will get approved as long as LTV (complicated term) is maintained.

Basically about 15% of monthly income with the viewpoint that if your FICO scores are so-so, then the price of the car will have to come down or you'll have to put more down.

I put down zero, used the rebate (the contract is written that way) and got a loan for $15,704; brand new (2015) Hyundai Accent Sport.

Payment is $362.63 for 72 months, interest rate is 18.23% and the funding bank is Gateway One, sub-rime lender.

That is with 2 charge-offs, 2 collections and 120 days on my school loan but that is like 4 years old and it's back in good standing.