https://ficoforums.myfico.com/t5/Auto-Loans/What-do-I-need-to-qualify/m-p/4465558#M62404 <P><FONT face="comic sans ms,sans-serif" size="2" color="#0000FF"><EM><STRONG>Sorry, I forgot to answer your question. You will likely need a&nbsp; down payment and get a higher interest rate. What does your credit profile look like other than your auto loan?</STRONG></EM></FONT></P> Sat, 20 Feb 2016 22:58:44 GMT Bankrupt2019 2016-02-20T22:58:44Z https://ficoforums.myfico.com/t5/Auto-Loans/What-do-I-need-to-qualify/m-p/4465120#M62395 I currently have my first auto loan which a relative co-signed on back in 2/2014 reporting on my credit. I have about another year before I pay off the car. It is a used 2003 Honda. As it begins to reach close to 2 years in my possession I've recently had to pay out $1700 and $200 for repairs. I now have other small things going wrong with it. I feel as though for the money I'm paying on my loan each month in addition to the work it needs done is be better off just paying a car note on something new/slightly newer and reliable.<BR /><BR />My original loan was for about $8000. My scores are in the high 500s and low 600s. I don't have a mortgage or rent currently. I have student loans reporting on my credit and some negatives on old accounts and couple of recent lates on some store cards that I think will be fixed. I work full time and can definitely afford reasonable monthly payments. I currently pay $270. My co-signer discourages me from getting a new car right now cause I want to eventually get my own place. I think it would be harder to get a new car if I have a mortgage reporting or if I pay a lot in rent. Is this bad logic? I respect the advice but my co-signer doesn't have to deal with my car issues.<BR /><BR />Am I likely to get approved on my own? Would I need a big down payment? Sat, 20 Feb 2016 16:21:40 GMT https://ficoforums.myfico.com/t5/Auto-Loans/What-do-I-need-to-qualify/m-p/4465120#M62395 Daare2dreeam 2016-02-20T16:21:40Z https://ficoforums.myfico.com/t5/Auto-Loans/What-do-I-need-to-qualify/m-p/4465556#M62403 <P><FONT face="comic sans ms,sans-serif" size="2" color="#0000FF"><EM><STRONG>Honestly,Your co-signer is onto something. Its better to own a car and fix it. How long until your Accord is paid off? I don't understand peoples obsessions and thoughts for "needing" a new car. I own a 2012 and a 2013&nbsp;vehicle and TBH I would rather have my old 1999 beater back.</STRONG></EM></FONT></P> Sat, 20 Feb 2016 23:00:20 GMT https://ficoforums.myfico.com/t5/Auto-Loans/What-do-I-need-to-qualify/m-p/4465556#M62403 Bankrupt2019 2016-02-20T23:00:20Z https://ficoforums.myfico.com/t5/Auto-Loans/What-do-I-need-to-qualify/m-p/4465558#M62404 <P><FONT face="comic sans ms,sans-serif" size="2" color="#0000FF"><EM><STRONG>Sorry, I forgot to answer your question. You will likely need a&nbsp; down payment and get a higher interest rate. What does your credit profile look like other than your auto loan?</STRONG></EM></FONT></P> Sat, 20 Feb 2016 22:58:44 GMT https://ficoforums.myfico.com/t5/Auto-Loans/What-do-I-need-to-qualify/m-p/4465558#M62404 Bankrupt2019 2016-02-20T22:58:44Z