topic Re: Auto question in Auto Loans

Auto question

Anonymous — Tue, 24 May 2016 00:05:20 GMT

So i have a auto loan on this ford i have i only have about 5,000 left on it but i would like a newer truck. So my question is with would help me get a newer truck. My experian score is 609 with a past repo on there becuse i lost my job and i cound't pay for two cars. Any advice on this would be great. Also i thought about getting a small secured loan though my credit union to show good payment history with them.

Re: Auto question

RonM21 — Tue, 24 May 2016 01:40:01 GMT

With that score and situation, my first thought is the CU route, although it isn't a guarantee. It would be easier maybe if that score came up a bit. But def possible depending on the CU.

Re: Auto question

Anonymous — Tue, 24 May 2016 09:12:55 GMT

A credit union is almost always your best option if your scores are under 650 or so and you can't get factory sponsored financing. Your goal lists buying a new house, I would make sure that your DTI won't get messed up with a new truck. I have seen more than a few people get a new car and then a couple of years later they have a tough time qualfiying because the payments stretch their budget. I don't think it would be a good idea to do a personal loan to improve your scores. DCU gets great reviews and is easy to join so I would suggest working with them, if you can get into NFCU I would join them, they are fantastic to work with. Best of luck.