AUTO LOAN QUALIFICATION & INTEREST RATE

[Anonymous]

THE QUESTION: Will I qualify for a 50-55K auto loan without a cosigner? Estimated Interest rates now?

THE FACTS: CK 678 CS &Walmart FAKO 651, just closed on a new home in September 2013 272K balance remaining on credit report. The house is in my name only even though my spouse pays half the bills. At the time of mortgage rate shopping I had the better FICO score. No auto loans - paid off my beemer in 2011, 5 credit cards  high utilization (80%) due to stupidity but I can pay this down in a month or two  due to a large income (88K not including any bonuses), total cc balance about $5500,newest account opened Oct 2013, about 15K remaining in student loans, I have had past collections (2009 most recent) for a light bill due to change of addres issues and moving out of state. Oldest account 7 years, average age of accounts 5.5 years thanks for all your feedback in advance! 

[Remember0]

I think you'll be approved regardless of the high util.

APR is a lot harder to guess. If you pay off the balances and wait for the 0 bal's to report, I'm willing to bet your APR would be a lot lower. As it stands right now, I'd venture 7%, but again take it with a bucket of salt...almost impossible to guess apr's.

Unless you NEED the car NOW, pay off those bal's and wait for them to report imo.

[Anonymous]

Thanks. I think I will pay the balances down and then try for the car. I just want to get it as soon as posible because it will be a special order o even after I sign on the dotted line it will still be 90-120 days before I will have a car to drive.

[Creditaddict]

If you have financed with BMW in the past with no issues, it's my understanding they pretty much gaurantee approval on a new car!

[Anonymous]

I'm almost certain I'm switching to a new Lexus GS350 F Sport. One more test drive and I'll know for sure.

[Creditaddict]

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@Anonymous wrote:

I'm almost certain I'm switching to a new Lexus GS350 F Sport. One more test drive and I'll know for sure.

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OH YES!!! NOW we are talking my language... I LOVE LEXUS and miss owning one.

They are Toyota financing and are pretty easy.

they also offer a pretty hot Lexus Visa that I would for sure get if you end up getting the car.

[Anonymous]

Yes, Lexus is pretty awesome. The new models are sweet. The only thing I don't understand is that stupid "mouse" for lack of a better word. Why ot just give a true touch screen? I used to be a total BMW snob, well most German cars for that matter. However, after owning a BMW, a Mercedes and a host of other cars (Infiniti, Nissan, Chevy) I realized that the BMW and the Mercedes were the worst on maintenance. As I grow older, wiser, and hopefully more financially savvy I just want to keep all that moeny in my own account growing or invest it not paying for an entire BMW assembly when I only need one part.

[Creditaddict]

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@Anonymous wrote:

Yes, Lexus is pretty awesome. The new models are sweet. The only thing I don't understand is that stupid "mouse" for lack of a better word. Why ot just give a true touch screen? I used to be a total BMW snob, well most German cars for that matter. However, after owning a BMW, a Mercedes and a host of other cars (Infiniti, Nissan, Chevy) I realized that the BMW and the Mercedes were the worst on maintenance. As I grow older, wiser, and hopefully more financially savvy I just want to keep all that moeny in my own account growing or invest it not paying for an entire BMW assembly when I only need one part.

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the new mouse thing is actually my biggest HATE of the lexus... they went how bmw tried to go and it's just an epic fail if you ask me... I want touch screen... our kia actually has the quickest and nicest navication set up I have ever had... however the new ones coming out as this years model with the linking of facebook, open table, and other conceriege services are super nice... Id just pay for the service and call lexus and have them load the address directly in for you!

[Anonymous]

Thanks for the advice. How much does the service run per month?

[Creditaddict]

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@Anonymous wrote:

Thanks for the advice. How much does the service run per month?

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I want to say it's like $199/year

but they can pretty much do anything and everything for you via phone and sometimes text also... the newer car models then allow them to load addresses and such directly into the car navi if that's what your asking for... but they can call places, people, etc. for you too... full service concer.