Advice Buying a new car

[Kutuzov]

I had a Pontiac Montana 2004, and I need a new car, well actually is my DW car I don't own one. The van was paid off in 2012 or so. I had another paid car on my credit but that one I sold it. My score are not great but decent 650 according to Discover. Got some baddies that are due to fall off in January 2016. Income is good at 1+k a week. My question is should I wait for the baddies to go or try buying one now. The baddies are 4 cc CO, 1 settled cc and 1 collection. The CO all report 0 balance and I got rid of all collections but that one. I'm also getting a new job in nov-dec that will net me 2-3k a week, so I might just wait and do a bigger down payment too. I'll probably be buying something from 2012 to 0 miles, got to be a van I got 4 kids. 

[Skye12329]

Since January is right around the corner I would wait for the baddies to fall off. This will help you get a better rates and terms. Otherwise if you want to you could try for one now and possibly refinance. But your so close to those baddies falling off.

[fury1995]

Is your current vehicle still drivable?

[Anonymous]

Once you hit that 720 mark you are really prime for a great APR. But nonetheless auto loans are one of the easiest loans to get approved for, however when it comes to the terms for your current score, YMMV. Refinancing is always an option too if the car is about to go out on ya.

[Kutuzov]

---

@fury1995 wrote:
Is your current vehicle still drivable?

---

The car is still driveable. It got a roof leak, and a steering fluid leak. I mean is fine but needs replacement. The big part is listening to my DW complaining about me not changing the car, but I already explained that a 5% APR vs a 25% APR on 15+k is HUGE, she kinds of gets it but you know woman ...

[Anonymous]

---

@Kutuzov wrote:

---

@fury1995 wrote:
Is your current vehicle still drivable?

---

The car is still driveable. It got a roof leak, and a steering fluid leak. I mean is fine but needs replacement. The big part is listening to my DW complaining about me not changing the car, but I already explained that a 5% APR vs a 25% APR on 15+k is HUGE, she kinds of gets it but you know woman ...

---

Turn up the volume on the radio!    Just kidding, thats what I tell my DW all the time. 

Seriously though, if you could wait until the last part of the year, you will likely get a much better deal on a car when dealers are wanting to close out the month and the year with another sale.

Also, your scores will likely be higher, meaning better chance for a lower APR.

Some of the CRBs actually roll off a derogatory account a month or two early without being asked.  TU is very good at granting EE within 6 months.  I have mixed results with EX at 3 months and not much success with EQ, but still trying.

If the current car is safe, I would recommend going for the year end deal.  Spend the time researching what types of van you'd like and maybe even places you would not want to do business with, and narrow down the field. 

A few years ago, I was very pleased with a car dealer (I know, strange!) and I was in the market for a used car.  I wrote the owner a letter and specified what type of vehicle I was interested in, what color combinations, and what options in general were important, and asked him to assign a sales person to find one for me.  Within the first week, they called and said we just sold one that would have been ideal, but we'll keep looking for you.  Two days later, they called and said the financing fell through for the other buyer and I went out and bought it, and I was very pleased again.  I have since relocated and I dont know of a trust worthy dealer here.

HTH

[Anonymous]

I also think you should wait and work on early exclusions. January is less than 90 days away

[fury1995]

Try looking at dealers that sell high volume new cars (Toyota, Ford, Hyundai) and look at inventory from their pre-owned selections. Usually those types of dealers have alot of pull with their lenders. Your scores don't warrant an APR like 25%. Usually if there is some type of certified pre-owned version of their brand, the rates are subvened (lowered specifically for that vehicle like a new car).

If you apply for financing within a certain period of time, the inquiries usually count as one for one purpose.

[Kutuzov]

The van is safe and serviceable. The roof leak is under heavy rain only, which this summer happened to be a daily thing in FL. The steering wheel leak is mild, and my DW has learned to add more fluid (what a strong girl!).

I've noticed that baddies might fall before the day set to be deleted. My last kids where born in july 2008. We did have insurance, but out of the blue two medical collections from the same CA appeared on my DW CR. I got her to dispute it, the send a 623 letter to them along with a DV. They never responded, I figure it got to be something related to the twins cause it showed a july date of sevice. They where to fall in August 2015 and where only on Equifax. I didn't bother too much cause with the other derogs didn't make a difference, and they would fall before the COs would. In june 2015 they where removed, two months.

So with that said I would call the cra in mid November if my derogs don't fall off on their own.

Anyways I have looked at different options and I've decided on a Dodge Grand Caravan. I'll hit a dealer beginning of December and see what happens. I might do a Toyota Sienna I like how Toyota Financing manages the loan. I have one with them.

What APR should I expect with my current score of 655 (note my car cs should be higher cause of the paid loans baddies are from cc), maybe 675 by the time I apply, if I can't get the baddies erased?