Any Hope of an Auto Loan?

[Anonymous]

Hi there everyone,

This is my first post and I am looking to get an auto loan. I have very poor credit and have been working for a year now to pay off past debt. I have successfully paid off or settled all collection accounts and a charge off. The only thing left are 2 student loans that I am making voluntary payments on. My credit went south while I was not making much money working part time and during/after a divorce. Anyway, things are great now and I have a well-paying, stable job. I just had a baby and have decided my 10 year old 2 door just isn't going to cut it.

Credit Score: 572/577/599 according to my credit monitoring service

# of positive trade lines: 7

# of negative trade lines: 13 (all paid or settled and 2 will be removed as I did PFD 2 weeks ago)

Income: 57,600

Lenght of Employment: 2 years 3 months

Previous Loan Experience: 1 car loan opened in 2005; payments on time except for 3 months that were late

Debt-to-Income (DTI): Currently living with parents, however my mortgage from when I was married still appears as a positive trade line on reports

Year of Car: 2011

Miles: 40k

Purchase/Refinance: Would like to finance approx $18k

Requested loan term (XX Months): 60 (but maybe 72)

Down payment amount: $6000 down payment and will pay Taxes, tags, etc in cash

Co-borrower/Co-Signer: No

Other: As I mentioned, all negative accounts have a 0 balance, with the exception of student loans that I am paying on. Student loans are still showing as in collections and this is still being worked out as they went to garnishment and I am waiting on the hearing ruling to take them out of garnishment. Had 1 chargeoff that has been settled. I have been added as an authorized user to my mom's credit card in hopes of gaining a few points (too bad I could use a few hundred) and my credit card with a low limit is showing 83% utilization as of last month but I have paid it down to under 30%. Can pay off if necessary. Since I have a 3.5 month old son, I would prefer to buy a car sooner than later. I would like to apply through my bank, PNC and also my credit union.

Thanks to anyone and everyone for helpful advice :-)

[BluesFan]

We currently have similar credit and my scores are a bit higher at 610,595,604.4

I have been getting approved by some and denied by others but the best rate I have been able to pull down is 7.9 and that is with a 25% down payment. I have been getting 12-15% offers with no downpayment.

Hopefully that helps a bit..... If you really., really need a car you could probably pull one down, however most likely through a sub sub prime lender at big rates.

[Anonymous]

Thanks so much for the reply. I really appreciate your input and hope some others will have thoughts as well. I have no problem putting 25% down so it would be great if I could get an interest rate under 10%. Just not sure how likely that it.

I'm hoping that all of my collections being paid will make a difference to the lender.

[juggar]

With 6k for a downpayment I dont think your going to have a problem getting approved. If you have proof of employment and proof of that 57k income for the past 2 years im 100% sure you can get a loan. I think at this point your credit score will only keep you from getting a decent APR. I would expect the lowest APR you could get would be around 8%.