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Any advice?

tag
Anonymous
Not applicable

Any advice?

These forums have been so helpful.  I am hoping to find some help in the auto department.  I am planning on buying my first car within the next few months (maybe at the end of May).  My credit score has been on a steady climb, although it still needs some climbing to do. 
 
 My scores are currently:
  • Equifax- 580
  • Transunion- 630
  • Experian- 635

 

I have a steady income, and I plan on buying a vehicle around 20,000-22,000 with a downpayment of 8,000.  All of my accounts are in good standing.  I have one collection from Verizon, that is paid.  I am planning on writing a GW letter.  My question is how hard of a hit do you think my interest rate will be?  I don't want to be stuck with a 9-15% rate.  Anything 7% and below would be ideal. 

I plan on buying a Honda or Jetta VW.  I talked to an online chat person on Honda in GA, and he said he believes they use Transunion.  Not sure how much I can trust this information. 

Should I wait a few months for my credit to improve to get a better interest rate??  Any help is greatly appreciated!  Thank you for your time in advance.

Message 1 of 4
3 REPLIES 3
UpNComing
Established Contributor

Re: Any advice?



06valdosta wrote:
These forums have been so helpful.  I am hoping to find some help in the auto department.  I am planning on buying my first car within the next few months (maybe at the end of May).  My credit score has been on a steady climb, although it still needs some climbing to do. 
 
 My scores are currently:
  • Equifax- 580
  • Transunion- 630
  • Experian- 635

 

I have a steady income, and I plan on buying a vehicle around 20,000-22,000 with a downpayment of 8,000.  All of my accounts are in good standing.  I have one collection from Verizon, that is paid.  I am planning on writing a GW letter.  My question is how hard of a hit do you think my interest rate will be?  I don't want to be stuck with a 9-15% rate.  Anything 7% and below would be ideal. 

I plan on buying a Honda or Jetta VW.  I talked to an online chat person on Honda in GA, and he said he believes they use Transunion.  Not sure how much I can trust this information. 

Should I wait a few months for my credit to improve to get a better interest rate??  Any help is greatly appreciated!  Thank you for your time in advance.




06valdosta, I am the GSM for VW dealer in NJ.  VCI is one of the most strict banks I have ever come accross.  Do you have any paid auto in your past?
CSP ($5k); Chase MileagePlus Explorer Visa Sig. ($6k); Chase Freedom Visa Sig. ($6k); BankAmericard Cash Rewards Visa Sig. ($5k); Amex PRG (NPSL); Amex BCE ($1k); Citi Thank You ($5.4k); Barclay Apple ($4.2k) CapOne Cash ($2.5k) CapOne Platinum ($2.5k) Wells Fargo Home Project Visa ($10.3k) Discover IT ($1.5k) WalMart ($3k); Lowes ($3k); Amazon ($5k); Kohls($1.5k)

Scores: Equ Fico 715 ~ Exp 724 ~ TU Fico 682
Message 2 of 4
UpNComing
Established Contributor

Re: Any advice?

Just caught the "first car" part.  There are a lot of factors that go into an auto approval.  Income, job history, time at current residence as well as credit.  If you have positive credit and no lates in the past couple years you should be fine.  Your scores are a little low, but a good F&I guy should get you bought at a decent rate without a problem.   Good luck.
CSP ($5k); Chase MileagePlus Explorer Visa Sig. ($6k); Chase Freedom Visa Sig. ($6k); BankAmericard Cash Rewards Visa Sig. ($5k); Amex PRG (NPSL); Amex BCE ($1k); Citi Thank You ($5.4k); Barclay Apple ($4.2k) CapOne Cash ($2.5k) CapOne Platinum ($2.5k) Wells Fargo Home Project Visa ($10.3k) Discover IT ($1.5k) WalMart ($3k); Lowes ($3k); Amazon ($5k); Kohls($1.5k)

Scores: Equ Fico 715 ~ Exp 724 ~ TU Fico 682
Message 3 of 4
Anonymous
Not applicable

Re: Any advice?

 
Thanks for the response! I do have a steady income, I have been employed with a school system for two years, and while I was in college I worked full time at the same employer for five years. I have moved around a lot, but I have excellent rental payment history.  I do have some lates that are not a few years old.  They are about six months old. I have written GW letters and had 3 removed.  I just sent out another "batch". 
 
I hope I find this good F&I guy that you speak of.  Thanks again!!
Message 4 of 4
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