I am pretty new to financing. I have had 3 auto loans over the past 4 years all through "buy-here-pay-here" dealerships, no lates but not reported to the bureaus. My current credit FICO scores are currently TU-634/EQ-602. Experian is 645 through their website. I am going in to finish applying for a loan for about $18,000 tomorrow at the Toyota dealership for a used vehicle. I have an annual income of $31,500 and a trade-in valued at $3500 (still owe $2500). I may put an additional $1000 down with the $1000 trade value. What do you think my chances are for approval?
chance always 50/50 , bc i don't know your CR. what is on your CR? CA? CO? balance ? AAOA? vv.vv
Currently I have a couple student loans (~$6,000), paid as agreed/currently deferred while in school. One $300 limit CC at about 30% utility, no lates but relatively new. Recently accepted a Capitol One $200 limit card, but it is not on my CR yet. Average age of accounts says 4.5 years, oldest being 9yrs according to CR. Last late payment/degrogatory remark was nearly 2 years ago. One to two collections depending on the CR, oldest 6 years ago ($500), newest 3 years ago ($300). No repo's, etc. Current employers for 2.5 years.
so you have to paid or PFD make CA go away first. Lender they dont like CC CA un-paid on CR. your chance are 30% but you look somewhere at 16% or over.