My credit is in repair mode- for real. However, I find myself in a situation where I need to purchase a vehicle sooner vs later. I have found one that I love, just not sure the timing is right. It will require financing. Earlier this month I paid a charged off credit account in full. Is it better for me to wait until this reports to credit bureaus before I apply for financing? Right now my Fico Auto Score 8 averages at 596 
My DTI is 15%. I do have some late payments that are still reported. But all credit cards are in good standing.
I was really trying to wait a few months on the vehicle purchase, but I am just not sure my current vehicle will give me the luxury. I have about $5,000 in cash that I can put down. Would be looking to finance 20k. Am I crazy for thinking I might be able to get approval?
Welcome @Nikkihilton1
Yes wait until the CO updates. If you can break 600 that will help some. But unfortunately in the low 600's. Interest will be a problem. Shop around like Cap1 Navigator and a few others that SP. In time you can re-finance once scores rebound from the baddies. Stay within your budget. Dont let oh man I want that car and end up really paying for it. If your current vehicle can hold out. Let your file grow and scores rebound. Then get a better car. I'd love to have a Vette. But my Explorer ST is just fine.
@FireMedic1- you don't play ST upgrade to un "Corbette". Love the blackedout STs - That's what I call first responder with speed!!!! 
I still drive my 2010 Ford SHO can't complain still looks and drives well.
@Nikkihilton1- also check out driveway (dot) com it's an SP like Cap1 Auto-Navi for comparisons and Carvana. Granted, these other SP sites include delivery fees but only recommended it to compare only. Also, you're quoted could change at time of application - how much is only anyones guess. Wish you the best report back where you land.
Theirs a lot of good used cars in the 10-15K price range, that would be much more reliable than what you're dealing with, especially if you get a Toyota/Honda etc. Your interest rate would likely be in the 20+%, once you get in the upper fair range you might be able to score a loan for 9-12%. Sacifice a year with a cheaper car, get your scores up then get what you really want.
Starting Score: 512@Nikkihilton1 The 4Runner is a great SUV, i have a 2015 Camry XSE V6. Toyotas hold their value pretty well when its time to sell them. If you are looking at the current model 4Runners, the design has been around since 2010, only slightly refreshed.
@Nikkihilton1 wrote:My credit is in repair mode- for real. However, I find myself in a situation where I need to purchase a vehicle sooner vs later. I have found one that I love, just not sure the timing is right. It will require financing. Earlier this month I paid a charged off credit account in full. Is it better for me to wait until this reports to credit bureaus before I apply for financing? Right now my Fico Auto Score 8 averages at 596
I was really trying to wait a few months on the vehicle purchase, but I am just not sure my current vehicle will give me the luxury. I have about $5,000 in cash that I can put down. Would be looking to finance 20k. Am I crazy for thinking I might be able to get approval?
Try Penfed or other CUs..Got $38,000 auto loan even with some black marks ,on the CR at the time..Better for score in 640 range
