Everything looks good. I had student loan lates (120+ days) for several months at a time in 2010, 2011 and 2014 and have now been paying them on time every month for a year. I also had a foreclosure in 2011. HOWEVER, take a look at my scores and my recent auto loan approval through the Mazda dealership (they used Experian). I had one previous auto loan that was co-signed that was never paid late and paid off. The amount you're financing is a little more than me but not by much and I was able to get 0.9% for 63 months. Maybe you'll have better luck using the dealership and would even get a better rate than you would at your bank/credit union. Worth a shot.
@Anonymous wrote:So, I can't seem to get approved for an auto loan for the amount that I am looking. I thought that I had cleaned up my credit enough for the approval, but I guess not.
My scores via myFico are in EQ-706, TU-715, EX-718 for Fico8. My scores when I started rebuilding a little over a year ago were in the high 500's.
I am looking for $40,000 (I likely will use no more than $38,000 though). I plan on putting down at least $4,500 and getting at least $3,000 for a trade for my current vehicle which is onwed free and clear. The asking price on the vehicle is about $44,000.
The potential bad: I got caught under the weight of student loans that defaulted and were rehabilitated in 2011. So, obviously this is hurting me until it falls off my report.
I do have two previous car loans on my report that were co-signed. I own my home and it is paid for. I have credit cards with less than 3% utilization on around $26,000 combined limits.
So far, I tried PSECU and Lending Tree. PSECU, with whom I have my primary accounts, declined me but I have not yet received the letter explaining why. Lending Tree could make no offers but referred me to poor credit lenders, despite their site showing my credit rating through TransUnion as "Very Good".
Am I missing something, or is my credit not going to be sufficient to get me a loan? Should I try to wait a year and save to make a down payment closer to $15,000?
Thanks for any advice.
Your scores are fine for prime lenders. That's not the issue.
What is your current utilization?
I have a feeling there is something else in the structure holding your approval back.
High Credit and or DTI.
What is the highest historical installment loan you have reporting?
Income (before tax)?
