Auto Loan Question...

Anonymous · ‎04-05-2011

I have a few questions about getting another auto loan. I few months ago in June, I was finally approved for an auto loan, by myself. According to My Fico today my Trans score is sitting at 589. I was approved through Capitol One for about 19000 to get my car. Just recently I got in an auto wreck which totaled my car, but my car insurance is going to pay off my remaining debt with Capitol One. My main fear is when I go out and look for a new car again I won't be able to get approved again. Should I still be able to get another loan through Capitol One, since I hadn't had any late payments on my account and the account is getting paid of early?

llecs · ‎04-05-2011

@Anonymous wrote:
I have a few questions about getting another auto loan. I few months ago in June, I was finally approved for an auto loan, by myself. According to My Fico today my Trans score is sitting at 589. I was approved through Capitol One for about 19000 to get my car. Just recently I got in an auto wreck which totaled my car, but my car insurance is going to pay off my remaining debt with Capitol One. My main fear is when I go out and look for a new car again I won't be able to get approved again. Should I still be able to get another loan through Capitol One, since I hadn't had any late payments on my account and the account is getting paid of early?

Taking a guess, but I don't see why not if you had a good history with them and your credit improved since June. I've seen a few cases of this, but some insurance companies have been slow in paying off the car. Continue to make payments as if you never were in a wreck. Better to get a refund back for overpayment than a fresh 30day which could knock you out of contention for a new car.

Anonymous · ‎04-12-2011

well i wasnt able to get approved, but my auto isnt paid off yet do you think that is what stopped me? i dont have anyone who can go sign for me so im somewhat freaking out about this since im left with out a car. i evedn looked at a car that was close to 5K less than my first auto loan.

Anonymous · ‎04-20-2011

Well either way if anyone is still helpful to me on this it would be amazing. I still wasn't able to get re-approved through capitol one for a new auto loan even though my account is paid off, but I believe on my credit score is doesn't reflect that yet. How bad to several auto loan inquiries hurt your score? I went to three dealerships, which is probably a huge mistake, but I'm still in a rush to get a car and two of the three ran my credit several times and I want to know how badly would that mess up my credit since I'm trying to work on rebuilding.

Anonymous · ‎04-20-2011

Yor score is kinda bad.

If a dealerships finance department cannot help you I do not know what to suggest.

Just because they lent to you before does no tmean they are going to lend again, you could have done nothing wrong, just their standards could have changed.

My only advice is work with a dealerships finance department, you are a sub prime loan, and see what they can do. You may easily not be getting into the car that you want.

Sorry

Anonymous · ‎04-20-2011

Yea I'm honestly over my original question, currently I'm worried about the inquiries they did on my to try and get my approved. I have a car I got approved for which I'm somewhat content with, my plan is to keep it for a year or so and possibly try and trade it in or refinance it which ever will work out in my favor, and I don't want all those inquiries to kill my score or my chance.

Anonymous · ‎04-20-2011

@Anonymous wrote:
Yea I'm honestly over my original question, currently I'm worried about the inquiries they did on my to try and get my approved. I have a car I got approved for which I'm somewhat content with, my plan is to keep it for a year or so and possibly try and trade it in or refinance it which ever will work out in my favor, and I don't want all those inquiries to kill my score or my chance.

1- Inquiries effect your score for 12 months.

2-Depending on the exact credit score formula used (FICO has many different flavors) they all have different time periods where they take inquiries into consideration as 1 inquiry for the purpose of FICO scoring.

You probably did not tank your "score" as most of your inquiries seem to have taken place in a short time. Any "damage" will be removed in 12 months.