I am planning on buying a used Corvette Z06. I just paid my other car off (04 Chevy Avalanche) and plan on keeping it for my everyday driver, as its been since new. It only has 57k on it so it should last me a few more years. My credit scores suffered from a few late payments I had when I was out of work on a injury. My credit score through TU is 630 and the other 2 were 600 and 693. I dont have any charge offs and I just paid off my 3 credit cards, closing 2 of the accounts and keeping 1 open. I have a mortgage in good standing and a boat loan in good standing. None of my loans have had a late payment in 2 years, and the ones I had when I was out of work were never more than 30 days.. I have had 3 prior car loans in the last 15 years that never had a late payment and were paid in full. I am a member of 3 credit unions and have been for many years, 1 of which my mortgage is through. I ran my credit scores BEFORE I paid of the cards and truck so I would imagine they should be a little higher now. The Corvette is 50k and i'm planning on putting down 1/2, and financing about 25k. I don't want to have alot of inquiries on my credit report so i'm sort of apprehensive on requesting a loan with my crappy credit scores. I think I will probably get a loan but don't know what kind of rate i will be looking at. My Avalanche was 2.9% back in 2004, when my credit was good. Will I get a loan and will it be at a reasonable % rate?
