Auto loan

[Anonymous]

hey guys,

First of all thanks to people who take time to answer these questions. I have a question about an Auto loan which I intend to apply for after 6-7 months. I am in the process of paying off all my CC and getting my Credit- to -Debt ratio a little dwn even before I think about applying for a loan. I am planning to buy a BMW X1 or a sedan which will cost me around 40K ~ 45 K. Now I also plan to put in a downpayment of 7k ~ 8k. PLease note that this is my first time in applying for a car loan.

My details are as follows:-

My FICO Score according to Barclaycard is 667 ( It doesnt say which score. This is the free service that you get with a Barclay card)
Credit score according to Capital one is 723 ( This is the free service that comes up with Capita one cc)
My PLUS score accorinding to experian.com is 717.
My TU score in fico.com was 640 and that was 6 months back

Since january'14, I have been paying off almost 500~ 600 dollars every month towards lowering my CC balances and I have ben doing good on that. I have 2 30-day missed payment on my Capital one credit card and that was 4 years back. Since then, I have been doing good on making all oayments. My salary is $ 88 K.

My credit card details are as follows
Barclays ( Balance:- 0, Limit:- 500)
Bank of america ( Balance:- 3900, Limit:- 5000)
CapitalOne (Balance:- 1000, Limit:- 2000)
CapitalOne (Balance:- 420, Limit:- 1500)
Chase:- (Balance:- 2500, Limit:- 5000)

My AAoA is 3.1 years
My oldest account is 6.1 years.

What do you think are my chances and what more should I do to get this approved? please note that I will contiue making monthly payments of 500~700 dollars towards lowering my CC balances. I would appreciate your thoughts on my situation.

Raj

[Creditaddict]

I would pay down your credit cards in the order in which to pay the most to 0 vs having 4 with small balances.

I don't think you would have an issue getting approved through BMW Financial.

[Anonymous]

Thanks creditaddict. I am working towards it and hopefully, I should be down to 0s for most of my CC. What do you think about other other banks loans. I am asking this question because I dont have a fair understanding of BMW financial and that is something that I still need to find out.

[Creditaddict]

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@Anonymous wrote:

Thanks creditaddict. I am working towards it and hopefully, I should be down to 0s for most of my CC. What do you think about other other banks loans. I am asking this question because I dont have a fair understanding of BMW financial and that is something that I still need to find out.

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when looking to buy new *most of the time* the captive manufacture will have the best rate (in this case isn't bmw offering like .9% on purchases)

your goal should be to get them to finance you at whatever the then advertised rate is, you can find it for your zip code right on bmwusa for the model you want to buy.

[Anonymous]

thanks a lot!!!