Auto loan

[Anonymous]

Hi so I’m 21 in the Coast gaurd. And I’m looking to apply for a car loan of 22000 with Navy federal.I have a credit score of 485 due to past some employment issues. But recently paid off my old car loan from being in a accident. And paid off both my credi card to 20% utilization and paid off my other line of credit. And I’m in the military now so making payments won’t be a problem. Do you think I can get a approved? And should I wait until those things factor into my credit report to apply or what?

[Anonymous]

I am no expert, but I dont think 485 would be high enough to qualify for a loan.  If you do manage to get a loan, the rate will be crazy high.  I suggest you wait and see where you end up after everything posts to your scores.   If nothing else, the higher scores will get you a better rate/payment.

I would also expect you will need a co-signer unless there is a drastic score increase.  Again, this is very much my personal take.  NFCU might very well have programs for current military folks I am unaware of. 

Good luck!

[Anonymous]

I doubt navy fcu will be able to fund a loan at tbat score unfortunately. I would definitely work on rebuilding before seeking a loan or it will cost you substantially more than it should.

[Anonymous]

You will be able to find financing somehwere through lender's like Exeter, Santander, CPS, Skopos, etc...however as other's have said the interest rate will be in the 20-25%+ range with that kind of score. If you are looking for a 20k+ auto loan, I STRONGLY suggest working on your scores first before purchasing in order to save yourself thousands in the future. It sounds like you currently have a vehicle, what's wrong with it? I would suggest keeping your paid off vehicle while rebuilding credit.