I have a TU Fico 682, EQ Fico 658 & Ex FAKO 659. I had a carloan from credit acceptance in 2007, kinda got behind in 09 & paid off in 2011 I have 2 collections paid off, 1 falls off next month & the other at the end of 2014 & a judgement satisfied. First premier credit card paid on time low balance for 2 years, & a 5/3rd credit card paid on time for 4months both less then 10% util. I went to my credit union to try to get a loan for a car, 30K. I make 80k a year, I was told I needed a cosigner because I had no installment loan history. She pulled my TU & they came back with a 633. They require a 550 for a car loan. My question is there any bank out there who will give me a shot & wont give me some crazy high interest rate. I really need a new car bad & its sad my credit union wont even help me.
Your past negative history with a car loan is going to hurt your interest rate that you do receive from most places is what I suspect. In any event, if you have a particular car in mind then shop a couple of dealers with that model and let their F&I guys find you a loan. Your scores aren't bad and your income is good. If you are willing to bring a few bucks to the table for a DP then you should be able to get a vehicle at an interest rate that is not going to bury you. And if you make solid payments on the loan for 12 -18 months you would be able to get a very reasonable refinance rate somewhere.
The key is going to be making sure that no new credit problems rear their ugly head during the acquisition to refinance time period. Hopefully you have learned your lessons and moved on to better credit behavior now.
Yea my payment history for that car loan dont even show up on my credit report. It just shows it was paid off but it does indicate a few late payments. During that time I was laid off & tryed to make the payments but had to spread out what little money I had for other things. I think letting them find me a bank to finance would be better too. I'm going to wait a few more months & try again. I have a baddie coming off next month & July.
As a finance manager at a dealership, I would suggest trying capital one, PSECU, or maybe Huntington National. It depends on how the deal is stuctured but it sounds like a pretty easy deal to get bought with some money down.