@ajburt22 wrote:
I had a repossesion back in December but prior to that and those late payments I had never paid late on anything in my life. I went from a 780 scored down to the 500's due to being late on all my bills and a truck repossesion. Is there anyway I'd still be able to get a loan based off my income?
Aaron
I am not trying to be mean (hopefully it doesn't come off that way). Income doesn't matter (or at least it isn't the only thing that matters). You had a 6 figure income yet allow a truck with ($300-$400 payment?) to get repossed. Your income didn't help you then so income alone is not an indication of your ability to pay debts.
The repossession and slew of lates prior to it are extremely recent and will make securing a loan very difficult. If you get a loan you can forget about any special financing (0%, 1.9%) and expect very high subprime rates. Your APR likely will be in the teens (13%-16%). That high of an APR on $40K car will be a massive waste in money.
Honestly your best option is to get a used car paying cash or using a subprime lender at high interest rates. A $10K-$15K auto loan will be much more manageable than a $40K one at 16%. In 9-12 months your credit like will improve (assuming no more baddies) enough to trade into a car you "want".
