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CAN I GET A CAR WITH THESE SCORES?

greeniac1015
Member

CAN I GET A CAR WITH THESE SCORES?

Right now I drive a paid-for 1997 Ford Explorer. It drives fine but the repairs are starting to add up so it's finally time for something new. I built a Jeep Wrangler Unlimited online that I want and it costs about $27,000. I don't want to pay more than $350 a month and I have around $6000 to put down. Is that possible given my current scores (in my sig)? If not, does anyone know what kind of interest rates I might be looking at or if I can even be approved at all?

oh and fyi, i'm a state employee so I have access to two credit unions and my mom is military so I can apply for a loan through USAA (air force benefits).

Message Edited by greeniac1015 on 06-13-2008 09:43 AM
I WILL make 700 by the end of this year!!!!
6/2008: EQ 645, EX 660, TU 652
1/2009: EQ 654, EX 688, TU 662
Message 1 of 8
7 REPLIES 7
debtisgood
Valued Contributor

Re: CAN I GET A CAR WITH THESE SCORES?

You should have no problem getting a loan from your credit unions, but consider the following.
 
Not knowing what your sales taxes are - 27k to start, 6k in downpayment, you are looking at a 21k loan before tax.
 
At a phenomenal 6% interest rate you are looking at a monthly payment of 400 on a 60 month loan. You would need a 72 month loan to get your payment down to 350. With taxes and fees it might be impossible to get it down to 350 unless they have a promotional interest rate or you can talk the price down.
 
It may be possible, but unless it is your dream car I would recommend against it. That is a long time to be scraping up 350 dollars, and with American cars being as unreliable as they are you might have significant maintenance costs in 4 years as well.
 
Best of luck to you no matter what you decide!
Message 2 of 8
TheNewWorldMan
Valued Contributor

Re: CAN I GET A CAR WITH THESE SCORES?

I would say RUN, do not walk but RUN, from buying a vehicle that size. Gas is headed for $5 a gallon by the end of summer, and more next year. We are entering a PERMANENT oil shortage.

Buy a Hyundai or Toyota instead.
- - - -
in a credit-scoring postnuclear Stone Age...
Message 3 of 8
monro411
Frequent Contributor

Re: CAN I GET A CAR WITH THESE SCORES?



TheNewWorldMan wrote:
I would say RUN, do not walk but RUN, from buying a vehicle that size. Gas is headed for $5 a gallon by the end of summer, and more next year. We are entering a PERMANENT oil shortage.

Buy a Hyundai or Toyota instead.


 
I agree with what you are saying in buy a smaller vehicle.  But I disagree in buying a Hyundai or Toyota.  I think American vehicles have came a long way.  I think a Ford Focus or similar US made product would be a great buy and should also go a long way toward helping our economy rebound. 
Message 4 of 8
monro411
Frequent Contributor

Re: CAN I GET A CAR WITH THESE SCORES?



monro411 wrote:


TheNewWorldMan wrote:
I would say RUN, do not walk but RUN, from buying a vehicle that size. Gas is headed for $5 a gallon by the end of summer, and more next year. We are entering a PERMANENT oil shortage.

Buy a Hyundai or Toyota instead.


 
I agree with what you are saying in buy a smaller vehicle.  But I disagree in buying a Hyundai or Toyota.  I think American vehicles have came a long way.  I think a Ford Focus or similar US made product would be a great buy and should also go a long way toward helping our economy rebound. 



Here is an up to date link.  I admit Japanese are still ahead, but American cars are closing in on them.
 
Message 5 of 8
debtisgood
Valued Contributor

Re: CAN I GET A CAR WITH THESE SCORES?

To each their own on cars, but aside from reliability, I personally prefer foreign styling and interior finish. That said, there are some great American exceptions to my own personal stereotypes.
Message 6 of 8
dg1975
Established Member

Re: CAN I GET A CAR WITH THESE SCORES?

If you want a SUV with decent gas mileage try a Ford Edge, it's in the same price range and I had one as a rental a couple of weeks ago and got 25 mpg, and that thing was sweet. But I agree with the others, go smaller if you can, cause $3 gas ain't coming back.
Message 7 of 8
catzcradle
New Contributor

Re: CAN I GET A CAR WITH THESE SCORES?

I'm not going to tell you NOT to get the Jeep, but I can agree with you NOT wanting to keep the Explorer! (I just got rid of one myself - three transmissions and many thousands of dollars later... grrr... I thought it was going to explode on the way to trade it in!)

Your scores are pretty close to what mine were a couple months ago when I applied for an auto loan. A credit union offered me 8.9% and a bank offered me 11.9% (ugh!) Financing through the dealership, I got approved for 9.9%... This was when my Experian was 610.

I raised my scores a little (640/657/670) and got approved for 7.9% from the dealership. I got a co-signer and got 2.9% Smiley Happy

Anyway, you'll definitely get approved, but probably not for a stellar interest rate. If you have some old delinquencies or a high util, you might consider waiting a few months and writing a few GW letters or paying down some high balances. It could end up saving you a ton of money in interest - assuming your Ford doesn't explode before then Smiley Wink
- Catz
12/01/09 TU 759 EQ 756

10/01/08 TU 697 EQ 659
07/05/08 TU 693 EQ 663 EX 711
06/01/08 TU 657 EQ 610 EX 670
Message 8 of 8
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