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Based on your profile in your post, two things jump out:
1) you have had your home for 6 years and you are current now, but only for the past 4 months (even though you have had the same job for 1.5 years)
2) your income and the rate you are most likely to get given your history.
You will probably get approved somewhere, but with a very high rate and a correspondingly high monthly payment. I don't think it is a good idea for you even to buy a truck with financing now. You just got current with your home loan. Any additional payment is likely to throw you back into the situation you have been fighting for years (late pays to your mortgage co).
IMO you would be better off in the long run by staying current on your mortgage for at least a year to show you can make long term payments timely. That way, when you do buy a vehicle that needs financing, you can point to the stabilty you established over a year, rather than 4 months. Even then you will need to go to a CU and get your financing there rather than a dealership. Once a dealership see's your history they will hit you with a very high interest rate.
In the meantime, get an older vehicle for cash. You will probably have to set aside funds for repairs, but you would anyway on a ten year old vehicle that you were planning to buy.
You are on the right track to showing ability to pay. But 4 months is just not a long enough history to show that you are actually able to handle another installment payment. Good luck. Give yourself a break - don't add more payments now.
I just saw your house payment now, even though it is a very low payment. It is the fact that you weren't able to make timely payments the entire six years until recently. Given your history, your vehicle payment could actually end up being a huge payment (400-500/mth). Don't put yourself under that kind of pressure.
I know you see your financial picture as OK and you are probably right. But as stated above a lender is going to go over your credit report and what they see is a history of late payments and a repossession on an auto loan. The good installment history prior to those events has been wiped out by the recent derogatory information. If you really want to find out for yourself then go to the dealership and let them run a credit check for financing on a particular vehicle. I do believe that you are going to need a 20 -30% down payment and still get stuck with mid-teen or higher interest rates.
As posters above had said if you want to set yourself up for a decent loan rate you will need at least a solid year of no derogatory information and I personally don't believe that even that is going to be enough. I think you will need 18 months or more to get a sub 10% interest rate.
You can do it. Believe me, I understand about the economy. I had a difficult time too and I am rebuilding (that's why I'm here). But one thing I have learned is to make sure that the timing is good for me...not for the dealer.
The last time I financed a vehicle I had just come off a BK and I waited two years to get a decent vehicle with a decent payment. I built my score up to the low 700's and I still had to negotiate with the F&I guy from some ridiculous mid teens rate down to 7.14%. But he went kicking and screaming the entire way....lol
There are two things you need: 1) showing the ability to make the payment and 2) the stability to make sustained payments over the long term. (Plus maybe gall to negotiate with the F&I guy and a pre-approval with a CU to show you are good for it).
Just trying to give you the tools to get the best rate possible under the circumstances. Most of us are here rebuilding....In fact, I just saw a post not too long ago from a guy that had just had his discharge from BK and he was able to get zero percent! So the criteria is a little better now, just put yourself in the best possible position before you apply and waiting until you have 12 months of house payments made on time puts you in a much better position than 4 months.