Can i qualify?

[jbradey]

Credit Score: MyFICO: EX 619 EQ 704 TU 652

AAoA: 2.2

# of positive trade lines: 3

# of negative trade lines:3.... 1 missed payment which is payed in full... other is over 6.5 years old. In the process of getting the 3rd removed

Income: 32000

Lenght of Employment:1 year

Previous Loan Experience: 2 personal loans good standing "payed off"... 1 auto loan 5k a few years ago in good standing "payed off"

Debt-to-Income (DTI): 11%

Year of Car:2013

Miles:200

Purchase/Refinance: 23000

Requested loan term (XX Months):60

Down payment amount: 1000

Co-borrower/Co-Signer: none

Other: i'm going to call the honda dealer i want the car from an ask them the questions you recomend in the "FICO Auto-Enhanced Scores" thread

[Remember0]

Don't bother calling, Honda uses auto enhanced. Bought a car there a month or so ago.

What's your rent/mortgage?

Any credit card payments? If so what's the min monthly payment?

Trading current car? If keeping it monthly payment?

Finally any other loans other than rent/mort and cc's you included before in the prior question?

What car exactly is this? 2013 Civic? New or used?

[jbradey]

What's your rent/mortgage?

Any credit card payments? If so what's the min monthly payment?

i pay about 345 total in monthly bills. i have a cc that is 35 min payment, my rent is 250 a month an car insurance which is $70

Trading current car? If keeping it monthly payment?

Current car im selling to a friend if i can get a loan its an older civic

Finally any other loans other than rent/mort and cc's you included before in the prior question?

Nope, the house i live at is one of my parents homes there renting to me

What car exactly is this? 2013 Civic? New or used?

Now that i look at the site there's a used 2011 Civic SI with 29,301 miles on it. The 2013 civic that i saw is new. Which ever you would recomend for me

[Remember0]

Cool! You'll be well qualified. Often if you buy a new car from Honda, you can get an EXTRA (called flex cash) $500 off your negotiated price by financing with AHF.

But you should get a preapproval with Digital Credit Union to make sure the dealer gives you a competitive APR or if you buy used. Since your EQ is so high (DCU looks for 675+ EQ FICO), you'd probably get 1.75% for 65 months with them no problems. (1.24% is you do direct deposit with DCU). You do need to call in the morning/afternoon after applying online though and say you're looking to buy a car soon and wanted to hear. Otherwise they'll take weeks.

And I'm not going to decide the car for you haha. You dedide which you want. DCU will finance either for 65 months, but if you buy new see if Honda can't give you a decent APR and the flex cash. You qualify to buy either car without a problem (DCU won't even require a down payment).

Just negotiate well. Some tips in my thread here:

http://ficoforums.myfico.com/t5/Auto-Loans/Guide-to-Financing-Leasing-and-Refinancing-a-Car/td-p/289...

[jbradey]

Yes i have already opened account today with DCU i got to email them a copy of DL and utility bill tomorrow. This site has been extremely helpful for me. I pretty much read all the articles you got in the auto loan section carefully. This would be my first new car purchase and i want to make sure i do it right the first time. When i finish the deal ill make sure ill post an keep you updated many thanks.

[Remember0]

If it's your first, I highly recommend reading the intro and financing sections of the guide I linked above. Many people get taken for a ride their first time, but it's not that hard to figure out how not to get taken for a ride.

Also for a Honda, keep in mind you can buy the warranty from ANY Honda dealer online after purchase. I think Saccucci Honda is a popular one. So if you do buy a warranty (keep in mind it's a Honda so you may not need it), at least don't pay more that the Saccucci quote.

[jbradey]

Ok so i signed up for DCU banking a checking an savings account an noticed an inquiry on my credit report. I havent even applied for any type of loan is this right?

[CAnNY]

I think anytime u open a checking account it's a hard inquiry, so you're fine. 

[jbradey]

UPDATE!!!

Just applied for the auto loan over the phone, i got pre approved for a $18000 loan with a 1.74% rate. if i transfer direct deposit/auto pay within 90 days ill get 1.24% "Which i am doing". My local CU was going to charge me a lousy 8% interest rate

And they offered me there credit card with a $2500 limit. "Largest so far". He said the limit on the CC would have been a lot higher but cause i don't have a longer credit history that's what he could do

Oh and they pulled EQ 710 which is excatly what MYFico EQ is.710

Thanks for all the help Remember and anyone else who answered my questions, you have all been very helpful to me

[CAnNY]

Wow! Congrats!!