Chances of getting approved for first auto loan

[Anonymous]

I'm a little nervous about applying for a auto loan. This will be the first one I've ever had IF I get approved. I just pulled my Equifax fico from myfico and it was a 590. I'm going to apply for a auto loan through my local credit union. I currently have new credit ranging from 2 secured credit cards which have never been paid late and they have below 35% utilization. A lot of bad credit from collections to charge offs which have been either been paid in full or settled.(two of these accounts are not updated on my credit report so they are in dispute) I also have 2 secured personal loans from my credit union which are small and fairly new but have been paid on time.
I make 30,000 a year and I'm looking for a 20,000 auto loan. What do you think are my chances of getting approved through my local credit union and what interest rate?

[boomhower]

Honestly, not good.  Being a local CU can certainly help though.  Several derogs combined with no installment history is a bad combination.  That is also quite a bit of car for the income.  If you do get approved I would expect an interest rate of 15% and up.

[Anonymous]

I have current installment history which is about 5 months old of on time payments and that's through the credit union I'm going to apply through

[Anonymous]

Kinda rough there but give it a try and see if they offer you any alternatives. 

[Anonymous]

I was approved today for $16,500 at 8.7 for 72 months at my local credit union!

[Anonymous]

That is a much better rate than I would have guessed. Congratulations. Use the current credit to rebuild and someday you will look back on all of this as just a hard lesson.