I've posted previously that I really don't plan on car shopping until July. My Ch7 discharge will be one year old in June. I wanted to see where I stand just to get an idea what I'll be looking forward to. I was both surprised and NOT surprised.
- They pulled Experian as a soft pull. Good because it's currently my highest score at 650
- My credit card usage is high for what my limits are. $6300 total credit lines and I'm at about $4000. Moving expenses, tires, alignment and oh lucky me, my first root canal/cap - $1150 out of pocket for me. Insurance covering $530. Balances will be halved at least by July.
- Applied on my own not jointly, so my sole income is Permanent Disability of $2100 monthly.
They approved me for $17,000 (not surprising given my income) at 3.34% on 60 months and 3.49% on 72 months for a new car - used a 2016 Kia Forte5 SX loaded and discounted to $22,300. I checked the terms on a used car - 2013 Hyundai Sonata 2.0T Limited and it was 4.6% - all with $6000 down. The interest rates were the surprising part considering my income, scrore and less than 12 months post discharge. I doubt the loan amount will change when I'm ready. At best with my useage down and scores up when I'm ready, MAYBE a slightly better rate. We may try a joint app or co-signing when I'm actually ready. to see what effect that may have. We started the car down payment fund the first of the year. By next week it will have $2000 in it so my realistic starting point to shop will probably be August.
CH 7 Discharged 6/10/15
T/U - 643
EQ - 588
Ex - 647 as of 6/14/15
