Do I Qualify?

[Anonymous]

Well this is my first post! Ive read many others and you guys have helped a lot!! (:

I am currently car shopping as my wifes car is acting up, I am also repairing my credit. I have a repo I am paying off and owe $8,000 and would be trading in my current car which I owe $2,800 and is upside down $1,000. It was a 10,000 loan 30 mo. 25%, my EQ is 537 and TU 570. I make 4,000 with 20% Debt to Income ratio. Thanks for the help guys!

[Anonymous]

I am looking at a new or fairly new Toyota Corolla or a Chevy Cruze. Thanks again!

[Skye12329]

Did you mean to say 40k income or 4k like your post says? If 4k is the case, i am sorry to say but you probably won't qualify then. The repo might be an issue.

[Anonymous]

4k a month...

[elim]

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@Anonymous wrote:

4k a month...

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@Anonymous got a 14' cruz LTZ/RS (turbo) with 8k miles. and I have to say the car has been great.  Inexpensive. great mileage, quick.   she has pretty bad credit and went to the Cap One auto prequal site and was approved for 24k (used 13k) @ 7%.  Scores are all 600-620... income 45k.  She got the car almost a year ago, puts a ton of miles on it, and we have no regrets.  Even did great in heavy snow and icy roads.   We did shop for a month and waited for the best car / best deal.  I would recommend ltz rs model (with navigation if found, but not a deal breaker) as we have seen and drove many of these cars and investigated (including resale value of) all.

so maybe google Capital One auto prequalify and check the APR (soft pull).   at least it will give you an APR to try and beat.

best of luck  :]

[Anonymous]

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@Anonymous wrote:

4k a month...

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If it is 4k a month, you will be fien with some dealers.  Keeop us posted on results.

[Anonymous]

Like someone else recommend. Go get an approval from capital one first and go shop. To see if dealership can beat the APR. also, remember when you walk in with a capital one approval your actually a cash paying customer so you should actually get the cash rebate incentives the dealership is offering. Which mean sometime even if dealership gives you lower APR but no cash rebate incentive you will still probably be paying more