I hope I did this right, referencing this Thread. A little back story, back in 2014, I purchased a '07 Pontiac Solstice GXP with 28k miles. It is a fantastic car and has never left me stranded. Easy to work on, and maintenance has been way cheaper than any car I have owned.
Well, it has been vandalized in places costing roughly around $3000 in cosmetic repairs and I just do not want to put the money into a 100,000 mile Pontiac nor go through insurance to make a claim. I want a similar style vehicle but with back seats.
I am at a point in the loan life of the car to be able to trade it in for more than what is left on the loan. So below are the details of the Lotus I am seeking to finance. (There are 2 located near me that I am looking to finance so ill put both of them side by side below)
Credit Score: 614 (Experian) 625 (Transunion) 609 (Equifax) - All data pulled from Experian.com
AAoA: 2 years 6 months (Auto loan for 4.7 years + CC for 2 months)
# of positive trade lines: 2 (one for $5000, the other for $18,000)
# of negative trade lines: 1 ($12,900) (no idea this loan was put under me primarily with 2 years of delinquent payments. I paid it off as it was my ex's car and I now have the vehicle. Paid off August 19th of 2019 been on my credit since 2016; still shows a high balance on my credit report. )
Income: $60,000 / year
Lenght of Employment: Since 2/21/2017
Previous Loan Experience: Had a Mustang financed, paid it on time for 9 months, then traded in for Solstice, paid it on time up to this date for almost 5 years, a Ford Focus that was paid on time for the first year, then deliquent for following years, but now settled and paid; with settlement letter)
Debt-to-Income (DTI): Just calculating rent and CC: 12%. Calculating rent, CC, and current car: 18%
Year of Car: 2011 or 2013
Miles: 12,865 or 44,405
Purchase/Refinance: $41,000 or $44,000
Requested loan term (XX Months): 72 months (I like the longer terms so I can keep my average age up)
Down payment amount: My trade will give me $1000 more than what is left on the loan, and then going to match it with an additional $1000. (My credit union does not require a down payment)
Co-borrower/Co-Signer: I have one if needed
Other: I recently repaired my credit myself due to being unresponsible (age). I had 4 accounts in collections. Dropped off entirely 2 of them. One of them is still on my credit report (not the collections account, but the charge off original creditor) and the other is the auto loan that I have the settlement letter for. I have disputed it, waiting for either the item to fall off, or to update. I have 2 other closed CC accounts on my report, both paid off in good standing.
All of the Evoras I want keep getting scooped up, with me having to look into 1000+ miles of distance to get one.
I have no issues with a higher initial interest rate % as I can refinance a year later after making some ontime payments on the new secured CC through OpenSky. Im afraid I will get turned down instantly for even trying due to that previous bad auto loan but it is paid.
My current credit union only goes through Transunion (minimum requirement of 600 score). I tried to pay for Transunion's website for credit monitoring service, but the website never functions for me on Google Chrome. So I use Experian. Credit Karma is never right for me. Its always 100 points above what I am actually at.
Does the above look even remotely okay for even a high interest loan?
THANKS A MILLION!
I just purchased the one-time report through Transunion here on MyFico and its reporting my score at:
630 for auto fico 8.
648 for auto fico 4
641 for auto fico 9
I just tried it! They qualified me for a $35,000 auto loan, but have no Evoras listed on their site. I also called their customer service asking if the pre-qualified amount could be adjusted since I am trading in vehicle with an outstanding balance on my report. They stated they could not do that.
I have some renewed confidence after looking through these forums and using the FICO score purchased from this site. My credit union is open tomorrow! Ill post in here after I go to them with all of the needed docs.
Wish me luck!
My Credit Union has declined. The year of the car was too old for them to approve, despite having a matching NADA price and being below 20,000 miles.
I have submitted the credit app to the dealer instead since they work with 30+ banks. 10 minutes after the app was submitted, their financial lenders were requesting a book out, in which their book out vendors are OOO until Tuesday. The reason this is being done is due to the car being rare with only 8 for sale. The dealership said there was nothing wrong with my credit or me, it was just the car at this point.
^^ New term learned. Never knew what book out was. Again, fingers crossed!
Denied. Tried for a 2016 Corvette going for $37,000 and still got denied by credit union now with new reasons to deny. (Their email sent used text lingo, terrible grammar and punctuation) I tried my personal bank, denied. Appealed the decision with a lot of supporting documentation, denied. Went through dealership, got approved, but need $8000 for a down payment. So I think I will wait until I have $8,000 saved up.