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Do I qualify for an auto loan?

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
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New Member

Do I qualify for an auto loan?

Credit Score: 658EQ/648TU/627EX

AAoA: 2.25 years

# of positive trade lines: 5

# of negative trade lines: 2

Income: 46,000

Lenght of Employment: 1yr 8mo

Previous Loan Experience: Santander ended in repo 2016

Debt-to-Income (DTI): 13%

Year of Car: 2017

Miles:42564

Purchase/Refinance: Purchase

Requested loan term (XX Months): 60

Down payment amount: 2,500

Co-borrower/Co-Signer: None

Other: Vehicle is $25,000. Just trying to get an idea of what it would take to get approved. 

Starting FICO 8 12/15/18 EQ-516 TU-484 EX-527
Current FICO 8 EQ-666 TU-669 EX-642
Message 1 of 7
6 REPLIES 6
Valued Contributor

Re: Do I qualify for an auto loan?

Did you pay off the repo or is it still open?

Ch 7 Discharge 3/12/2018
Cap One QS1 $3,000, Wayfair $5,000, Blaze MC $3,000, Kohls $500
Infiniti Financial lease

AU Cards: CSP $37.7k; Chase Marriott $20k; Discover $7.8k; CapOne Venture $30k
Message 2 of 7
Community Leader
Senior Contributor

Re: Do I qualify for an auto loan?

Hi OP and welcome to the forum. 

 

Fortunately there is life after repo.  However before we can dish some guidance or advice there are a couple of things that would be helpful to know.  First, where are you getting your current scores?  Second, has your credit improved post repo?  Any other negative info on your reports that would potentially hinder an approval.  Chime back in when you get a moment with a few details and we'll see if you we provide some insight.  

 

In the mean time you can always check your standings via Capital One Auto Finance.  They have a pre-qualifcation tool that will do a SP on your credit and at least you can have an idea of where you stand. 

Message 3 of 7
New Member

Re: Do I qualify for an auto loan?

I did not pay off the repo and it was charged off in May of ‘16.

 

Those scores are my FICO 8 scores from MyFICO. My credit has improved because I never really used credit except for car loans and a credit card which disappeared from my credit report. Unfortunately, that credit card was from CapOne so the preapproval was denied for burning them. The only other negatives besides the repo are two utilities for $80 and $200. I have a positive trade line that was paid off in 2011 and four current credit cards and a selflender. I tried a prequal through my credit union and was approved for $25K at 5.4% APR so I guess I’ll see after a manual review.  

Starting FICO 8 12/15/18 EQ-516 TU-484 EX-527
Current FICO 8 EQ-666 TU-669 EX-642
Message 4 of 7
Valued Member

Re: Do I qualify for an auto loan?

Good deal, hopefully that approval goes through with your credit union, as that would be a really good rate given your history. Mind sharing what credit union out of curiosity?

Message 5 of 7
New Member

Re: Do I qualify for an auto loan?

The credit union is Palmetto First and I was denied because of the repo that was charged off. 

Starting FICO 8 12/15/18 EQ-516 TU-484 EX-527
Current FICO 8 EQ-666 TU-669 EX-642
Message 6 of 7
Valued Contributor

Re: Do I qualify for an auto loan?

Sorry to hear about the denial.

 

Your credit score on its face is good enough for DCU, but unclear if they will balk at the repo. Also not sure if you have anything negative on Chex for which they will deny.

 

Have you tried Capital One's Auto Navigator which is only a soft pull? Maybe worth a shot before burning a hard elsewhere like DCU.

Message 7 of 7