Do I qualify for an auto loan?

[Anonymous]

Credit Score: 590 (credit sesame)

AAoA: 3 years

# of positive trade lines:

# of negative trade lines:

Income: 32k a year

Lenght of Employment: 5years

Previous Loan Experience: an auto loan in 2010 that was paid in 2013

Debt-to-Income (DTI): 1%

Year of Car: 2015 Ford Escape

Miles: 0

Purchase/Refinance: purchase 22k

Requested loan term (XX Months): 60

Down payment amount: 1000

Co-borrower/Co-Signer: n/a

Other: I had an in house auto loan in 2010 with a 19% Apr that was sold to a lender. They reported it to my credit history and I paid it off 1 year early. I only have 4 30 day late marks on that loan and it was towards the beginning. I opened a capital one credit card in august 2014 and have been making my payments on time and it seems to be helping my score. Before the card my score was 520 on credit sesame.  I'm really looking to get another car pretty soon. Thank you guys!

[Anonymous]

Do you have a way to get your fico? Credit Sesame and Credit Karma are usually not as accurate. Your actual score may be higher or lower.

[Anonymous]

I have a lower AAoA and length of employment but aside from that we are close in out other numbers.  Unfortunately I don't have any approvals yet but I also haven't applied.  Let me know what you get back!! 

[Anonymous]

Sorry for the long wait guys! I pulled me score and it is showing 580. Hope this helps!

[Anonymous]

Hey guys just wanted to provide an update. I talked to the finiance manager at a local dealership and ask him the questions from one of the main post here and explained to him what I was looking for and what my credit was like. He told me that they pull a auto enhanced score so with me having a previous car loan will be good for me. He also let me know that they have people come in everyday with mid range 500 credit scores and they get approved with around 5-8% intrest rates. I will be going in about 2 weeks to see what the deal really would be. He told me that they have a little over 25 different lenders that they work with. Wish me luck! 

[SamsungHDTV]

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@Anonymous wrote:

Hey guys just wanted to provide an update. I talked to the finiance manager at a local dealership and ask him the questions from one of the main post here and explained to him what I was looking for and what my credit was like. He told me that they pull a auto enhanced score so with me having a previous car loan will be good for me. He also let me know that they have people come in everyday with mid range 500 credit scores and they get approved with around 5-8% intrest rates. I will be going in about 2 weeks to see what the deal really would be. He told me that they have a little over 25 different lenders that they work with. Wish me luck! 

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Don't think the finance manager is your friend. Mid 500s at 5-8% is plausible and maybe happens every now and then, but its not usual. Remember that he will likely add about 2% on top of what you really qualify for. Yes he works with 25 different lenders, but you have access to those same lenders plus 100s more. Please go apply at credit unions on your own first. This is the only way to tell what you really qualify for.

[Anonymous]

Thanks for the reply!

[coffeegal]

I would try a credit union.  There is an auto loan approval string here on the forum where members post their score, loan amount, financing info, lender, etc.  This may be helpful to you.  

[Anonymous]

I recently got approved for a 25k loan from WFDS for 6.99 percent with a score of 576. It was my first auto loan purchase as well. I bought a honda accord in southern california.

[Anonymous]

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@Anonymous wrote:

I recently got approved for a 25k loan from WFDS for 6.99 percent with a score of 576. It was my first auto loan purchase as well. I bought a honda accord in southern california.

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any negatives on your report? DTI? Income? not to be nosey but it would help me with my situation