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Do you guys think i'll get approved?

jakehardy95
New Member

Do you guys think i'll get approved?

Hi everyone! im looking at getting a new car this year (Specifically a Tesla Model Y) 

A little bit about me, i make about $80k a year and right now have $21k in students loans as well as $5k left on my $13k car loan, no credit card utilization out of $5800 of available credit. I had a recent collections account that was recently paid off as well as 3 charge off accounts that were all settled for less than the full amount. my current fico scores are: 

 

FICO Auto Score 8:

Equifax: 646

Transunion: 640

Experian: 613

 

FICO Auto Score 2, 4, 5:

Equifax: 599

Transunion: 608

Experian: 594

 

FICO Auto Score 9: 

Equifax: 657

Transunion: 610

Experian: 588

 

Also, i know that Navy Federal uses Transunion FICO Auto Score 8 now so i feel like im in a good spot. I am also putting down $14k down payment and the original car is around $49k ($54k after taxes and fees). What do you guys think? I'm really just looking to see if ill be fine when i apply and if you guys think its worth it to apply. The current credit scores also don't reflect that the charge offs have been paid since i just paid them this week. I also have some late payments on my current car loan, the last one was over a year ago. Thank you!

Starting Score: 619
Current Score: 619
Goal Score: 720


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Message 1 of 5
4 REPLIES 4
Gladius
Frequent Contributor

Re: Do you guys think i'll get approved?


@jakehardy95 wrote:

Hi everyone! im looking at getting a new car this year (Specifically a Tesla Model Y) 

A little bit about me, i make about $80k a year and right now have $21k in students loans as well as $5k left on my $13k car loan, no credit card utilization out of $5800 of available credit. I had a recent collections account that was recently paid off as well as 3 charge off accounts that were all settled for less than the full amount. my current fico scores are: 

 

FICO Auto Score 8:

Equifax: 646

Transunion: 640

Experian: 613

 

FICO Auto Score 2, 4, 5:

Equifax: 599

Transunion: 608

Experian: 594

 

FICO Auto Score 9: 

Equifax: 657

Transunion: 610

Experian: 588

 

Also, i know that Navy Federal uses Transunion FICO Auto Score 8 now so i feel like im in a good spot. I am also putting down $14k down payment and the original car is around $49k ($54k after taxes and fees). What do you guys think? I'm really just looking to see if ill be fine when i apply and if you guys think its worth it to apply. The current credit scores also don't reflect that the charge offs have been paid since i just paid them this week. I also have some late payments on my current car loan, the last one was over a year ago. Thank you!


Just out of curiosity, where did you get this info?

Message 2 of 5
jakehardy95
New Member

Re: Do you guys think i'll get approved?

Everyone who has posted approvals for NFCU has stated that their TU FICO 8 was pulled. They used to use equifax 8 but it changed in October. Also I might go with pen fed because they pull either equifax 8 or experian 8 which is my highest auto score. 

Starting Score: 619
Current Score: 619
Goal Score: 720


Take the myFICO Fitness Challenge
Message 3 of 5
4sallypat
Frequent Contributor

Re: Do you guys think i'll get approved?

Let us know if you get approval from PenFed.

 

I am looking at them for my lease buyout/re-fi...

Message 4 of 5
MitchDeerfield
New Contributor

Re: Do you guys think i'll get approved?

 

The question isn't whether you will be approved, the question is what interest rate you will have to pay.  Most likely around 7.99 %, according to Experion.

 

 

https://www.experian.com/blogs/ask-experian/auto-loan-rates-by-credit-score/

Message 5 of 5
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