Dodge Challenger Scat pack qualification

Anonymous · ‎03-03-2019

I’m very interested in buying/leasing a 2019 Dodge Challenger scat pack (manual). My question is going to be whether I qualify for such a vehicle. I currently have a bankruptcy that was discharged exactly one year ago. I also currently have an auto loan for 14k with a 4.19 apr. my Fico auto enchanted scores are 614 for Transunion, 651 for equifax and lastly 582 for Experian. My income is about 60k not including all my bonuses. Almost no debt on credit cards but child support is reporting for 448

Anonymous · ‎03-04-2019

Tell us about the other car loan are you keeping it or is that a trade in for the Challenger?

If this is goign to be a 2nd active car loan I would say you will likely not get approved.

If you are tradding in the car then maybe you hae a shot but probably not a great interest rate.

Try the preapproval with Cap1 aut navigator.

Anonymous · ‎03-04-2019

I don't think Cap1's auto navigator would be much help, given his score with Experian. YMMV but they pulled Experian when I went to check for preapproval 2 weeks ago. With 582 it may be very tough from them, especially with a scat pack.

I was approved about 2 years ago for one, at the time they were a grand or so under 40k MSRP, of course before a deal was negotiated. I had about a 660 score at the time, I think the rate was like 4-5%? somewhere within there. My point, you may be able to get approved if they pull your Equifax. May be worth freezing Experian and Transunion to be on the safe side as they look for financing. Best of luck!

Anonymous · ‎03-04-2019

I was thinking of keeping both vehicles, so you guys think it’s going to be a stretch then ? What can I do in the mean time to help my scores ? At least my auto enhanced scores because all my other scores are at least 620

sccredit · ‎03-05-2019

IMO I don't see a lease happening. Possibly a loan at a higher interest rate.

Anonymous · ‎03-05-2019

Well I did the pre qualification and they gave me up to 30k so I need to put at least 13k down which I don’t want to do and a 8% apr

CreditCuriosity · ‎03-05-2019

I would avoid with said income and wanting to keep both cars and child support and probably housing costs, etc.. Even if doable your APR would be way to high with current scores IMO. I had a benz but recently downgraded to an infiniti to save myself close to 400 a month due to increased expenses on other things and wanting to pay down some debt more aggressively. Usually what you want vs. what you need are two seperate things.

Loquat · ‎03-05-2019

@CreditCuriosity wrote:
I would avoid with said income and wanting to keep both cars and child support and probably housing costs, etc.. Even if doable your APR would be way to high with current scores IMO. I had a benz but recently downgraded to an infiniti to save myself close to 400 a month due to increased expenses on other things and wanting to pay down some debt more aggressively. Usually what you want vs. what you need are two seperate things.

+1 @CreditCuriosity OP, I agree with CC on this one. Don't burry yourself for a car that isn't going away anytime soon. Sure it's a nice rig and very fun to tool around in (my current vehicle is a '18 392 ScatPack Charger) but it certainly isn't worth $13k down and 8% APR.

Anonymous · ‎03-05-2019

Thanks for all the advice guys ! For now I will be holding off on purchasing a scat pack until I can pay off this auto and get some better Ficos !