Help with first auto loan

[stefnian0426]

Hello,

I am looking for info/advice on getting my first auto loan.

we really need a suv due to family size and our car now is on its way out.

I am trying to put it in my name only as early/mid next year my husband will be apply for a mortgage.

I currently have a judgement on my report with 1 item in collections. i pay both monthly but that doesn't show on my report for some reason.

2 months ago my score from exp. was 643. all credit cards have been paid on time since then.

my income is survival benefits which will continue for the next 10 years. total of 14k a year.

Currently looking at two vehicles we found. First is 8k second is 9k.

I spoke with the one dealership today which seemed all good to go (my few hundred trade in was suppose to be enough) but they came back saying i would need 3k to put down. 

The other place also says they can work we me but if i have some money to put down thats better. I am hoping to borrow it from a family member but not sure if i can.

I read on experian that if you apply for numerous loans through dealers and such they would all be added into one inquiry. Is that correct?

Since i applied today for the one loan, i would like to apply for a few others with hopes of getting approved.

thank you for any imput.

[SamsungHDTV]

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@stefnian0426 wrote:

Hello,

I am looking for info/advice on getting my first auto loan.

we really need a suv due to family size and our car now is on its way out.

I am trying to put it in my name only as early/mid next year my husband will be apply for a mortgage.

I currently have a judgement on my report with 1 item in collections. i pay both monthly but that doesn't show on my report for some reason.

2 months ago my score from exp. was 643. all credit cards have been paid on time since then.

my income is survival benefits which will continue for the next 10 years. total of 14k a year.

Currently looking at two vehicles we found. First is 8k second is 9k.

I spoke with the one dealership today which seemed all good to go (my few hundred trade in was suppose to be enough) but they came back saying i would need 3k to put down. 

The other place also says they can work we me but if i have some money to put down thats better. I am hoping to borrow it from a family member but not sure if i can.

I read on experian that if you apply for numerous loans through dealers and such they would all be added into one inquiry. Is that correct?

Since i applied today for the one loan, i would like to apply for a few others with hopes of getting approved.

thank you for any imput.

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If your only question is about the inquiry then the answer is yes, that is correct. For scoring purposes, it would be counted as one inquiry. Although you will see many inquiries on your report.

Read on myfico: http://www.myfico.com/CreditEducation/CreditInquiries.aspx

[StartingOver10]

Have you considered going to a credit union to get financed?

It will be better for you to obtain your financing from a third party lender (cu or bank) than to go to a dealership. The cu will tell you the amount you qualify for and the max milage and age allowed for the vehicle.

You also would be better off selling your vehicle yourself than using it as a trade. You can sell it AS IS (as most used vehicles are sold) and get much more than a couple of hundred dollars for the trade depending upon the make, model and year. Check kbb or nada so you know its value.

Get your financing lined up first, then you are free to shop at any type of car dealer for the right car that meets the financing terms. Some cu's even have auto dealer shopping help to offer.