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How likely do you think an auto loan acceptance and what interest rate do you think I shold expect?

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How likely do you think an auto loan acceptance and what interest rate do you think I shold expect?

So my husband and I just refinanced our home. Previous mortgage was through a land contract with Grandpa, so no credit reporting. New mortgage is with a regular lender, closed May 10 on this, of course hasn't reported yet.

 

We need a new vehicle by August 20th. Not sure if we should wait until the mortgage hits our credit or go for it now before it does. We do have several new accounts between us, as I just started working on our rebuild after I found out what our credit score is when pulled by mortgage company.

 

We are looking to purchase a used or new truck in the $40,000 range. We have $6000 cash for a down payment and a trade in with $2500ish equity in it. We would like to co-borrow.

 

Husband

Credit Score: 614 (when pulled by our mortgage company for a refinance in Feb)

AAoA: 2015

# of positive trade lines: 1

# of negative trade lines: 2 collections One for $78 and One for $145 (working on a PFD)

Income: $60,000

Lenght of Employment: 3 years

Previous Loan Experience: current auto loan and a mortgage that hasnt reported yet.

Debt-to-Income (DTI): Owe $6000 on the vehicle loan (new mortgage is for $139,000) No revolving debt

Year of Car: 2016-2019 not sure yet

Miles: not sure

Purchase/Refinance: purchase

Requested loan term: 5 years maybe 6 if we get a brand new

Down payment amount: $6000

Co-borrower/Co-Signer: yes (info below)

 

 

Co Borrower

Credit Score: CK says TU572 EQ 588

AAoA: 1 month

# of positive trade lines: 1 (will be 3 after new capital one and self lender report)

# of negative trade lines: 1 medical collection for $302 that Im working on a PFD

Income: $36000 (part time)

Lenght of Employment: 12 years

Previous Loan Experience: none on credit report previous paid off auto loan in 2008

Debt-to-Income (DTI): 1-3% blance on c/c

 

Any Advice??

 

Message 1 of 6
5 REPLIES 5
Frequent Contributor

Re: How likely do you think an auto loan acceptance and what interest rate do you think I shold expe

Hello, once the new mortgage starts reporting your scores will almost certainly drop some. This is for the new account hit as it will bring your average age of accounts down. I would encourage you to pull your own scores first (which you can get right here on myfico) and not depend on an auto lender to tell you what they are.  You listed your husbands score at 614 which I assume is likely his mortgage middle score since that is what the mortgage lender told you. The score used by whatever lender may be much different than 614. So as a first step I'd pull scores for both of you. MyFico offers a family plan where you can pay one fee and both of you pull your scores. This way you can make a more informed decision about if it would be a good decision and what type of rate you might get

Message 2 of 6
Established Member

Re: How likely do you think an auto loan acceptance and what interest rate do you think I shold expe

Thanks for the advice. Unfortunately I can't pull my scores from Myfico because they say theres not enough information on Equifax to get a score. I will def try to pull his though before we go.

Message 3 of 6
Regular Contributor

Re: How likely do you think an auto loan acceptance and what interest rate do you think I shold expe


@pgtackle2003 wrote:

Hello, once the new mortgage starts reporting your scores will almost certainly drop some. This is for the new account hit as it will bring your average age of accounts down. I would encourage you to pull your own scores first (which you can get right here on myfico) and not depend on an auto lender to tell you what they are.  You listed your husbands score at 614 which I assume is likely his mortgage middle score since that is what the mortgage lender told you. The score used by whatever lender may be much different than 614. So as a first step I'd pull scores for both of you. MyFico offers a family plan where you can pay one fee and both of you pull your scores. This way you can make a more informed decision about if it would be a good decision and what type of rate you might get


Sorry, I know this is off topic but where is that plan at. I have looked for it but I do not see it offered at all.  

Message 4 of 6
Frequent Contributor

Re: How likely do you think an auto loan acceptance and what interest rate do you think I shold expe

Message 5 of 6
New Contributor

Re: How likely do you think an auto loan acceptance and what interest rate do you think I shold expe

First and foremost, your coborrower's credit karma scores are a useless for any type of loan; those scores are never used in credit decisions. Every lender has different lender standards, but obviously you don't have a lengthy credit history with certain types of loans--car and mortgage loans. In addition, with your credit scores you may only qualify for high interest rate loans.
Again, you may get approve, it's a 50/50 chance.
Message 6 of 6
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