I Cant Win...776 Score and no Loan

[Anonymous]

Sooooo heres my situation.
FICO 5,4,2 is 776
FICO 8 is 687
FICO 9 is 727

And...noone will give me an auto loan. Help?

Credit Score: see above

AAoA: 4y7mo
# of positive trade lines: 4 open/2 closed
# of negative trade lines: zero
Income: 126k
Lenght of Employment: 4yrs
Previous Loan Experience: one current Fingerhut loan opened Mar 2018
Debt-to-Income (DTI): 7%
Year of Car: 2013
Miles: 70000
Purchase/Refinance: purchase
Requested loan term (XX Months): 60 to 72months
Down payment amount: 2k
Co-borrower/Co-Signer: none
Other: 17% util, oldest acct is 11yrs

In all fairness, I had a huge gap in credit history. Heres my history (never late):

Revolving acct opened 2006 closed 2011
Revolving acct opened 2011 closed 2013
Rev. Acct: opened 3/2018 to current
Rev Acct: opened 4/2018 to current
Fingerhut loan opened 3/2018
# of inq's last 12 months: 5
# of inqs last 24 months: 8

No COs no lates...nada...
Am I just not ever going to get a car loan?

I want to purchase from a private seller...I cannot affors to keep racking up HPs

Penfed flat out told me not to call them back for ANTYHING until 2019. In a nice way....

[blunderer]

It's interesting that no one will give you a car loan even with a high interest rate.   

I do know that scores for auto loans are usually scored based on your past experience with auto loans.

I know you stated that you want to purchase from a private seller but have you considered trying a dealer pull your credit or did you just apply through your own CU/Bank.  While CU do offer good rates, a dealership has a better chance of possiblyg getting you financed since they do work with a lot of different finance companies.  You may not start out with the best rate but maybe you can refinance after a few months of payments? Just a thought.  Then again the rate through the dealer may not be too bad as in my experience.  I was able to get 1.99% through the dealer opposed to the 5.99% from my CU.   Whatever you do try not to mention  "no one will approve you for a loan"  as you continue your search.

Hopefully it works out well for you.  Good luck.

[Moneyklutz]

Have you tried the Cap One prequal link yet?

Obviously not a private lender but at least you can try it with only a soft pull for the effort.

[Brian_Earl_Spilner]

You need to provide more info about the car you want to buy. For example, if you want a Suzuki, almost nobody will approve that loan. Have a feeling the Loan To Value (LTV) or mileage is the problem here. When trying to get a loan for a private purchase, the underwriting tends to be stricter, especially when it comes to age and mileage.

[Loquat]

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@Anonymous wrote:
Sooooo heres my situation.
FICO 5,4,2 is 776
FICO 8 is 687
FICO 9 is 727

And...noone will give me an auto loan. Help?

Credit Score: see above

AAoA: 4y7mo
# of positive trade lines: 4 open/2 closed
# of negative trade lines: zero
Income: 126k
Lenght of Employment: 4yrs
Previous Loan Experience: one current Fingerhut loan opened Mar 2018
Debt-to-Income (DTI): 7%
Year of Car: 2013
Miles: 70000
Purchase/Refinance: purchase
Requested loan term (XX Months): 60 to 72months
Down payment amount: 2k
Co-borrower/Co-Signer: none
Other: 17% util, oldest acct is 11yrs

In all fairness, I had a huge gap in credit history. Heres my history (never late):

Revolving acct opened 2006 closed 2011
Revolving acct opened 2011 closed 2013
Rev. Acct: opened 3/2018 to current
Rev Acct: opened 4/2018 to current
Fingerhut loan opened 3/2018
# of inq's last 12 months: 5
# of inqs last 24 months: 8

No COs no lates...nada...
Am I just not ever going to get a car loan?

I want to purchase from a private seller...I cannot affors to keep racking up HPs

Penfed flat out told me not to call them back for ANTYHING until 2019. In a nice way....

---

With your scores and income I'd suggest hitting up a local credit union for a loan on since buying from a private seller. 

Also, as another poster suggested, is there any chance you can find like/kind/quality vehicle at a dealership.  Some lenders are more open to dealership lending versus private sellers.  Something to consider.  As a former F&I guy, I can say with your income and score I wouldn't have a problem getting you hung with a lender pending the vehicle you were interested in met the lending criteria.  Best of luck to you.

[Gladius]

I find it hard to believe you can't get a loan with your profile.  I've seen scores in the mid 500s with 80% DTI get auto loans (with high interest rates of course).  As a matter of fact my SO best friend just got a loan for a Mercedes SUV and her scores were hovering around 560 with lots of lates on her profile.  I assume her interest rate was through the roof

[Anonymous]

I highly recommend trying DCU

[Anonymous]

To update I have now been denied by DCU and Springboard as well.

Brings the total to 7 places.

[marty56]

IMHO it could be the high mileage for the car.  Many CU's allow you to be approved for a loan without a car in mind so I would look into qualifiying first and then the car 2nd.

[Anonymous]

Sorry - but you are forgetting to tell us some piece of information. You must have something that is causing that one sub 700 score.