Hi all:
This forum has been invaluable in my taking control of my finances. When I started, I had scores in the high fives, and am now in the high sixes. That said, I have a question:
My wife and I just bought a house (August), the mtg. is only just now showing up. We have run up our CC a little bit ($5K on a total line of $30K), making new purchases for the house. My car is paid off but I am now in the market for a new one. It's in good shape with 112K miles, but it's starting to break here and there, and I am ready to get rid of it. I will come into a significant sum of money in about one month and want to get into a new (as in new new) car at that time. I am interested in a new Acura and I will be able to put 40-50% down between my trade in and cash.
I am an attorney, have been employed for 16 years and self employed for 7+ years, and my business grossed about $120K last year. My wife and I declared about 100K AGI last year. She makes 54K/year. I have a long credit history (20+ years), and took a few black marks about 4-5 years ago when my business was new. I have two student loans, one for 40K, another for 5K. Both are current, but I have some misses in the past. I have not had a car loan for five years, and no lates for 1+ years. I have had two car loans in the past,I paid off the last one one year early in 2005 but it had gone 60 days late when I paid it off (cash flow problems).
My TU is 689 and my EQ is 657. I do not know what my Exp is.
What sort of financing may I expect, and what would be the best way to get the lowest rate possible? I plan on paying off the 5K student loan and liquidating the CC debt prior to financing the auto.
Message Edited by Milliron1 on 10-19-2009 06:37 PM
