Looking To Finance A Vehicle

Anonymous · ‎03-19-2013

Hello everyone,

Long time lurker, first time poster here. I live in California and I'm looking to get an auto loan preferably from a bank or credit union in the range of 10-15k. I currently bank at BoA. I just pulled my Equifax FICO score from here and I sit currently at 655. July of last year I was at 638, so things are slowly improving.

I gross around 46k per year and have one CC (Discover) with a balance of 3000k (after asking for a CLI today) while owing $20 on it.

I have a student loan that I was over 90 days late on about a year ago that I've been paying on time ever since.

I have 3 collections that need to be disputed.

Comcast in Dec, 2009 for $121 over a router that was returned.

Sprint in Nov, 2011 for $157 for an early termination fee that never should have happend while I was in Europe for 3 years.

? from Nov, 2009 for $200 that I have absoluteley idea where from. It just says from Collection Agency 465YC00000 and it regards something medical.

I also have a public record from Oct, 2007 that I'm patiently waiting to fall off in about 18 months.

All of the above occured in Florida.

So after all that wonderful information, what do the experts here think is the best route to take? I really need a car and I really want to build up my FICO score to the 700s. I could drop a couple thousand on the car if it makes things easier.

*edit. Oh, one last bit of info. I've financed 2 vehicles in the past from Carmax and Harley Davidson. Both paid off and no late payments, so Im assuming that my Auto Enhanced FICO is perfect.

Anonymous · ‎03-20-2013

Hmm, not a lot of activity on this forum like I was expecting. I submitted an application to Alliance and await an approval. Their rates are around 4% for Auto Loans up to 699 from Equifax or what they coined 'Pinnacle'.

ds3 · ‎03-20-2013

I would think you could easily get financing on a car. In my experience, dealers can almost always beat your own financing because they work with so many banks. Have an idea what you can get approved for, then go talk to a dealer. If you can get financing through Harley, you should have no trouble getting a car.

SamsungHDTV · ‎03-20-2013

@Anonymous wrote:
Hello everyone,

Long time lurker, first time poster here. I live in California and I'm looking to get an auto loan preferably from a bank or credit union in the range of 10-15k. I currently bank at BoA. I just pulled my Equifax FICO score from here and I sit currently at 655. July of last year I was at 638, so things are slowly improving.

I gross around 46k per year and have one CC (Discover) with a balance of 3000k (after asking for a CLI today) while owing $20 on it.

I have a student loan that I was over 90 days late on about a year ago that I've been paying on time ever since.

I have 3 collections that need to be disputed.

Comcast in Dec, 2009 for $121 over a router that was returned.

Sprint in Nov, 2011 for $157 for an early termination fee that never should have happend while I was in Europe for 3 years.

? from Nov, 2009 for $200 that I have absoluteley idea where from. It just says from Collection Agency 465YC00000 and it regards something medical.

I also have a public record from Oct, 2007 that I'm patiently waiting to fall off in about 18 months.

All of the above occured in Florida.

So after all that wonderful information, what do the experts here think is the best route to take? I really need a car and I really want to build up my FICO score to the 700s. I could drop a couple thousand on the car if it makes things easier.

*edit. Oh, one last bit of info. I've financed 2 vehicles in the past from Carmax and Harley Davidson. Both paid off and no late payments, so Im assuming that my Auto Enhanced FICO is perfect.

Most big banks probably wont finance you. Capital One might, but with a high interest rate. Carmax usually is very high too though.

Go with credit unions. They'll look at your credit report more closely and see that you've maintained your credit better recently than previously. Apply at several credit unions, and then go to a dealership and let them try to beat the rate.