11 weeks ago my car was rear-ended and pushed into oncoming traffic. My car was totalled and I was hurt but given the severity of the accident, we were pretty lucky on balance. I am still on crutches and in PT but thinking I will be driving again pretty soon. I have decent credit between 700-707 (now - it was higher BEFORE the loan on the old car was paid off by the insurance company). My EQ 5 or 4 or whatever is lower though - 661. But my big problem is too high DTI - probably around 45%. I know, I know.
Anyway, thinking I will be behind the wheels soon I have been looking online at late model used cars that are the same as our totalled vehicle but lower mileage.. I found several including one that looks perfect. It is of course the most expensive. They range from $22,000 - $28,000 (including taxes and fees). We are planning on putting down $16,000 so I am looking to borrow up to $12,000. I coiuld put down a little more but we haven't settled with the other driver yet and I am bearing some pretty significant accident-related expenses now and also have some housing-related repairs that need to be undertaken soon.
I decided to go into NFCU and apply in person. The very nice person took my information, showed me the options for those with the best credit (720 and above). I told her I didn't have that but she said the CU bases decisions on more than that. She did a hard pull and then told me that they would get back in 24 hours with a decision and terms.
I am assuming this is going to manual underwriting. Do you think i stand a chance? Has anyone else been through this? I feel so nervous and am not sure what my options are if this doesn't pan out. Thanks in advance for any insight.
