@Anonymous wrote:
I really need a new car but I am afraid to apply for an auto loan. My scores the last time I checked in October were 599, 611 and 624. I bring in $3400 per month in income and have worked the same job for 10+ years. What are my chances of getting approved for an auto loan? I am afraid to apply for a loan, get declined and then that credit check bring down my scores even further. Any advice?
If your employment depends on it then you need a car, if your employment does not depend on it then you do not need any car. Absolutely you do not need a new car. From your FICO scores in the current environment you may be marginal for a car loan, but there are other factors to consider. What other debts do you have and how much of your income do they take? How much down payment do you have available? I very strongly advise having at least a 25% down payment on any car so you don't risk being upside down, and if you still insist on buying a car with less than 25% down be sure and ask your insurance agent about "GAP" coverage! Without GAP coverage if the car is totaled in an accident you will end up owing money on a car you do not have.
TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
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