First of all I would like to say thank you to everyone for all the good information provided in other posts.Since reading this website from about 6 months ago I have been able to raise my fico score on boh Equifax and Transunion scores by around 50 points!
This is my situation.Looking to purchase my first car with no cosigner.Current car that I have the dealership just added my name to the lease but never had me as a cosigner for credit so after paying the bill for the last 3 years it does not show anything for me.(hard lesson learned,dealership hit me with a spot delivery and then told me I was not approved.).
I have been at my job for 3 years, earn $42,000 a year.My credit history is limited.Have one card with a $2,000 limit for two years and another card for $1,000 limit for 7 months. Both have a zero balance. Never a late payment on either.
Current transunion fico is 729(which is the only one the dealership I am using pulls/also my best score).Dealership uses auto enchanced scores.
Only 2 hard inquires.
Looking at putting $2,000 down, can do $3,000 if necesary.Car that I am looking at buying(new) would be around $24,000 after taxes and dealer fees so likely financing $22,000 out of it for 60 or 72 months.
My DTI is almost non existant.No mortage, no student loans,no childsupport, ect. Wife and sister split the rent under thier names.
My wife hates credit unions, she had a really bad experience with one in the last few years so we would rather not go that route.
As a first car buyer is there anything I should do differently? Could I expect to get financed even if it is at a higher rate for the first year or two and then refi?
Thanks in advance!
