Need to buy a car after total loss

[Anonymous]

I was recently in an accident (not at fault) my car was deemed a total loss. Insurance paid off my car and I was sent the remainder of the money. I will use the excess money for a down payment, however my credit report still shows I owe. I have the settlement letter from my insurance that the car was paid to the fin. Com on 5/29. I don't want to go thru dealer if I don't have to. I have tried my CU in past but due to 30/60 late payments in early 2016 was denied, but have since paid on time and even extra on car payment prior to the accident. Im working on increasing my credit score overall as I do have baddies due to some difficulties in 2014.
I don't want to have my credit ran multiple times as it will decrease it, but I need a car asap. I'm looking to get an auto loan for $29,000. Monthly income is $9500-$11000. Should I take my chances at the dealer? I want to do a pre-qualification, too see what I can get but with the auto loan still showing on my report, I don't think I will get a good rate/approval for that amount.
auto FICO score as of 5/29
Experian:
FICO® Auto Score 8~ 649
FICO® Auto Score 2~645
FICO® Auto Score 9~ 644

Equifax:
FICO® Auto Score 8~653
FICO® Auto Score 5~697
FICO® Auto Score 9~656

TransUnion:
FICO® Auto Score 8~643
FICO® Auto Score 4~630
FICO® auto Score 9~632

[pinkandgrey]

An overly simple answer would be: ANYONE can get financed at the dealership. They will walk on water to get you in the car today. Your credit will be run through several different lenders to find one, but typically auto inquiries are grouped so don’t worry about that.

Sorry about your car! I have experience with such losses myself lol. Good luck and enjoy the new one!

[Anonymous]

You will get approved for sure, the question is always the rate.  I would join DCU or Penfed and apply with them.  I would't worry about the inquires as much as the rate.  One costs you a few points for a month or two the other can cost thousands over the life of the loan.  Don't ever assume that the dealer is giving you the best rate, unless you have prime credit and they have an incentive to finance you with their captive they will mark up the interest.  Having a preappoval is the best way to keep them in check.  If you can't get a great rate now then keep working on your scores, say no to any protection plans which add to the negative equity that you experience on a new car and look to refinance in the next 6 months.  Timing was bad for me a few years ago before my rebuild, had to take 12.5%, 4-5 months later I got 8.5% from Cap One and decided a week later to burn another inquiry and try NFCU which gave me 4.29%, those HP saved me several thousand dollars over the life of the loan.  

[Anonymous]

One more thing, don't worry about the existing auto loan, as long as you can identity that loan is going away you will be fine.  It's only even a question of the debt to income level is tight.  You''ll be fine.  One technique is to let the dealer arrange credit and let them know that if the rate isn't competitive you will refinance with a credit union.  That gives them an incentive to get you a decent rate.  They lose their incentives from the finance companies if you refi.

[Anonymous]

Thanks for the advice.  Yeah I am not happy it happen as I was almost done paying my car off and now I'm back to another car loan. 

[Anonymous]

I was in that same situation a few years ago as well prior to rebuilding my credit. I was in a car loan at 12.75% CS in the mid to high 500s, however I didn't refinance due to all the baddies on my CR and as of 2018, my score have been slowly increasing. I never thought about using that technique before. Due to student loans on top of the baddies my debt to income level is tight but a work in progress. I don't want another 12% rate, so I will defintely be using that technique at the dealer. I also should mentioned I have 2 CC and they both denied me due to my baddies and past late payment on my auto loan. I will look into the CC you suggested and hopefully one of them will work with me. Thanks again.