@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Good evening everyone. I'm in the market to finance a 2014/2015 Mercedes Benz E63 AMG. I've been shopping around the past few weeks. My FICO Auto Score 8 sits at 551 and my FICO Auto Score 2 sits at 618. I have one cap one revolving credit credit card that I've been maintaining. I can of course be patient and wait a couple months. Looking to be in one before the summer. Currently carless. I've been into cars(hobby) all my life everything has been purchased cash. Capital One Auto Navigator Pre Approved me for $24,750 but isn't the amount I'm looking to spend. This will be my first auto purchase in my life. Never had any auto loans or mortgages as well. Just a first time buyer in the car market. I make roughly 45k a year doing IT. I run 2 side businesses as well through ecommerce and social media. I would like to know how to go about this process without any hiccups.
Looking to spend no more than 55k on one. Maintenance does not concern me when it comes to the car. Remaining factory warranty would be nice but isn't needed. The carbon ceramic brake option is something I can live without as well. If a down payment is needed, I would be willing to put down the most being 15-20k for the car. Any advice or insight would be greatly appreciated.
Don't want to sound negative but you need to wait and build your credit and have a solid down payment for a 55K auto loan. It will be really tough to get that level of credit on a first car loan and pretty much impossible to do so with your scores and income. The way to overcome the first car loan delima is to increase your credit scores and they way to overcome the amount challange is to have a decent down payment. I would suggest going to the rebuilding section here to learn how to build your scores, it may be that you can open a small installment loan and get a nice bump in your scores, I don't know because there isn't much information on your actual credit history. I would strongly suggest joining a good credit union like DCU, NFCU or Penfed so once your scores are stronger you can get a loan at a decent APR. 15-20K is a solid down so work on those scores and hit up a credit union in a few months to get a solid APR. What is on your credit report that is holding your scores so low? Do you have credit cards?
I had 2 secure credit cards prior didnt maintain them. I had bunch a of delinquent posts from collections agencies which have since been removed.I have one outstanding collection which will be taken care of this week. I have a 5 year credit history. I've been through many cars dont mind buying something cheap cash and holding out until summer. Can anyone apply for an account at PENFED ? I live in New York. Be honest I want this car not settling for anything less. I can get more cash if needed but feel 20k down payment to the banks would look good.
Anyone can join Penfed or DCU, in both cases you need to "join" an association for about 10 bucks which makes you eligible. Their sites make it easy to pull this off quickly. I think you need to get 2-3 credit card accounts that you use and maintain at a low utlization level, around 10%. I would do that and do a small installment loan, you can what is called a share loan which is a secured loan, secured with a deposit and let that report for a few months. In a few months of those things reporting you will see a ton of impact on your scores. That combined with a nice down and I think you will be good to go. For credit cards capital one is a go to that many use early on. I am with you on not wanting to settle, I saved and positioned myself for a couple of years so I could get my M2. Guys like us don't settle:-) A few months of work on your scores and I think you will be solid you just need several lines of credit reporting in a positive way to make the scores move because. I went from low 500's after not using credit for years and having collections to about 620-630 in about 5-6 months, I am sure you can get to the same neighborhood in about the same amount of time. Join Myfico, its worth the cost to know your actual scores and get the alerts constantly while your working towards a goal. Check out the rebuilding and FICO scores sections here to learn more about how to maximize your scores while your waiting for your baddies to age.
