Hi I am currently looking into getting a auto loan for around 25k-30k I have had some problems with my credit score in the past but have paid all of my credit cards off. ( I had 3 the went into collections but are paid off and have been paid off for over year some have been over 2 year since they were paid off) I have a small loan that I still owe about $1400 and have been late 60 days on it but am now current and have been current for the past 5 months, also I have a auto loan that is combined with my motorcycle loan and I owe about $1400 on it. I was also late 90 days on it but paid what I was behind and am now current and have been current since September so 6 months. I have had auto loans in the past that were never late and a few credit cards that were never late. I have a few small loans that are completely paid and done but had a few 30 day late payments. I have also had some small loans that were never late and paid off completely. I want to trade in my car and motorcycle when I buy a new car but I want to know what my chances are of getting approved? My scores are 595,585,609 I also make $65,000 a year and soon will be making 78,000 in the next month .
How much $ do you have down and what are your trades worth? you have much better odds of getting financed with a good amount down. I would guess you would need about 25-30% down and you will be in the 19% interest range.
I don't have any money down but my trades are worth about $12k together, so I would only be carrying over about $2,000 if that when I trade them in.
If you have $10,000 of trade in value the dealership will be able to secure some financing on the level of vehicle you are seeking. As noted above your initial loan interest rate may not be pretty because of all the scattered lates on your previous accounts. But if you secure the new loan and keep current with it then you will find refinancing opportunities down the road as you build positive reporting on the new loan and the negatives age further. I would guess you will need to commit to the new loan for about 12 months and not have any new negative information on any accounts during that period to secure single digit interest rate refinance opportunities.