Odds please? :)

[Anonymous]

Ok, in the rebuilding stages. Never took credit really as seriously as I should have. I currently have an auto loan of 26k from 2019 when my credit was probably low 5s (idk) and never paid attention. Single mom then, robbing Peter to pay Paul. Since then, exceptional payments of 715(!!!) monthly. Hardly a dent in the principal. Don't want to refinance. Equity probably only 1k bcs of high interest. Want a loan of 70k for Macan. Credit scores 704 tu, 716 ex, 722 eq. 109k salary. 18 yrs on job. 2 credit cards only 7 mos. old with 2% utilization. 1 late payment from 2018. Who would be my best chance of getting financed, if at all? Help please!! 

[TRC_WA]

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@Anonymous wrote:

Who would be my best chance of getting financed, if at all? Help please!! 

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First thing I did was check Capital One auto navigator... and got a pre-qual approval.  This was last week... literally days after being discharged from Ch 13 and scores in the 640 range.

I got the car... $56k loan after trade @ 4.81%.

The late aside (my last one was 5+ years ago shortly before filing) your profile looks a lot better than mine so I'd wager your chances are good.  I did have 3 previous auto loans though which surely helped my cause.

[disdreamin]

Can't address the likelihood of the loan, but I would encourage you to run numbers for your current vehicle on kbb.com to see what it's really worth compared to what you owe. It might be more than you think, which could help with the loan.

[SouthernCredit]

My guess is that you are going to have little to no equity in your current car (at best) or will have to roll negative equity into a new loan. With the used car market the way it is, you may have something in your current car, though. But without a large down payment, you may have trouble getting that new loan approved, unless you have previous history of a large auto loan. 

I would start by seeing what kind of value you have on your current car - use KBB and NADA, and take an average of those two values. Then run your car through Carmax/Carvana/Vroom and see what values they give you. This would give you an idea of how to negotiate with a dealer. 

Then I would do a prequal with CapOne to see what kind of loan you can get through them. At least you would have a better idea of where you would stand walking into the Porsche dealer. And if CapOne gives you a loan that works, you have that to fall back on. 

[Anonymous]

Thanks!  I actually did check both of those sites. It's a 2016 GLA. It was estimated a little over 3k equity for trade in. I just rounded down so I won't be disappointed

[mross1080]

Is the Macan new or used? And if its used is it certified? Also what kind of dealer is it (Porsche, Carmax)? All of those things will also affect the approval.

[Anonymous]

New from Porsche dealer. I am going to get a pre-approval from Cap One and go from there I guess.

[mross1080]

If its from a Porsche dealer there going to first try Porsche financial which is is going to pull your TU. I honestly wouldnt bothering actually applying through capital one. Its going to pull all three reports and most likely give you a terrible rate if your approved (Worth checking for the preapproval since its a soft pull).

If your auto scores are in the 700's and your DTI is low enough most likely Porsche would approve, If not it would be Ally.

[Anonymous]

GOT IT! Went with the 2022 X4. Financed for 73k @5.44% thru BOA!! Thanks All!