USAA Auto Loan?

[Anonymous]

Called USAA for an answer, and obviously the guy I spoke with has no idea.

Discharged Chapter 7 in 05/24/2015, so just shy of 4 years

Current FICO according to Credit Carma is 725ish

Have a mortgage, 0 late payments, CC utilization approx 1%

Have been with USAA for less than 1 year, have checking/savings/auto insurance

They seem to be one of the few that will finance an older vehicle. Currently looking at 80s and 90s trucks.

Does any one have experience with seeking an auto loan with USAA in similar circumstances?

I'd rather not apply right away, in case I get approved and can't find a vehicle within 45 days.

[thornback]

Hi Aceniza,   Welcome to the forums!

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@Anonymous wrote:

Called USAA for an answer, and obviously the guy I spoke with has no idea.

Discharged Chapter 7 in 05/24/2015, so just shy of 4 years

Current FICO according to Credit Carma is 725ish

Have a mortgage, 0 late payments, CC utilization approx 1%

Have been with USAA for less than 1 year, have checking/savings/auto insurance

They seem to be one of the few that will finance an older vehicle. Currently looking at 80s and 90s trucks.

Does any one have experience with seeking an auto loan with USAA in similar circumstances?

I'd rather not apply right away, in case I get approved and can't find a vehicle within 45 days.

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First things first - Credit Karma scores are not FICO scores, they are of the Vantage 3 model and respond differently to changes to your overall credit than FICO; it is common to see a drastic difference (higher / lower) between your FICO and Vantage scores.   FICO is what lenders use to evaluate your credit, not Vantage.  CK is good for monitoring changes to your reports only, but the scores provided may be ignored as they do not factor into credit decisions.    You should be monitoring your FICO scores  - specifically, your FICO Auto scores since you're interested in obtaining an Auto loan.   Because you need to know / monitor your FICO Auto scores,  your best bet is to purchase a 3-Bureau report from myFICO.   This will provide all 28 versions of your FICO score for all 3 bureaus.

I don't have any experience with an auto loan with USAA, so cannot speak to that specifically,  but I believe they may use the Experian FICO auto score for approvals.   IF you are able to confirm that the Experian auto score is the one they will use, then you can save some money and use the Experian CreditWorks $1 / 7-day trial which will give your FICO Classic 8, FICO Mortgage, FICO Auto, and FICO Bankcard scores for Experian only.  

Once you know your scores, you'll know where you really stand and we'll be in a better position to advise you of your next steps.

[Remember0]

An 80s or 90s truck? Wow, which one? This might be a case where you just need to apply to see if you'll get approved. This is going to much more closely resemble a personal loan at the end of the day because lenders traditionally won't lend against collateral that old.

[Anonymous]

I'm looking for a bronco, and prefer the 80-96.

target loan amount is $5-7k roughly. Would much rather finance than spend cash at this point. I just sold my F250 to free up cash flow.

I called USAA back again, and spoke to someone much more competent. She told me they like to look Ata everything as a whole, and usually what happened in either the 2 years after BK, or the 2 most recent years. Big key was any late payments, etc. BK was not an automatic disqual.

The first rep did say that with older vehicles, the rates increase. I'd really like to keep the payments under $200/mo, or closer to $150 if possible.

[Anonymous]

calculations show even at 12% on $7k I'd be at $155/mo

so trick #1 is finding a decent bronco.
trick #2 is finding a decent loan.