Used Car financing

[EAJuggalo]

My minivan decided to crap out today so I'm looking at getting something to get me through the next 3-4 years when my credit will be much better.

Credit Score:  There isn't one.  I was just approved this week for two Capital One cards which haven't made it onto the reports yet.

AAoA:14.8 yrs according to the CRAs.  I had a previous car loan that was paid off on time and in full in 2006

# of positive trade lines:1

# of negative trade lines:0

Income:26,000 for me and 44,000 for my wife but her credit isn't very good at the moment.

Lenght of Employment: 6 years

Previous Loan Experience:  One auto loan taken out in 2001 paid in full and on time in 2006 though it still reports as open on EQ

Debt-to-Income (DTI):0  I have no debt on my report.

Year of Car:2006

Miles:69000

Purchase/Refinance: Purchase

Requested loan term (XX Months): 36

Down payment amount:$1000

Co-borrower/Co-Signer: Possibly if I absolutely have to, but would prefer not to, even if it means a higher interest rate

Other:  I plan on paying another $1000 on this vehicle in approx. 2 weeks when the IRS gives me my money back.  I do have a judgement against me that is not satisfied yet from 2008.  That is not showing up on the CR and will be fully satisfied by May.  I tried the Cap One Pre-qual and was denied.

[StartingOver10]

Where did you try to get your credit score?  

Seems unlikely that you wouldn't have a score if your AAoA is over 14 years unless you are using Credit Karma.  Have you tried to pull your FICO scores here yet? 

[EAJuggalo]

From CCT, CK is showing 649 TU and 632 EQ.  CCT says that one of the reasons a Fico may not be showing is no activity for 6 months.  That should change and I'll have a score as soon as C1 reports the two new CCs.

The AAoA is because the only thing showing on the report is the old car loan.

[StartingOver10]

Wait until the cards report and pull your score before you do anything.  You can always rent a vehicle.  If you have Cap 1 cards coming - they report very fast. I bet you will have a score then.

[EAJuggalo]

Don't really have that option now, thought my van was fixed but it wouldn't start again this morning.  Found a nice 2006 minivan for $6000 which after TTL and down payment would mean a loan of approx. $5400.  Of which I would pay off $2000 in the next month.  KBB is listing retail value at $6822 and NADA at 6462 so LTV would be .83 based on NADA and .79 of KBB

[EAJuggalo]

I love my credit union.  Went in first thing this morning and started the process.  Ended up getting approved at 10.29% for 36 months, they told me the only reason I got approved was because I have had an account there for the last year.  Took that to the dealer and went through their application process just to see what they could do.  The only offer they came up with was 18.99% which obviously I wasn't going to take.  I had to run back and forth a couple times and a stop at home to get all the information the CU needed for the loan.  But at the end of it I walked out with a very nice new to me minivan.  Total loan amount was $5500 and we hope to have it paid off completely in 14 months.  Total interest on the loan if it plays out on the payment schedule is $969 but I won't pay nearly that much.

[StartingOver10]

What a happy ending!  Congrats on your new minivan and the CU financing!  

[Appleman]

Congrats on getting your transportation needs taken care of by your CU.