Used car loan chances?

[Anonymous]

So I've wanted a MINI Cooper S for a while now and there's a good deal on a 2007 model through a private party. So here's the rundown:

Price: 20K

TU: 640
EQ: 594
EX: 630

Net Monthly Income: $2,100
DTI: 29%

Two student loan payments each month and a car payment that my fiancee wants to take over for her mother to drive since she has no car (6K left). If she takes over that payment, my DTI will drop further, but I'm not going to calculate that in.

I've got a few neg marks from 2004/2005 still waiting to clear out (no balances) and a few 30 day late payments on the current car, latest in November 2006.

Ideas on if I stand a chance of getting the loan, and suggestions for loaners (since Cap1 it out)? Thanks!

[ChuckG]

I can't recommend credit unions enough when it comes to car loans.

They will balk at any outstanding debt you have, but are receptive to personal statements about your financial situation.

Good luck and let us know if you get the car, those Cooper S's are pretty sweet.

[Anonymous]

Spoke to the branch manager at my local CU. Unfortunately they pull EQ, but she seemed quite sure that I'd be approved, if not with the initial application, at least once they realized my DTI.

So things are looking up there! I just hope getting a new car doesn't degrade my scores.

[Anonymous]

Looking good. FICO still lists my score as 594, but she pulled a 601 at the CU.

Manager is going over all the paperwork (since I've moved like crazy in the past few years), but she said it looks like I'll be good to go for 30K @ 7.95%.

I self imposed the 30K limit to keep myself from going over the deep end. Waiting for the final confirmation. This is great!