I really need guidance. This is my first foray into the perils of a poor credit history. I'd like a car loan in April.
Current: Enhanced Auto 8 (EX) 639 AND Auto 2 671
7 auto loans in 15 yrs with 6 Paid/Never late reflect on credit report
Set-up 3 payment plans to PIF all with 1 CU. 1 of 3 now paid in full (CC)
3 accts other accts appear as collections but are noted as PIF in 2015
C/O in 2014 was $85K auto loan at 4.49% - paying in full with monthly plan now $15K outstanding (3 yrs never late on pay plan) payoff in July '18
C/O Personal loan $13K - paying back in full (payment plan, never late in 3 years) payoff in Sept '18
1 open CU CC at 5% Util, but only reporting to Experian - nothing reporting to EQ nor TU
EX Credit Mix = Exceptional / Payment = Fair / Age = Exceptional / Inquiries = Very Good / Util = Very Good
DTI: 24% (including the 2 payment plans)
AAoA: 11 yrs
Oldest: 19 yrs (never late on this cc still open)
CC CL $5,500 bal @ $299
2 Inquiries since 2013 (Rental Inquiries only)
seeking loan for $40K - $55K but desperately hoping for a palatable APR. I've purposefully not applied for any loans over the last few years knowing the IR would be horrible. Now a car is an absolute must so I'm wondering if there are any steps to take over the next 2-3 months?
Will lenders only care about the score and not the details noted?
Any advice would be greatly appreciated!
I've not yet gone this route, but since it's only a soft pull maybe I'll give it a try. I must first confirm the types of dealerships/car brands available.
Thanks for responding.
It is a soft pull and you can browse through 'distance from you dealers' and specific type of vehicles after you qualify.
I'm not in the market but I've been checking/using it every three months or so just to see if the offered rates decrease and the loan amount increases as my credit score improves. They def have.
Response from peeps on the board here seem to be mostly positive in actually using it to purchase a vehicle.
This is a great place to start. I used this myself a week or so ago and it was very useful as you can play with the amount borrowed and down payment. In my situation, I learned if I kept my borrowed amount under 30k, I got a slightly lower interest rate.
I expect/hope to get a better rate from NFCU when I pull the trigger but this was a really easy tool to use.
Best of luck!
Thanks to those who responded....
Update: Received a 60 month, 4.75% APR w/my long time credit union.