Wait to apply for a car loan?

[TCK1]

Hi-
I'm looking at getting a car for around 25k. I'll be giving my paid off car to my son in 6 months.

Scores are 620-640 with many late payments a year ago to Carmax Finance and GM Finance (accounts paid in full now). My last late payment of any kind was 10 months ago. I've opened several cards since then, trying to rebuild, and all of those are paid on time.

I got approved thru Cap 1 auto nav but let it expire and now they are "reviewing my app".

My question is- Do I stand a chance to get approved thru another source at a good rate? In your opinion should I wait and try to pay down some cards and get those scores up to 650?

Thank you for any help you can offer.

[KLEXH25]

I think if you have 6 months before you give the car to your son, waiting can only help. Get your scores up a bit so that you can get better rates. A prequal with Cap1 is a good sign that you can get approved elsewhere. I also got approved with DCU and Toyota Financial Services with a limited credit history, but our profiles and scores are different so it’s hard to compare. I’d wait a little bit, especially if you can save a little more for a down payment, which is always a plus for lenders.