What should I expect?

[Anonymous]

I need all the input I can get from credit experts. I so much appreciate this forum.

I am about to finally buy a new car. I have had my Dodge Caravan since 2002 and it's paid off with excellent Chrysler credit. No late payments, paid in full 2006..still shows up on my credit report. Now here is where my numbers get a bit sticky:

I did a BK7, discharged 2011..it was all medical bills (bone marrrow transplant, very costly)

My scores are as follow:

669 EQ

649 TU

681 EX

Ex Fico 8 score is 699..Fico 2 score 703

No debt. Capital One three credit cards..10,000 credit line..my balance is 201.10..my debt ratio is super low.

I was looking at the following cars and hoping they would go by Ex credit numbers.

Kia Soul

Nissan Cube

Jeep Patriot

I am just putting my van as trade in..no cash unless I really need to..

Any opinions on my numbers? Should I wait till I get over the 700 number mark? I can wait a few more months if it will be better..

Thanks way in advance!

[Anonymous]

If you can squeak over 675 EQ, DCU gives top tier to that. I don't know how they are with other things on the CR though. 

[Anonymous]

That's what I was thinking. My EQ score is pretty low compare to EXP. I am waiting for the next month update since I pretty much paid my credit cards down to almost no balance.

I apologise, being so new to credit lingo...lol..but what is DCU?

And if I have been with USAA since 1991..will that help me maybe financing with them?..Good credit with them..never missed insurance payment..heck no tickets or anything..

[Anonymous]

Digital Federal Credit Union

https://www.dcu.org/index.html

[Anonymous]

One part of the getting the deal done that you didn't touch on, that will have a big impact. Income. And since you said "new", I'm going to assume you mean 2015 models on those cars.

It's a safe bet that each of those is about $16,000, so on a 4 year loan it's a good $300 and up payment, depending on interest rates you get. Less if the rate is less of course. Much much more if the rate isn't good. 

New car insurance...$250 and up I think. 

Is the $550-700 and up range monthly something you can swing?

[Anonymous]

I think those insurance numbers are potentially way high for someone who bought a 2002 car new (not super young ) and who may or may not live in a city where auto insurance is crazy. But, I'd definitely check with your agent or an online place to see what it would be. 

ETA: The insurance on DH's 2015 Golf AND my 2010 Jetta Sportwagen was about $150 a month with high deductibles and I think it went to $180 when I lowered the comp deductible. Hight BI/PD limits as well. 

[Anonymous]

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@Anonymous wrote:

One part of the getting the deal done that you didn't touch on, that will have a big impact. Income. And since you said "new", I'm going to assume you mean 2015 models on those cars.

It's a safe bet that each of those is about $16,000, so on a 4 year loan it's a good $300 and up payment, depending on interest rates you get. Less if the rate is less of course. Much much more if the rate isn't good. 

New car insurance...$250 and up I think. 

Is the $550-700 and up range monthly something you can swing?

---

My income is around 36,000 to 38,000 annually...I am self-employed, been doing the same job for 20 years..

I really forgot that I would need to get full cover again for the new car and I do remember the most I paid through USAA was around 150 monthly..I am 52 years old now and I have been driving since 15 and never had a ticket or accident..Knock on wood..lol...

It's been so long since I bought a brand new car ( My Dodge Caravan)..felt so good being car payment free since 2006..

I am hoping to get a really low interest rate..and I know I will have to cut down on buying Stratocasters ( my passion)..

Martica

[Anonymous]

Being able to be a member of something like USAA can make a BIG difference on rates for sure. 

Also, the state you live in. I'm in Louisiana....and the insurance companies are legally allowed to get away with highway robbery most of the time. 

[Anonymous]

I'm in Florida..The Tampa Bay area..

[Anonymous]

I think you will be Ok with the Nissan or Kia.  I have been reading a lot lately about Nissan and Kia and financing ppl with much more questionable scores.  I have not read about liberal Jeep financing lately with Chrysler so not sure.

A BK7 for medical four years ago doesnt sound like a show stopper to me, but again, no personal experience here.

If it were me, I would ask USAA if they could predict a loan app for you, about 20k should be sufficient for each of the first two cars.  I also have a long relationship with them for insurance but not with credit.  I'm guessing a long insurance relationship counts only slightly and only on manual review, but it does show reliable payment.

If USAA doent work out, I would consider finding a Cube or a Soul that I like and telling the dealer to only pull one or two lenders for credit rates.

I know there is a Kia dealer here that guarantees you will have financing from them if you have income.  I took my brother there and he had really poor credit and they did make a finance offer, but it was 21 or 25 percent, dont remember.  In fact, they dont want to show you a car until you can either prove financing or you apply for it with them.

I am in the 'try it' camp for you, but its just IMHO.

hth