What should I expect?

[Anonymous]

Hi all, 

Forgive me if this topic has been recently discussed. My wife and I are looking to purchase a car in the near future. My credit score is around 620 fico (experian), and 668 vantage. My wife has a fico of 715 (experian) and a vantagescore of 735. We are planning to apply for the loan together. She has no income and I make around 110,000/year. We aren't looking for a huge loan, between 10-15k. 

Is my credit going to significantly drive up interest rates? or will my wifes good credit and my income allow us to achieve a decent rate? I'm hoping to be below 7%. Thank you in advance for any input. 

[Anonymous]

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@Anonymous wrote:

... My credit score is around 620 fico, and 668 TU. My wife has a fico of 715 and a TU of 735 ... 

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I'm confused -- TU is a Fico score. One of the many different Fico scores. Where are you getting your numbers from?

[Anonymous]

Sorry I meant Vantagescore @James_A

[Anonymous]

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@Anonymous wrote:

Sorry I meant Vantagescore @James_A

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Auto lenders use Fico not Vantage -- and there is many times a wide variance between the two. If so inclined you can learn your Fico 08 scores here for free. 

[Dj4Money]

 Never use Vantage scores nobody who makes critical credit decisions does.

 Buy your reports and scores here on the website.

 Ally Bank, DCU = Equifax 

 Ford, Toyota, Honda, Nissan, Carvana = Experian

 Capital One = Transunion for decisions, but will pull all three (soft pull on Navigator)

 580-669 Tier 2 

 670-750 Tier 1

 That zone is where you will get lowest rates. If you are the sole income earner that isn't a problem as long as your DTI (debt to income rato) is good.

 Try Capital One's Auto Navigator, easy soft pull. HP is only at the dealership to confirm who you are. Don't let dealers run your credit if you decide to go with Capital One, it's your protection against rate buying by the finance dept. 

[Anonymous]

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@Anonymous wrote:

Hi all, 

Forgive me if this topic has been recently discussed. My wife and I are looking to purchase a car in the near future. My credit score is around 620 fico (experian), and 668 vantage. My wife has a fico of 715 (experian) and a vantagescore of 735. We are planning to apply for the loan together. She has no income and I make around 110,000/year. We aren't looking for a huge loan, between 10-15k. 

Is my credit going to significantly drive up interest rates? or will my wifes good credit and my income allow us to achieve a decent rate? I'm hoping to be below 7%. Thank you in advance for any input. 

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What all is holding your score down?

I would look at trying to clear up any easily fixable issues, especially small collections. Maybe look at sending goodwill letters for late payments or pay-for-delete requests to collections. Reduce card utilization. You have a very solid income so fixing some of that should be doable.

Try to get close to 700 if you can. Otherwise, expect a higher than wanted interest. You'll get approved, but will pay for it.

[Anonymous]

I have two 60+ late payments from 3.5 years ago that are reported as serious delinquencies on my credit report. I imagine that is what is affecting my score. Also most of my credit cards I've had open for less than 3 years, the longest being 6.5 years. 

[Anonymous]

According to the capital one auto navigator they have me at a 4.77%APR with a 12,000 loan over 48 months. That sounds a little too good to be true. If that is a legitiment offer I would take it in a heart beat. 

[Mv350]

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@Anonymous wrote:

According to the capital one auto navigator they have me at a 4.77%APR with a 12,000 loan over 48 months. That sounds a little too good to be true. If that is a legitiment offer I would take it in a heart beat. 

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The auto navigator is actually an extremely solid offer. That is how I bought a car in Nov. 2018. I took the offer to a dealership that works with Capital and I gave them the offer and picked out my car. They tried for Ford motor credit, for which I didn't qualify, (I approved this INQ), they then used the offer I brought them. Cap1 was pretty awesome to deal with, especially for all the negatives including my reposession that hadn't fallen off yet. 

[KLEXH25]

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@Anonymous wrote:

According to the capital one auto navigator they have me at a 4.77%APR with a 12,000 loan over 48 months. That sounds a little too good to be true. If that is a legitiment offer I would take it in a heart beat. 

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Congrats! That is a solid offer from Capital One.