I am looking at 2 cars - forester and crv. I have quotes on both cars and I would need a loan for approximately $23,000 max
MSRP is about 25,000 on both including delivery.
Invoice is about $23,500 on both (I got quotes through costco auto for $23k and 23.5k)
My current car is a 2004 saturn ion quad coupe with 60,200 miles.
My payoff is $4500.
KBB and Intelligent price absolute low ball trade in numbers are $4200. Optimistic is $5700. I'm being pessimistic and saying $3000 but I probably won't trade it in for less than $3500 or $4000.
DE tax title and tags will be about $950
So assuming I get a the costco price at 23,500 and roll over 1500 (pessimism) add in the 950 for TTL and we are at 25,000. I have 2000 or 3000 to put down. I am assuming that it will be a $23,000 loan going with the worst case all around.
My fico scores (from here) are as of May 16, 2009 when I pulled TU and EQ from here (both about 645-655). They haven't budged in a month. I have all collections (5 or 6) paid off except one for $2500 which is 6 years old. (Disputing and I wont pay it off until they provide me with how they got that number from a $600 debt) I had my car repod 3 years ago but it was paid off and returned to me. Someone else holds the loan now and I pay them each month. 3 other car loans on there all paid in full as agreed. I have one credit card with a $375 limit and $20 balance. AAA is 6.5 years and I my oldest account is 11 years. No other debt except my car insurance ($100) and monthly cell phone bill ($90) I pay my parents rent but there is no contract and they said not to report it when I apply. I do not pay for child care and groceries are included in my rent.
My income is 33,100 a year . Between child support and my income I TAKE HOME 600 a week.
I can easily afford 500 + for a car payment. My current payment is $310 (but I pay about an extra $100 a month)
Given this scenario, who is a good place to go to get preapproved for a loan up to 25,000? I want to make sure I can get ANY approval before I go to the dealer and apply. That way I have a back up plan. I called my bank and they won't let me apply until I have a vin number and contract.
Thank you for your help. I hope I wrote this clearly.
