Will I get a loan?

[Fyx]

Hey all,

I'm looking to get an auto loan over the next month and I was wondering what chances I have.

My history isn't great nor is it long. Current EQ score is 600, TU is 615. I'm 28 and I only have 6.5 years of credit history, which I know hurts.

Annual Income: 50,000

Downpayment: About 9.5k cash and 4.5k trade in, so total about 14k.

I'm looking for a loan of about 25k. I know my rates will be on the high side, and I've calculated what monthly payments would fit into my budget. I know what I can afford, but the question is, will I get the loan I ask? If so, is a local CU the best choice or Capital One?

I have 1 charge off credit card for about $83, yes that low, and 2 collections. One paid off of about $200 and another for a bout $850. How much do these hurt? Should I pay either off? Will it help? The collections are about 5 years old, but my credit card is more recent, about 1 year old.

What are your opinions? Thanks.

Edit: Forgot to say, I have no previous laons, auto or otherwise. I was fortunate enough to have parents that could afford my college tuition and first car.

[Creditaddict]

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@Fyx wrote:

Hey all,

I'm looking to get an auto loan over the next month and I was wondering what chances I have.

My history isn't great nor is it long. Current EQ score is 600, TU is 615. I'm 28 and I only have 6.5 years of credit history, which I know hurts.

Annual Income: 50,000

Downpayment: About 9.5k cash and 4.5k trade in, so total about 14k.

I'm looking for a loan of about 25k. I know my rates will be on the high side, and I've calculated what monthly payments would fit into my budget. I know what I can afford, but the question is, will I get the loan I ask? If so, is a local CU the best choice or Capital One?

I have 1 charge off credit card for about $83, yes that low, and 2 collections. One paid off of about $200 and another for a bout $850. How much do these hurt? Should I pay either off? Will it help? The collections are about 5 years old, but my credit card is more recent, about 1 year old.

What are your opinions? Thanks.

Edit: Forgot to say, I have no previous laons, auto or otherwise. I was fortunate enough to have parents that could afford my college tuition and first car.

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What kind of car do you want to buy?

NEW? Purchase or Lease?

You want to put down $14k and still need another $25k in a loan?

CU is almost ALWAYS going to be your best option... How soon are you looking to do this?

[Fyx]

I'm looking for a new car through Chevy and I'm looking to do this soon since the price of my trade is is about to go down since it's really close to the 100k miles mark. I'm looking to purchase it, I don't want to lease.

If I'm not a member of any CU, would it still be my best option to go in, ask for a loan and set up an account? Or do I have to be a member of one for a while before getting a loan?

Thanks in advance for your input!

[Creditaddict]

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@Fyx wrote:

I'm looking for a new car through Chevy and I'm looking to do this soon since the price of my trade is is about to go down since it's really close to the 100k miles mark. I'm looking to purchase it, I don't want to lease.

If I'm not a member of any CU, would it still be my best option to go in, ask for a loan and set up an account? Or do I have to be a member of one for a while before getting a loan?

 ion

Thanks in advance for your input!

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Some will let you apply and then if approved you would have to go in and fund a savings account with $5-$50 depending on CU.

But Id probably drop by one and do it if you can.... I think everyone should start a reputation with a CU if you don't use for a long time... My friend used his for the first time since he had opened it back in college so about 6-8 years I guess he had it open... he got almost 1.5% better then BMW could AND he got another .49% for doing auto pay from savings to loan!! so basically like a 2.49 or 3.25% i think it was!

he was buying used, little older, etc. so that was a fantastic rate.

[Fyx]

Another question. I'm looking to order a car that's not on the lot and is going to be built by chevy. It's going to take about 6-8 weeks. My dealer says they need proof that I'll be eligible to get a loan, either through them or through a CU or my bank. Meaning I need to get approval from someone before pre-ordering the car. From my understanding, most loans are only good for 30-45 days, and I'll have to re-apply after that period. Will this ding my score twice? When I pre-order it then when I actually need the financing?

[tcbofade]

This is another plus for your local CU.

It MAY be possible for them to set up the loan, guarantee it, but hold it for up to 60 days while Chevy builds you a car.

Go see your CU.  (Then go to a FORD dealer...  )