auto loan - FICO @ 632???

[Anonymous]

Thanks to all the wisdom on these boards, I've managed to raise all 3 scores from the 530's to the 630's since May (hooray and HUGE thanks!)

Fico is sitting at 632 right now and I'm wondering about getting about a $20k car loan for a $35000 vehicle with $15k down (combined cash and trade).

Income is high at low six figures and debt is at zero, with 2 older charge offs and 4 paid collection accounts still reporting through the end of this year.

If I'm willing to take the rate hit, can I expect to be approved right now?  And if not, at what score range am I "safe"?  I'm anticipating getting to between 650-660 over the next two months, then closer to 700 as old baddies start to drop in the last few months of this year.

Thanks in advance for the wonderful feedback I've grown to expect here.

**also - given the credit problems of the PAST, I've only paid cash for vehicles, so no vehicle financing history as pertains to the enhance auto loan fico score.

Message Edited by knockinitout on 06-17-2009 07:19 PM

Message Edited by knockinitout on 06-17-2009 07:23 PM

Message Edited by knockinitout on 06-17-2009 07:26 PM

[Anonymous]

From my own experience, I had FICO 610 when I got approved for a car loan.  The issue was rate is at 16% with 1K down on a used minivan (only 1 yr old at the time of purchase)

Also, the inquiries on my credit because of this are ridiculous....  I found out that this guy tried 6 different places (including Chase, Citi and Chrysler-which usually need excellent scores/history to qualify) before I was approved.  He knew my need for not many inquiries.....but did it anyway, just to approve me.....*rolls eyes* 

Anyway, my advice would be to ask who their finance co is and ask if you do happen to be denied, who they subsequently apply to for approval.  Go from there.....(after finding out I personally would come on here and ask around about scores or how easy/difficult it is to get approved w/ that co.)

The dings on these hard inquiries?  Not worth it as far as I'm concerned, esp if you have mucho $$ to buy a car out right...These inquiries (with no benefit- no loan or good rate) has cost me many points and won't come off until JULY 2010!!  (I applied June of 2008!!!)

Good Luck!

[Anonymous]

Thanks for the feedback.  Even though I know I should shop around for rates, I'm likely going to go with Wells Fargo as I have several accounts with them and a solid realtionship with a personal banker.  At this point I'm willing to take the rate hit as I will pay off the loan long before the duration ends, and I would like to avoid the multiple inquiries issue if at all possible...