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second car loan after rebound

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Valued Member

second car loan after rebound

I am considering a loan for a second vehicle. The unfortunate reality is that I put myself in a bad credit situation between 4 and 5 years ago. No bankruptcies, repossessions or charge-offs but several serious delinquencies 60 to 90 days. Nobody to blame but myself. Fortunately I think I have the ship headed in the right direction but not fully there yet. I would like to get a second vehicle for the summer but not sure of my likelihood of getting approved for slightly used at a decent rate for around 5 year note. My credit utilization is slightly high at around 45 percent but I could pretty easily have it down to 25 to 30 percent by April when I want to do this. Last late on anything was a 30 day 2 years ago (oversight). Have a current auto loan with 4 years positive history and 2 credit cards 2 yrs old.Current non auto ficos 704 704 720. I think by getting my utilization in order I can get all numbers in the 720 + range shortly. Problem is all the bads from years ago will cause some lenders to automatically dump me into the bad bucket. I was recently declined by my own bank for a refinance but they are self admittedly strict on underwriting standards. What do you think are my chances of making this happen at a decent rate? Any major lenders I may want to consider? Thanks.
Message 1 of 6
5 REPLIES 5
Epic Contributor

Re: second car loan after rebound

2nd new or used?

New probably won't be an issue at all to get the advertised specials

 

Message 2 of 6
Valued Member

Re: second car loan after rebound

Second car would be a used 2014 through a dealer. Perhaps certified used? I have to get this utilization thing in order and updated before I do. DTI should not be an issue. Looking at a 2014 Ford mustang gt. Thought about the 2015 but don't care for the body revisions of the new model. Any reputable lenders I should consider for my situation? If I cannot get a loan at a decent rate I will probably pass on it. As bad as I would like one I am trying to keep it in perspective that this is a WANT not a NEED. Thanks for the advice and any more input would be appreciated.
Message 3 of 6
Epic Contributor

Re: second car loan after rebound


@grasshopr961 wrote:
Second car would be a used 2014 through a dealer. Perhaps certified used? I have to get this utilization thing in order and updated before I do. DTI should not be an issue. Looking at a 2014 Ford mustang gt. Thought about the 2015 but don't care for the body revisions of the new model. Any reputable lenders I should consider for my situation? If I cannot get a loan at a decent rate I will probably pass on it. As bad as I would like one I am trying to keep it in perspective that this is a WANT not a NEED. Thanks for the advice and any more input would be appreciated.

FORD ALL THE WAY... they have probably close to 0% if not 0% for 14 and 15 models and most likely for certified too. they are easy lender too.

Message 4 of 6
Valued Member

Re: second car loan after rebound

Looks like I may be trying with Ford Credit. Too bad all their info on me is off of my credit reports. I have bought two new pickups in the past through them with no problems. One paid off in 1998 and the other paid off in 2005. Both paid off in full before my credit mishaps. Too bad they don't weigh repeat customers since it was so long ago. Thanks again for the input. I just did not know how lenders would view having two car loans at the same time as I have heard it can be problematic even though I have carried it for 4 years no problem. And my income can support two payments pretty easily. First one is my work truck and it will be paid in full in a couple years at most (trying to pay off early). It's been a good one and I have no intentions of trading it off when I probably have another 8 years left in it.
Message 5 of 6
Valued Member

Re: second car loan after rebound

When I referred to "carrying it for 4 years no problems" I was referring to my first loan. They should see 4 years no lates on this auto account when they pull me.
Message 6 of 6
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