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About a year ago I started getting serious about fixing my credit I started out at 554 and am currently at 620 now im trying to get a car would appreciate some guidance on my chances on getting approved. My postive trade lines are 4 current student loans($200 a month and i owe 13k total) and 1 credit card with a $300 limit that I always pay off in full theses are the only debts I have monthly because I do not pay rent or have a current car note. The negatives are a collection coming off very soon its 7 years old so im not sure how much if anything it will increase my scores, and I have a charge off of $1500.
Credit Score:Ex-622 Eq-622 Tu-627
# of positive trade lines:5
# of negative trade lines:2(Currently waiting on PRA to remove a settled collection so should be 1 soon)
Income:3200
Length of Employment:3
Previous Loan Experience: First auto loan
Debt-to-Income (DTI):7%
Year of Car:2019
Miles:new
Purchase/Refinance: purchase
Requested loan term (XX Months):60 months
Down payment amount:0
Co-borrower/Co-Signer:No
Amount needed:$30,000
credit history is 10 years
The question isn't really if you'll get approved, it's what rate will you be approved at. Literally almost everyone can be approved. If you want a starting point to go off of without taking a hit, try the prequal on cap1 and carvana. It'll give you a rough idea of where you stand. If they're over 10% you need to figure out what it is that's triggering the high rate. If it comes in under 10%, you should be good to go to shop for financing. At that point, you can look at dealer financing or credit unions.
@Brian_Earl_Spilner wrote:The question isn't really if you'll get approved, it's what rate will you be approved at. Literally almost everyone can be approved. If you want a starting point to go off of without taking a hit, try the prequal on cap1 and carvana. It'll give you a rough idea of where you stand. If they're over 10% you need to figure out what it is that's triggering the high rate. If it comes in under 10%, you should be good to go to shop for financing. At that point, you can look at dealer financing or credit unions.
+1
@pinkandgrey wrote:
@Brian_Earl_Spilner wrote:The question isn't really if you'll get approved, it's what rate will you be approved at. Literally almost everyone can be approved. If you want a starting point to go off of without taking a hit, try the prequal on cap1 and carvana. It'll give you a rough idea of where you stand. If they're over 10% you need to figure out what it is that's triggering the high rate. If it comes in under 10%, you should be good to go to shop for financing. At that point, you can look at dealer financing or credit unions.
+1
+2
Thanks for the tips, I checked out carvana and got 20% and cap1 8% 'm not sure what happened with carvana but cap 1 seems to be more accurate(at least i hope it is) .
There is no reason to wait, take the Cap1 pre-qualify and run...
8% is good, don't listen to the hype around here, people boasting about paying near zero interest on credit cards and car loans. If you pay 8% for the life of the loan and were ignorant to refinacing then it's not that great.
Grab the CapI deal, find the car you want, get it refinanced in 90 days or 6 months. You can often cut your rate in half after 6 months of on-time payments.
I got a new car loan from TD Auto and it was 4.65%. The lowest rate I could get in a refi was 1.99% and it wouldn't have made much difference.
@Dj4Money wrote:There is no reason to wait, take the Cap1 pre-qualify and run...
8% is good, don't listen to the hype around here, people boasting about paying near zero interest on credit cards and car loans. If you pay 8% for the life of the loan and were ignorant to refinacing then it's not that great.
Grab the CapI deal, find the car you want, get it refinanced in 90 days or 6 months. You can often cut your rate in half after 6 months of on-time payments.
I got a new car loan from TD Auto and it was 4.65%. The lowest rate I could get in a refi was 1.99% and it wouldn't have made much difference.
+1
I Think I probably will go with the cap1 offer ,im just waiting to hear back from one other credit union to see if I can get something better.
edit:I heard back from the credit union and was suprised to hear I was denied for insufficient credit history which is weird because ive had credit for over 10 years and have credit card and student loans on my report. Not sure what happened but I may try DCU next to see if I get the same response.