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trying to Fixing my credit will i be approved for auto loan?

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trying to Fixing my credit will i be approved for auto loan?

 

 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

16 REPLIES 16
Community Leader
Super Contributor

Re: trying to Fixing my credit will i be approved for auto loan?

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.







Message 2 of 17
Community Leader
Valued Contributor

Re: trying to Fixing my credit will i be approved for auto loan?


@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

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Message 3 of 17
Valued Contributor

Re: trying to Fixing my credit will i be approved for auto loan?


@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

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Message 4 of 17
Highlighted
Member

Re: trying to Fixing my credit will i be approved for auto loan?

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) .

Message 5 of 17
Valued Contributor

Re: trying to Fixing my credit will i be approved for auto loan?

When do you plan to purchase the vehicle?

I would recommend waiting for PRA to remove the derogatory. Hopefully, with a deletion will increase your score, giving better odds at a lower APR.

You can request Early Exclusion for your other collection.
TU 6 months early
EX 3 months early
EQ 1 month early. Do not recommend EE.

Check into DCU. They offer new car loans. They are an EQ puller. I'm not sure which FICO model for auto loans.
Message 6 of 17
Established Contributor

Re: trying to Fixing my credit will i be approved for auto loan?

 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.

 

 

Message 7 of 17
Established Contributor

Re: trying to Fixing my credit will i be approved for auto loan?


@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 

Message 8 of 17
Contributor

Re: trying to Fixing my credit will i be approved for auto loan?

DCU uses EQ Mortgage scores for all products.
Message 9 of 17
Member

Re: trying to Fixing my credit will i be approved for auto loan?

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.

Message 10 of 17
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