I'm shopping for a car loan. I found a 2005 Mercedes E320. Total with Tax, etc is $23,987.15. I am putting down $5,000. I applied for a loan with a bank and a credit union, both pulling TU. Both told me my Auto Enhanced TU score is 640. Both declined! I don't know why. Loan to Vehicle value is less than 70%. My DTI is 3%. My CC util. is 0%. I have do have a couple charge offs from 3 years ago that are paid, and a paid medical collection from 2 years ago. Roadloans approved for $18,000 at 15.xx%.
I thought i would be able to get a CU loan with a 640 credit score.
This is upsetting.
Any input guys?
06/11/08 - TransUnion - 625 Equifax - 649 Experian - 605
07/01/08 - TransUnion - 625 Equifax - 658 Experian - 615