Prepping for Auto Loan Application...

Neblett · ‎07-05-2007

I'm finally getting my scores and reporting where I need them to be to feel comfortable with the task of applying for an auto loan.

I will be first trying at my credit union - they have the best interest rates (their max. APR is 5.9% lower than the state's max. APR rate), and you just have to be a member of the CU to apply.

Now, of course, because it's me, and my luck has abandoned me this year, my CU only checks EX scores and reporting for auto loans. EX is my middle score - upper 500s/lower 600s. And EX has the largest percentage of derogatories on it (although 2-4 may disappear soon because of GW letters and a PFD). AND they are the CRA that refuses to take the repo comments off my credit report, per Ford's instructions as part of a settlement I made with them.

Should I just be honest and up front about the repo and the extenuating circumstances and explain that I have worked diligently for 5 months repairing my credit in the wake of the repo, or wait for them to bring it up?

Anonymous · ‎07-05-2007

I might hold off on the CU for now... Try first with a loan against a savings account. Then ask for the Car loan.

Rob

Message Edited by FICO_Focused on 07-05-2007 11:56 PM

Tuscani · ‎07-06-2007

What are your other two scores?

Meadows CU is good and they pull TU only, YMMV.

Anonymous · ‎07-06-2007

Don't restrict yourself to your credit union. Many will allow you to apply for a loan even if you're not a member. I applied at a local credit union I saw advertised on TV. They approved me, but at a higher interest rate than my own CU. When I told her they said they would match the rate of my credit union if I went with them. I decided to go with my own just because I've been dealing with them for so long, but there are other options. Also, even though my CU denied me about a year and a half ago when my scores were much worse, they only pulled EQ then, this time they pulled both EQ and EX, so there's no real way to tell absolutely who will pull what.

Neblett · ‎07-18-2007

I got the auto loan from my credit union!!!

FICO Scores:

TU: 531

EQ: 643

EX: 604

Max. price of car: $15500

My rates:

55-60 mos: 9.2%

61-66 mos: 9.45%

67-78 mos: 10.45%

So happy! And such a journey from my 420 FICO in April!