Hi everyone, I have a question about obtaining a car loan. My credit: Providian Gold: $1150 limit, 11/00 Aria Persona: $951 limit, 12/00 Cap One (secured): $200, 01/01 *All of these cards are reported to the 3 CBs and are in good standing* Fireside: Car Loan (48 mos.) for approx. $12,700 @ 20%? since 4/01. *This appears on Experian, don't know about the other 2.* The only derogs on my reports are Equifax (Paid collections-$33) and Experian (Charge-off $507, currently disputing since it's not mine). Here's my question. I want to get a fairly new used car for myself (Honda civic or CR-V, or VW Jetta), but do you think anyone would finance another car for me? I'm worried that the current loan is too new and that I still owe too much. I make almost $30/year, and don't pay rent or owe anything except my credit cards. I was planning on putting about $1000-2000 down, depending on how much I get back from next year's tax return. I'm not in a hurry, but am eager to get into a nicer/newer car...I drive an 85 Buick Century right now (which, BTW, is very reliable...I got it for $900). Anyway, any input would be greatly appreciated. Thanks, SD
I think it would all depend on the dates of your derogs. If they're over 2 yrs old, then I wouldn't worry. Try joining a credit union, or financing through the auto maker. I'm in the midst of buying a new car. I was turned down by my credit union (recent errors...yippee), but the loan manager took time to talk to me & told me exactly what needs to be fixed in order for me to get a loan. In the meantime, my dad is co-signing for me (embarrassing at my age, but you gotta do what you gotta do) and we're going through Ford motor credit at prime interest. BTW, the last time I went car hunting (a year ago) I went to one dealership but ended up with a dozen inquiries. This time, when they wanted a copy of my license, I wrote on the copy "not an authorization for credit inquiries". If they do that anyway, I can sue.
