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Auto Loan for Acura RSX

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I am writing this see if I would be able to get a loan based on my credit issues. I am planning to buy a house with my boyfriend but it will be in FL(Im in MD). I will need to purchase a new car but I will be the one filling out the credit app. My question is... I have 5 charges offs,is it likely that I will be able to obtain a loan for this car? My boyfriend said that he would put down some money for it but he dosent not want to co-sign for safety reasons. I also have no history of a major loan such as an auto loan renting or home loan. The car is invoiced at 21,579.00. Any info would be greatly appreciated.


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Try a credit union! They are usually pretty forgiving. If they will not finance you- then just a friendly suggestion- maybe you should consider buying a low priced used car? Late last year, I sold my Ford Explorer XLT and bought a used older Honda Civic to get back and forth to work in. Not my idea of rolling in style, but it allows me to put an additional post tax $900 per month in the bank, which is $11,000 per year! I think when you factor in the high interest payments you will have and the usually skyhigh car insurance on a brand new car, the 'cost' of the new car is huge.

Just worth a second thought before signing on the dotted line!

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The first thing you need to do is pull your FICO scores, all 3. Forget about the charge offs (paid or not), the fact they are on your CR is enough. It doesn't really matter how they got there. Doesn't mean you can't get the loan though.

Take your middle FICO score into a bank or credit union (your choice) and ask them, "With this middle FICO score, and this much down, how much could I qualify for?". They will probably tell you, "With a middle FICO score of this, you need this much down, and you qualify for this much." That should give you some idea as to which direction you should go. Of course, your salary plays a large part, too, so the more you make the better.


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Edited by kevin3344
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