cryix47 Posted April 11, 2005 Report Share Posted April 11, 2005 Hello,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.Thanks! Link to comment Share on other sites More sharing options...
goldkelly Posted April 11, 2005 Report Share Posted April 11, 2005 I purchased an Acura RSX ... Honda tends to be a little tough. They like things to be paid off ... Plus your interest is going to be really high I think. Link to comment Share on other sites More sharing options...
cryix47 Posted April 11, 2005 Author Report Share Posted April 11, 2005 Cant they look into an underwriter for me? And what about 1st time buyer programs? Link to comment Share on other sites More sharing options...
goldkelly Posted April 11, 2005 Report Share Posted April 11, 2005 I don't know if Honda will look for an underwriter, but you could look for financing outside Honda yourself. I'm not sure there is a first time buyer program for a car ... Link to comment Share on other sites More sharing options...
jq26 Posted April 11, 2005 Report Share Posted April 11, 2005 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! Link to comment Share on other sites More sharing options...
score booster Posted April 13, 2005 Report Share Posted April 13, 2005 It would help if you could list whether these co's are paid or not, the recency of them, and most importantly, your fico's! Link to comment Share on other sites More sharing options...
kevin3344 Posted April 13, 2005 Report Share Posted April 13, 2005 (edited) 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.________Web shows Edited September 9, 2011 by kevin3344 Link to comment Share on other sites More sharing options...
DocDon Posted April 13, 2005 Report Share Posted April 13, 2005 Five charge-offs is pretty severe.You're opening yourself up to getting taken for a ride if you walk into a dealership. They just loooove people with bad credit who need a car. Link to comment Share on other sites More sharing options...
score booster Posted April 13, 2005 Report Share Posted April 13, 2005 Actually kevin3344, the charge-offs are actually quite relevant; especially the recency, but also whether they were auto related or not. The auto scoring model takes this into consideration. Link to comment Share on other sites More sharing options...
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