hermyak Posted January 29, 2008 Report Share Posted January 29, 2008 Ok,i have a FICO of 690.i have no revolving debt and no outstanding debt whatsoever.my gross income is 6000.00 a month. i live in los angeles.i have a ch 7 bankruptcy filed in feb of 2002.i have a previous auto loan for 12,600$ from dec 1994 that was closed on jun 1999 and shows on the three bureaus as the followingex-paid satisfactorily, eq-paid account-zero balance, trans-closed.basically, i had a lot of problems with the car and i took back to the dealership and told them to shove it. the way it appears is that this is not hurting me.i also have a satisfied GMAC that was paid off from a car crash in 1989, but i dont see that one at all on the report. my question is since my fico score is 690, i have been with my job for over one year and 6 months, at my current residence for the same, what are my chances of getting a good car loan with say 2000.00 down?also my consumer info PLUS score, (which i think is a bunch of BS) is EX-714i would prefer a lease, but i am open to buying and different styles of cars. i basically got credit scared in 2002 when i had my BK and fell into "pay for everything cash" mode out of fear of doing it again. now i am financially stable and haven't had any credit for 6 years or so. the only thing i've had since then was i bought my HD t.v. from a rent to own place and made every payment on time and it shows as paid in full on my report as of aug 2007. what are my chances? thank you so much for reading. Link to comment Share on other sites More sharing options...
AboveAverage Posted January 29, 2008 Report Share Posted January 29, 2008 Ok,i have a FICO of 690.i have no revolving debt and no outstanding debt whatsoever.my gross income is 6000.00 a month. i live in los angeles.i have a ch 7 bankruptcy filed in feb of 2002.i have a previous auto loan for 12,600$ from dec 1994 that was closed on jun 1999 and shows on the three bureaus as the followingex-paid satisfactorily, eq-paid account-zero balance, trans-closed.basically, i had a lot of problems with the car and i took back to the dealership and told them to shove it. the way it appears is that this is not hurting me.i also have a satisfied GMAC that was paid off from a car crash in 1989, but i dont see that one at all on the report. my question is since my fico score is 690, i have been with my job for over one year and 6 months, at my current residence for the same, what are my chances of getting a good car loan with say 2000.00 down?also my consumer info PLUS score, (which i think is a bunch of BS) is EX-714i would prefer a lease, but i am open to buying and different styles of cars. i basically got credit scared in 2002 when i had my BK and fell into "pay for everything cash" mode out of fear of doing it again. now i am financially stable and haven't had any credit for 6 years or so. the only thing i've had since then was i bought my HD t.v. from a rent to own place and made every payment on time and it shows as paid in full on my report as of aug 2007. what are my chances? thank you so much for reading.One good indicator to see how your credit is to apply for credit at department stores. With a 690 score and no debt, you will probably want to start there. This isn't to say go buck wild and USE whatever credit you get, just see how you stand with them. If you are getting decent limits, IMO, you would probably get a good rate on an auto loan.Just curious, what were you looking to get (i.e. what kind of car)? Link to comment Share on other sites More sharing options...
jq26 Posted January 29, 2008 Report Share Posted January 29, 2008 Your chances are excellent. You will get financing with no problem. Link to comment Share on other sites More sharing options...
chele444 Posted January 29, 2008 Report Share Posted January 29, 2008 i would prefer a leaseLEASE?????? Link to comment Share on other sites More sharing options...
McG Posted January 30, 2008 Report Share Posted January 30, 2008 I've had a lot of success with Capital One's auto loans. I filed BK about the same time you did and bought and have financed two $30k+ autos with them - one 3 years ago and one 2 years ago. The first loan was at 8.95% low 600 FICOs and the second was at 7.25% with mid to high 600 scores. Both times, I was put in their "Custom Finance" program, but was approved in less than 10 minutes and had my "Blank Check" the very next day (extra charge for the overnight service). I use auto-debit to pay and have been very pleased with their service. They even let me change my payment date so it would be after the middle of the month. Their loans are simple interest (not compound like mortgages) and you can finance as little or as much as you want (no down payment required, and no math games with the dealer aka "what do you want your payment to be...").Avoid e-Loans - their rates SUCK and there service was terrible when I tried them.If you lease/buy new, Ford/Mazda is supposed to be the easiest, though I was approved at a Porsche dealer with no problems, so I think your best bet is to see what Cap1 gives you then go to your dealer of choice and see if they can beat 'em. Link to comment Share on other sites More sharing options...
hermyak Posted January 31, 2008 Author Report Share Posted January 31, 2008 cool. thak you for your replies so far.right now i am kind of looking at like an 06 audi A4 or something equivalent in the 25k range or so. putting down 1500-2500 is possible. Link to comment Share on other sites More sharing options...
hermyak Posted February 4, 2008 Author Report Share Posted February 4, 2008 anyone else want to weigh in. looks like this weekend is the weekend im going. Link to comment Share on other sites More sharing options...
jq26 Posted February 4, 2008 Report Share Posted February 4, 2008 Go to a credit union or two first and get qualified for the best rate you can. Then when you go, get the best financing you can through the dealer. Since you will have the approval from the credit union, if they have not already, tell them to beat your CU deal by at least 1% to get your business. Still think you are looking at a serious monthly payment. $25k + tax and fees is roughly $26,500. Assuming 7% and a $1500 down payment, you are looking at $600/month for 48 months. Good luck. Link to comment Share on other sites More sharing options...
hopelesscred Posted February 4, 2008 Report Share Posted February 4, 2008 Based on your scores, I dont think you will have an issue with financing. As others have said--you need to consider getting your own financing before walking into the dealer. Are you trading in? if so, do u know how much your car is worth?Second...I strongly suggest that you go for a certified vehicle with an extended warranty. Audis can be quite expensive to repair.Make sure that you know what the car is worth. Do all your research, get the black book price for the car (not Kelly blue book)lastly-consider going president day weekend or the end of the month when their sales quotas are due Link to comment Share on other sites More sharing options...
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