MarvBear please help me!!

[KBEZON]

Hello i just need some information I bought a car 10 months ago pyaments on time but now I need a bigger car,I owe $19000 I have an offer of trade of $18500... Here is some of my information:

 

Your Age:22

How long have your been on file with the CRA’s? 2 years

 

Credit Scores: Please note FAKO scores are useless

Equifax? 608

Experian? 601

TransUnion? 590

 

Your Credit:

Rate your OVER ALL credit from 1-10 : 9

Rate your installment Credit from 1-10: 10

Rate your revolving Credit from 1-10: 8

 

Public Records? NO

If yes, please describe:

 

Auto Loans:

Do you have an open auto loan? yes

How many auto loans are presently open? One

Are you trading in your open auto loan? Yes

Are there late pays on your CURRENT auto loan? No

If yes, please list the time frame.

The number of 30 days late in the previous 12 months 1

The number of 30 days late in the previous 13 to 24 months

The number of 60 days late in the previous 12 months

The number of 60 days late in the previous 13 to 24 months

Current open auto loan is financed with? AMERICAN HONDA FINANCING

Current open auto loan payment? $469

Estimated amount you may be upside down in this vehicle? $1000

Rate this open auto loan from 1-10. 10

 

Credit Cards:1

Total number of revolving accounts:4

Percent utilization overall:45%

 

Your Info:

Total Provable MONTHLY GROSS income: 4500

Provable via computerized paystubs or what method:4500

 

Your Downpayment in CASH: $3500

Rebates not considered; Trade Equity not considered; cash only.

Please use a monetary value. Don't use the typical comments such as "little as possible" etc. I only hear that 4000 times a day. Cut to the chase please.

 

New or Used Vehicle: NEW

Please describe desired vehicle:LEXUS ES $31000

 

PLEASE LET ME KNOW WHAT ARE MY CHANCES TO GET IT, IF SO HOW MUCH WILL BE THE % apr,THANKS

[MarvBear]

You probably will not like the APR, I'd suspect double digits with your scores.

[MarvBear]

And I forgot to say

 

Welcome to creditboards!

[KBEZON]

THANKS FOR YOUR QUICK ANSWER, SO BASICALLY WHAT DO YOU THINK cAN I GET IT? OR NOT

[MarvBear]

How long has your current loan been open?

 

Are you in an area of the country where Toyoto Motor Credit would be the captive?

[KBEZON]

I have the loan since September 2004, I"m in LA, California

[MarvBear]

The loan has been open about 10 months with one late payment already.

 

Be prepared to explain that away.

 

from 19000 to 31000 might be a steep jump for someone so young, and with such a thin file.

[KBEZON]

I'm sorry I made a mistake: The auto loan has no late payment I got a 30 days late payment of $20 in a furniture store...

[MarvBear]

I would say likely approved, but I would not venture to guess the APR.

[KBEZON]

Thanks you're THE ONE!!,My LASt question is the APR will be more of 13%??? or less, Thanks again

[MarvBear]

Thanks you're THE ONE!!,My LASt question is the APR will be more of 13%??? or less, Thanks again

<{POST_SNAPBACK}>

 

 

I honestly do not know how to predict this for you.

 

so much depends on your internal scorecard with whatever prospective lender evaluates your application.

 

I would say,you will at the very lest need to prove your income in order to substantiate the increased loan amount.

[mcourt83]

Hello i just need some information I bought a car 10 months ago pyaments on time but now I need a bigger car

<{POST_SNAPBACK}>

 

What are you trading for a bigger car? If you're trading an Accord (which you might be, based on what you owe), the ES is nearly identical in size--and even smaller in some respects.

 

Are you trading for size or status? Trading a 10-month old car is a good way to lose a good chunk of change.

 

Mike

[KBEZON]

I have an accord coupe,I have a new born now That's why I want to trade it, however I think I'm gonna wait a couple of months until my credit goes up...