New Ford or Chevy truck

[87GNX]

Hey, my wife and I filed B/K back in 99 but since then have done very well.

 

We both have credit scores in the low 700s with a combined income of over 100k with debt totalling 225k.

 

House, cars, student loans , whole 9 yerds. My company is going to reimburse me 1200.00 a month for a truck and I need to buy one. Do you think we will qualify for Ford or GM financing?

 

Just curious?

 

TIA

[MarvBear]

would tentatively predict a captive approval.

[87GNX]

Thank you sir, I guess that means a yes? I really guess I dont care what finanace company we get approved through as long as it gets reported to help our credit!!

 

 

Thank You!

[MarvBear]

an automotive installment loan will not greatly increase your fico scores. They are much better ways discussed in the main credit forum to do this.

 

Do NOT purchase/finance a car with the sole goal to raise your scores, you will be dissapointed.

[87GNX]

Thank you for the advice, and no I am not buying the car soley to raise my scores. If it helps a little bit that would be great. My main concern was just getting with GMAC or Ford Credit to establish a relationship, and at the same time "hopefully" help out the scores a little bit.

 

Thanks!

[llee8300]

I'd be willing to bet that you'll get decent terms for a new truck. Even considering fuel and insurance, $1,200 a month is an awsome reimbursement. Whatcha gonna get????

[87GNX]

I test drove a 4 door 1/2 ton Chvrolet yesterday and got some cash no trade prices which were rather good. I will see what happens. The $1200 a month is payment, insurance and fuel so it is not as rosey as it looks.