Help out a newbie :)

[mrs_p]

hey board ...i'm newbie here i need some help buying a car ok i posted this on the other boards but i figurd i might as well post here first of all i'm in NY state my credit scores are as fallows

EFX=628

EXP=635

TU=666

with a total of close to 20 quiries in all now the car i'm tryiny to get is a 2004 acura TSX with navi

www.acura.com

i wanted to know if you guys think there is any chance of me getting financed for such a car if so what percent would i be qualified for based on my abive situation...i have no negatives on my credit except for the inquiries ...i guess i could go and find out at the dealers but i don't wanna waste my time and risk getting more inquiries on my credit :roll:

[MarvBear]

auto financing is so variable. It is not just dependant on your scores.

 

Lenght of time in area.

Lenght of jobe time.

Total Income relative to the purchase.

Your current Debt to income ratio

Your prior comparable installment credit.

If you have ever had auto credit before and with whom it might have been.

[mrs_p]

auto financing is so variable. It is not just dependant on your scores.

 

Lenght of time in area.

Lenght of jobe time.

Total Income relative to the purchase.

Your current Debt to income ratio

Your prior comparable installment credit.

If you have ever had auto credit before and with whom it might have been.

 

1) well i have been living at my present address for over 2 years but i just recently started using my credit like a few months ago before that it was blank

2)job is about 2+ years

3)how do i know my debt income ratio i only have one loan

4)never had an auto loan before

[MarvBear]

It would be helpfull if you could find the credit app sticky and post back in this thead for me.

 

That give me something a little more to form an opinion on.

[mrs_p]

Credit Scores:

Equifax 628

Experian 635

TransUnion 666

 

Your Age 22

Your Marital Status married

 

Residential Status:

Own home outright?

Buying Home?

Live w/Relative? husband is the home owner

Lease/Rent?

Own/Buying Mobile Home?

Monthly Rent/Lease/Mortgage Amount?

Rate your Mortgage History from 1-10 please.

How long have you lived at current residence? 2+ years

How long have you lived in same general area?

 

Income:

Monthly Gross Income? 3000

Provable via computerized paycheck stubs? yes

Provable via W2’s?

If self employed what does Schedule C Line 31 indicate?

 

How long have you been on file with the CRA’s? few months....not sure

 

Your Current Auto Loan none

Have you ever financed an auto before (yes/no). no

 

Who is the lender?

How long has the account been open?

Are you trading this vehicle?

Please rate payment history from 1-10

How did you pay current auto loan (x30 x 60 x 90)

Are there any lates within the last 2 years, if so how many?

Approximate amount of $ you are upside down?

Do you have other open auto loans?

If so, how many?

 

Revolving Credit History

How many trade lines do you have?

Total Revolving Credit Available?

Total Revolving Debt?

 

Overall Credit History

Rate your overall Credit from 1-10

Rate your overall installment Credit from 1-10

Rate your overall Credit History during last 2 years from 1-10

 

Derogs: none

Bankruptcy (yes/no)?

Type BK (7 or 13)?

When Discharged?

Are there ANY DEROGS AT ALL after BK? (yes/no)

If so, please explain at bottom under comments.

Collection Accounts (yes/no)

Total # Collection Accounts?

Total Amount in Collections?

Collections paid or not?

Judgments (yes/no)

Total # of Judgments

Type of Judgments

Amount of Judgments?

Judgments paid or not?

Tax Liens (yes/no)

Total # of Tax Liens

Amount of Tax Liens?

Tax liens paid or not?

 

What You Wish to Purchase

New or Used? new

If new, what make, model etc: 2004 acura TSX with navigation

If used, what make, model etc:

Your approximate CASH DOWNPAYMENT? 3000

 

Please ask questions or leave comments you feel would be valuable/informative.

I need to know if its possible for me to get financed? ....what rate will i be qualified for?...if not then any suggesion because I'm really in need of a car...and any other suggestion is appreciated

[MarvBear]

Is it possible for your husband to co sign with you.

 

from what I see your age, and your lack of credit may very well be a hindrance for preferred rates

 

How expensive is the vehicle?

[mrs_p]

$29,035...also i don't mind the high interest rate....i'm just interested in getting the car ....i gotta start somewhere ...dunno if i wanna piggy back on hubby's credit so i'll take the high interest if its possible for me to get financed...

[MarvBear]

I think the best avenue would be to let your husband go first on the loan if his scores are better than yours and has MORE credit lines. You can always sign as the second person. The loan should report in both names.

 

If he has more credit then I think the chances would be substantially improved both for approval and for a sharply reduced rate thereby giving you the best of both worlds.

[mrs_p]

ok so what are my chances of getting approved by myself?? ...never mind the interest rate

[MarvBear]

I personally think rather dim.

 

You are 22, only been on file for several months and want a 26K loan with no prior comparable high credit file.

 

That is a long reach and likely not to happen IMO.

 

I have seen stranger things happen and YMMV.

 

I would venture to say most of the applications will be returned as "no basis for loan" or something similar.

 

I do wish you the best however. And would suggest something far far less expensive with that 3k as downpayment would substantially improve your chances.

 

This is just my opinion however.

[mrs_p]

thank you marvbear ...i think i might wait a bit more then because i'm really looking forward to financing it myself

thank you for your help