another app

[learning the hard way]

Your Age: 24

How long have your been on file with the CRA’s? 7 years

 

Credit Scores:

Equifax? 570 DW in low 500s

Experian? 560

TransUnion? 550

 

Your Credit:

Rate your OVER ALL credit from 1-10 (10=BEST)

Rate your installment Credit from 1-10: 10 before bk

Rate your revolving Credit from 1-10: 8 before bk DW 2

 

Public Records?

If yes, please describe: BK7 discharged june 2004

 

Auto Loans:

Do you have an open auto loan? no

How many auto loans are presently open?

Are you trading in your open auto loan?

Are there late pays on your CURRENT auto loan?

If yes, please list the time frame.

Current open auto loan is financed with?

Current open auto loan payment?

Estimated amount you may be upside down in this vehicle?

Rate this open auto loan from 1-10.

 

Credit Cards:

Total number of revolving accounts:1

Percent utilization overall:20%

 

Your Info:

Total Provable MONTHLY GROSS income: 5200 (Combined)

Provable via computerized paystubs or what method: DW comp. check 2300/month I have last two years W2s, checkstubs are handwritten. Can get letter from company stating I work there and what I make. 2900/month

 

New or Used Vehicle:

Please describe desired vehicle: Tahoe or Yukon less than 60000 miles

 

Please leave any comments that your feel may be pertinent and may lend added weight for a favorable outcome

 

I plan to buy at the first of March will have apox 4000 to put down. I have a 97 monte carlo with 125k dont think it will be worth trading though.

 

The only LOC we currently have is 1 credit card each w/300 limit just opened.

No inquires except the card we just opened.

 

Rent is 450/month

[MarvBear]

Best bet is thru a dealer IMO.

 

There are a # of lenders who actively seek out post BK customers provided there are no derogs after the BK completes.

 

Your APR will vary, some are FICO score driven, and some are internally score driven.

 

For best rates you should pick out vehicle 2 yrs old with less than 50k miles. They always score better.

[learning the hard way]

I have found what I want. Now, my question is can I have it? It is a 2003 Z71 Tahoe with 34,083 miles. NADA trade in says 27,675. Asking price is 26,000. So, here is the numbers I have came up with.

 

Asking 26,000

Trade 2,500 (nada low value is 3100)

Down 4,500

 

Balance 19,000

 

19,000 @ 14% (just a guess) for 48 months comes to 520/month payment.

 

68% LTV

19% DTI

10% PTI

 

In my mind this is a no risk loan; it is highly unlikely I will be upside down, and I can't file bk again before the loan will be paid off. Of course lenders may not see it the way I do. What do you think? Is my guess on intrest rate very far off? Or, will I be laughed at?

 

Thanks.

 

Edited to add

 

FAKO

 

EQ 571 DW 612

EX 601 DW 616

TU 586 DW 587

Edited February 4, 2005 by learning the hard way

[MarvBear]

guessing you should be fine, provided there is sufficient prior installment credit to warrant the loan.