Best place to be approved for a car loan?

[TaylorAnthony]

I have a good score at 703 but my report is fairly light we all know the score is not the be all end all, its a decent score but not much behind it!!!

 

That being the case where do you all think is the best place to get a loan from? credit union? if so which one? 

 

Thanks in advance 

[MarvBear]

Welcome to CreditBoards.

Go into the pinned topics and find the credit app, cut n paste the answers in this thread, and I will try and help.

In case you may not be familiar with our site the app is located at the following link.

 

[TaylorAnthony]

Credit Application:

Your Age:

Your Equifax Credit Score: 686
Your Experian Credit Score: 662
Your TransUnion Credit Score: 662

How long have you been on file with the CRA?s? 24 years about

Previous Automotive Credit History: 0
Do you have an open auto loan? 0
Will this loan be a trade-in? 0
Number of late pays within the last 12 months on the currently open loan? 0
Number of late pays within the last 13-24 months on the currently open loan? 0
Current open auto loan is financed with? 0
Current open auto loan payment is? 0
Estimated amount you may be upside down in this vehicle? 0
Rate your payment history on this open auto loan from 1-10 (10=BEST) N/A

 

I have read and understand the original pinned "No Credit Check Required" topic.

Revolving Credit History: 
Total number of revolving accounts? 4
Total percent utilization overall? 15.63%

Your Information:
How long at residence? 16 years
Rent/Homeowner/Live with relative? rent
How long at current job? 14 years
Total Provable MONTHLY GROSS INCOME? 6716
Provable via computerized paystub or what method? stubs

Your Downpayment in CASH: 2000
Rebates not considered; Trade Equity not considered: CASH ONLY PLEASE INPUT.

Does any credit repository contain any Public Record? no
Is so, please describe.

Does any credit repository contain any Collection Account(s) no
If so, please describe.

New or Used Vehicle you are considering; please describe: used

Your creditworthiness on a scale of 1-10 with 10 being the best:
OVERALL credit  8 because I have 1 negative that is not mine that I been fighting and always come back Valid, its a 2 year old Discover card with a balance of $296 (not mine) and closed

[MarvBear]

I need a completed application.

 

You did not answer some parts of the application.

In particular, please tell me your age.   

Please never offer extraneous information on an application for a question that is not asked.

Now I want more information on this old Discover Card and how it is reporting to your credit file(s).

 

[TaylorAnthony]

I'm 39

 

The old discover shows  closed on Oct 28, 2020  and opened on Sep 01, 2020 Balance of $296 charged off as bad debt

 

Showing as a closed account not in collections (yet) 

[MarvBear]

What is the highest installment account you have ever had on a credit file?  How many months did it report?  And is it reporting as a well-paid account?

[TaylorAnthony]

346 reporting as paid, it only reported for 4 months, its paid off, thats installment, as for credit cards  5000 with a 3500 balance 

[MarvBear]

I would think a good F&I Manager could get you a loan approved, you might want to try your own hand IN PERSON at a LOCAL CREDIT UNION close to you to get a feel.  

 

I know I could get your approval were I not retired.

 

The best way to do that is pick out a vehicle and use real numbers so a credit analyst at the CU can rigorously evaluate your request.  If they say no, then just have the dealer try his hand via his F&I Dept.

[TaylorAnthony]

so say a 24k used car with maybe 2k down I should be ok? 

[MarvBear]

How does the potential vehicle book out?   If it books out for say 18K then there isn't a snowball's chance in Hades.

[TaylorAnthony]

29k

[MarvBear]

14 hours ago, TaylorAnthony said:

29k

 

That figure relates to what in relation to a bookout.

[TaylorAnthony]

it will deff book 

[MarvBear]

22 minutes ago, TaylorAnthony said:

it will deff book 

 

Best of luck to you.  I can't venture a further opinion without knowing all the bookout numbers.  That's normally how an analyst will figure an advance parameter percentage. Or, in simpler terms, it is how they figure an LTV.