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post #1 of 15 (permalink) Old 09-09-2008, 02:16 AM Thread Starter
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School me on auto loans..

Here in a few months I plan to pay off 90% of my credit card debt and get a loan for a newer car. Right now according to freecreditreport.com and This Site my credit score is between 610(calculator) and 680(Experian/Trans Union). If I pay off 90% of my credit card it goes up to 755 according to that calculator. I do realize I have to wait 30 days after I pay it off to show up on the report the bank runs for me. Now question.. How hard would it be to acquire an auto loan with a credit rating of 755ish? My oldest loan account was 3 years ago and my gross income after bills is 1200-1400 a month. Any help would be appreciated, I just need to figure out what I can buy now before I go to the bank and it get reported on my records for this 6 months..

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at least Ford can pay their bills and not go on welfare like GM and Chrysler.
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post #2 of 15 (permalink) Old 09-09-2008, 10:41 AM
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you shouldnt have a problem getting a decent loan rate. my credit score is about the same and im paying 6 percent i think on a 2003 mustang....the one thing they may not like is if you are buying a new car the payments may be a little high compared to you monthly income...just a thought...if you rent or own a house and have payments they will frown on that..just my 2 cents though.
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post #3 of 15 (permalink) Old 09-09-2008, 03:19 PM
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Cool

They look at revolving accounts (credit cards, department store credit cards, etc.) and thier history (amount, open/closed and charge offs), checking and savings accounts (amount, overdraft fees, history, etc.), work history (not how much you make but can you hold a job, and how many), Insurance rate on your cars and history of payment, Driving record, and inquiries (have you tried recently and if you've been denied/granted a loan). Mortgages (amount, rates, any defaults or foreclosures). The biggie is how long have you had a credit history (any). If you've had a bankruptcey, it stays and shows up on your record for much longer than the seven to ten years they tell you. I had one back in '89 and it still shows up. Good luck and be carefull!!
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post #4 of 15 (permalink) Old 09-09-2008, 03:24 PM
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19 years !! Wow 94 that is unreal big time !!

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post #5 of 15 (permalink) Old 09-10-2008, 02:20 AM Thread Starter
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I dont have a house payment since I live in an adjacent apt to the house or my parents. Anyways I went to my credit union that I got a co-signed car loan with before and found out my credit score is 649, good enough for a 6% loan. Anywho they had some repoed cars there and there was this real nice 2001 Nissan Altima there. It books for around 7k they said (and what i found) so what i did I got a loan for how much was owed on it, 3k, which was wayyyyyy less than the book value

1997 Mercury Cougar XR7 Sport 4.6L
P.I. Intake, Mustang T/B and Upper Plenum,B&M Heavy Duty Trans Cooler, Trans Temp Gauge, A/F Ratio Gauge, K&N Cone Filter, Air Silencer Delete, 50% Front 20% Rear Tint, A&A Fiberglass GFX Kit, Xenon Front Clip, Magnaflow High Flow Cats

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Daily Driver, 38mpg!

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at least Ford can pay their bills and not go on welfare like GM and Chrysler.
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post #6 of 15 (permalink) Old 09-11-2008, 08:17 AM Thread Starter
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Long story short, credit union repo, got it for what was owed pretty much...




It needs an alignment and one of the idler bearings is getting squeaky but other than that its been pretty good. Pretty peppy and powerful for a 4 banger. Only thing I found that I dont like is that the damn air conditioner drain is right on the exhaust. I only got 2 pics cause my camera died, but yeah you get the idea.

1997 Mercury Cougar XR7 Sport 4.6L
P.I. Intake, Mustang T/B and Upper Plenum,B&M Heavy Duty Trans Cooler, Trans Temp Gauge, A/F Ratio Gauge, K&N Cone Filter, Air Silencer Delete, 50% Front 20% Rear Tint, A&A Fiberglass GFX Kit, Xenon Front Clip, Magnaflow High Flow Cats

2001 Nissan Altima GXE Limited Edition

Daily Driver, 38mpg!

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at least Ford can pay their bills and not go on welfare like GM and Chrysler.
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post #7 of 15 (permalink) Old 09-11-2008, 10:53 AM
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it could have kept rolling right into that water......

Ya, its funny, Funny like a Clown.
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post #8 of 15 (permalink) Old 09-11-2008, 11:48 AM
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it could have kept rolling right into that water......

Oh Snap !! lol

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post #9 of 15 (permalink) Old 09-11-2008, 01:37 PM Thread Starter
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Quote:
Originally Posted by Nativedetroiter View Post
it could have kept rolling right into that water......
Now why do you say that? because its not American? It was built in Tennessee. Its a used car, none of the money I paid for it is going to Nissan. Its damn nicer than any focus or contour or taurus that I have ever driven.... and has gotten better reviews. It books for 7k, I got it for 3, looks like i really got ripped off Im not planning to get rid of my American car anytime soon, gas mileage is soooo damn good in this thing its not even funny.

1997 Mercury Cougar XR7 Sport 4.6L
P.I. Intake, Mustang T/B and Upper Plenum,B&M Heavy Duty Trans Cooler, Trans Temp Gauge, A/F Ratio Gauge, K&N Cone Filter, Air Silencer Delete, 50% Front 20% Rear Tint, A&A Fiberglass GFX Kit, Xenon Front Clip, Magnaflow High Flow Cats

2001 Nissan Altima GXE Limited Edition

Daily Driver, 38mpg!

Quote:
at least Ford can pay their bills and not go on welfare like GM and Chrysler.

Last edited by Gcline; 09-11-2008 at 01:48 PM.
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post #10 of 15 (permalink) Old 09-11-2008, 01:48 PM
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No, I say it cause I hate them, that is all. Have fun with your purchase. Nothing against you as a person, although I still think you should join the Navy...lol. Talk to you later.

Ya, its funny, Funny like a Clown.
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post #11 of 15 (permalink) Old 09-11-2008, 02:22 PM Thread Starter
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No, I say it cause I hate them, that is all. Have fun with your purchase. Nothing against you as a person, although I still think you should join the Navy...lol. Talk to you later.

Oh I know dude, I didnt mean to get off as defensive or anything, i thought you were bashing me for not getting a ford product lol.

1997 Mercury Cougar XR7 Sport 4.6L
P.I. Intake, Mustang T/B and Upper Plenum,B&M Heavy Duty Trans Cooler, Trans Temp Gauge, A/F Ratio Gauge, K&N Cone Filter, Air Silencer Delete, 50% Front 20% Rear Tint, A&A Fiberglass GFX Kit, Xenon Front Clip, Magnaflow High Flow Cats

2001 Nissan Altima GXE Limited Edition

Daily Driver, 38mpg!

Quote:
at least Ford can pay their bills and not go on welfare like GM and Chrysler.
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post #12 of 15 (permalink) Old 09-12-2008, 07:17 PM
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Don't pay off your credit card. Keep it, but only use it for things you can pay off that month. You keep your credit line, but don't pay interest.




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post #13 of 15 (permalink) Old 09-13-2008, 10:20 AM Thread Starter
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Don't pay off your credit card. Keep it, but only use it for things you can pay off that month. You keep your credit line, but don't pay interest.
Thats what I did like 2 years ago, but I got laid off and used it to survive pretty much until I got another job. I got it for an emergency and that counts I guess lol

1997 Mercury Cougar XR7 Sport 4.6L
P.I. Intake, Mustang T/B and Upper Plenum,B&M Heavy Duty Trans Cooler, Trans Temp Gauge, A/F Ratio Gauge, K&N Cone Filter, Air Silencer Delete, 50% Front 20% Rear Tint, A&A Fiberglass GFX Kit, Xenon Front Clip, Magnaflow High Flow Cats

2001 Nissan Altima GXE Limited Edition

Daily Driver, 38mpg!

Quote:
at least Ford can pay their bills and not go on welfare like GM and Chrysler.
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post #14 of 15 (permalink) Old 09-13-2008, 01:25 PM
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Loans are bad news. If you do everything in your financial power to kill your debt then you're doing the right thing is all I can say. Credit scores are meaningless to people who pay cash for everything. Cash is king because he who has the cash is king. Not a bad car but if it really gets you 38 mpg then thats awesome. However if you lived in AZ your savings in fuel would go down the toilet when it comes to insurance and tags. It pays to drive an older car in AZ.

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post #15 of 15 (permalink) Old 09-13-2008, 02:16 PM Thread Starter
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Well this car will be paid off when I get my taxes back thats for sure unless something happens or comes up. I filled it up thursday then today and did the math and got 38mpg. The CEL is on b/c of the gas cap, my buddy has a 2000 camry with the same problem and we got 38-40mpg on vacation. Its not running any worse so I dont care lol.

1997 Mercury Cougar XR7 Sport 4.6L
P.I. Intake, Mustang T/B and Upper Plenum,B&M Heavy Duty Trans Cooler, Trans Temp Gauge, A/F Ratio Gauge, K&N Cone Filter, Air Silencer Delete, 50% Front 20% Rear Tint, A&A Fiberglass GFX Kit, Xenon Front Clip, Magnaflow High Flow Cats

2001 Nissan Altima GXE Limited Edition

Daily Driver, 38mpg!

Quote:
at least Ford can pay their bills and not go on welfare like GM and Chrysler.
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