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A loan scenario where you get to be the judge.. cast your vote today!

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Heres my current credit profile:

(1) Credit Card Charge Off $2,100 Last Activity - 1/1997

(1) Cash Secured Loan For $10,000
Paid as agreed - Paid off - No Late Payments
6 month time period from open to close

(1) Collections Account (Phone Bill Mixup) $220 Paid
Listing date 3/1998 Last Activity 12/2000

It's apparent for the little on my credit report I'm not doing so hot. Credit card was beyond my control, 18 unsupportive family for rides to work, forced to quit, bill delinquent. Phone bill was totally my fault, result of moving and carelessness, but paid. Secured loan never defaulted on, was with (formerly) Barnett Bank, (now Bank of America).

After selling my truck, I currently have $7,000 in cash. I'm wanting to buy a Jeep Wrangler, which I'm aiming at a $12,500 price range. I have just about a 0% debt-to-income ratio on file, live with my parents, have no bills (insurance was prepaid) and make about $1400 a month, been at my employer about 1 year.

What kind of chances do I have in getting an auto-loan without a cosigner with this kind of cash? I'm putting down almost 50% of the current vehicles value. I'm no underwriting expert but that should stand for something.

All opposed say I! Just help me out, comments would be appreciated. If I do have a chance, should I go back to Bank of America instead of using online services that could rack up multiple inquiries rapidly seeing I had a loan with them previously that sits in good standing. I also have two checking accounts with them, ones a joint carrying a balance every month of about 1000$ and the others my personal which runs from $200 in it at times to $1000.

Thanks for all your help.

I'm looking to spend about $12,500.. jeeps value that I buy will probably be in the high 13s, possibly low 14s.. and I have 7k to put down on it meaning I need an actual borrowing amount of about 6k

also, if I'm able to put down less and pocket some cash that could help me out, maybe I just need to go sit down with a bank of america rep and talk.. anyway, your nays/yays/opinions will be appreciated.. thx


Senior Member
Banks have the strictest criteria. Go to a dealer that has contacts with finance companies that have more relaxed credit approval rates.


I agree, and let me add a caveat to that. Decide exactly what amount you are looking to borrow and get pre-approved for a loan at the bank BEFORE you go to the dealership. Then let their finance company beat the rate you get at the bank or tell them you'll buy the car somewhere else. They'll beat it. It's always better to go with some ammo so they don't take advantage of you. If you go there with no clue and find out you're capable of getting more $$ than you think, they may talk you into getting something more expensive. Never be unsure about your $$ when your at a car dealership.


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