My FICO is 580-610, depending on the bureau. I am in the process of repairing my credit (I have paid down my debt by over 2k in the past few months), but am in need of a new car now because the one I drive has become unreliable.
Here is some info about my situation:
- I do have some recent delinquencies on credit cards, but have never been late on a car payment.
-I have been at my current job and residence for 2.5 years. I make 50k/year.
-My credit card payments total $475 each month.
-After my trade-in, I will have somewhere between a $4000-$5000 down payment.
-I would like to purchase a car that is between 15-20k, so I will need a loan for 10-16k. Even with the astronomical interest rates I will likely receive, this should be a $300-$350/month car payment (I can afford this on my income).
Here are my questions:
-Will it be difficult for me to get a loan for this amount? I do not have a cosigner.
-Any suggestions for where I should look? Any banks or dealerships? I’m in L.A.
Clarification: By L.A., I mean Los Angeles, no Louisiana.
