Recently, got discharged from Chapter 7 after divorced my wife. I am in need a reliable transportation to work. Due to my bankruptcy, my credit is poor (555). In the last couple months, I have been improving my credit score to 640. I want to buy a new car around $20k with $4k down payment. I went to local Toyota dealer to buy 2011 Scion xB. Talked to the sale man, total car's price is $19,843 dollars and submitted my loan application. Waited for 15 minutes, the finance specialist came out with a report, asked me few questions about my finance situation. He said, my credit score is too low (577) required a large down payment. I was shocked from 640 to 577?. He is reviewing the application before send it to the bank since i have a small chance to get approved. Later, sale man showed me a estimate quote for monthly payment for the car with 17.99% (ouch!) $320 a month. I signed the estimate quotes, he told me the bank is closed now but I am pre-approved. They will contact the bank tomorrow asking for better rates. I walked out the door with unclear thoughts.
I monitored my credit score everyday with Truecredit.com.
It shows ( 640 transunion, 635 experian, 641 equifax)
Why the score dropped so much?
What is pre-appoved ?
The monthly payments quote is correct?
I know dealer is all about profit, should I trust their words?
What is my chance getting approved?
I monitored my credit score everyday with Truecredit.com.
It shows ( 640 transunion, 635 experian, 641 equifax)
Why the score dropped so much?
What is pre-appoved ?
The monthly payments quote is correct?
I know dealer is all about profit, should I trust their words?
What is my chance getting approved?