Want to get auto loan...maybe too early?

As an underwriter, I will say most auto finance companies don't pull Equifax. They usually pull TRW or Transunion. So they probably will not see that Ford repo or the other problems you say are only on Equifax.

If you say corrections are still pending, your score should jump up as soon as those corrections are made. But from the time of dispute, it may take 30-45 days to be corrected.

Old chargeoffs do not look at bad as recent chargeoffs. An underwriter may be willing to overlook some old chargeoffs/collections, based on everything else.

The main issue for you to get this car by yourself is going to be A) how much do you need to borrow, and what type of car is it. B) What is your own income, and how long have you been at your current job.

To get the car by yourself, you will not be able to use any of your husband's income as a basis for the approval. They will be looking at what YOU and you alone make each month. You will need to make sufficient income to take on new debt.

They also will not over-extend themselves on the amount financed. Meaning if they pull black-book value on the vehicle and it is about $10K, then they are not going to give you a $15K loan for that car. They may require you to put a decent amount down so that they have a buffer - ie the loan balance should always be less than the car is worth.

This helps a lot! I have been working in my industry for 16 years and have owned my own for 9 years. I bring in about $2500 to $3000 per month after all expenses are paid. I will be using the trade in on the vehicle I drive which is in John's name, it's a 2005 Vibe..I'm going to call Capital One and get the pay off. I'm also getting some money back from the government which will help with a down payment. Should I go into the dealer and just find out what I can do? There can be a big difference between the new car purchase interest rate and the used. I need for someone in financing to help me with this.

Yes there will always be a large difference in new car rates vs used car rates. When you buy a new car and the manufacturer finances you through its in-house programs - they can do the 0.1% specials because they're already making money by selling you the car.

But if you want to finance a used car, you have to go through a bank or other lender. And their income is from the interest they charge, not from the actual sale of the car, so they have to charge a higher rate to make a profit.

Just a heads up, though, the manufacturer's finance co is a lot more selective on who they approve. You need almost perfect credit in order to get the 0.1% special through the in-house program.

That said, car dealers always have a finance department - and the finance dept has agreements with many lenders, banks, etc. Since they deal with the lenders on a daily basis, they have a good feel for what they will/won't approve. Go in, pick out a car you like, and they'll tell you what your best options are for the financing. Believe me, the finance depts are good at finding someone to finance you - because they know if they can't get you financed then they won't sell the car.

You've got a long-term job, you have sufficient income, and your credit doesn't seem like a deterrent.

If you have other questions let me know and I'll try to answer them.

Hi!!! About a year ago, I went through Citifinancial, for a car loan. My credit score is in the 560 range ( not too bad, I guess). I bought a good, used vehicle. Citifinancial was great to work with ( still is!!). You might want to talk to them ( if there is one in your area). They deal with 'low credit/damaged credit'.

Thank you so much for your guidance and suggestions. I suppose a lot of this is just fear!!! I have chosen a few options in vehicles that can work and keep my payment lower. I had some car salesman say I should have no problem with a $450 payment...I really don't care for another car payment that high...did that once..never again. I grew up in the car business, so fortunately I have that going for me (a little knowledge on cars). $300 or $350 will work, but I have learned not to purchase something I cannot afford. It's not worth it in the long run!
Again, I appreciate your help. If I have any more questions, I'll ask. :)