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Posted in Auto Loans
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Question By
cyperez88

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adivice on auto loans ASAP?
last year i had an att bill go delinquent for helping out a friend. i have not come around to pay it yet out of anger! but this year i was going to apply for my first auto loan and I have a pretty good credit score (736 on credit karma). would I be better off paying it before i shop around for good ratesor should I just wait since it will still show on my history for a few year anyway?if I also wanted to cancel a credit card should I wait until after I get my vehicle? what is the best advice so that I could get the best deal when applying for a loan?

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Negotiate

While I think with a score in the 700's you will have no problems getting a decent APR. Call the delinquest account and see about getting it removed for payment. PAY NOTHING until you get an agreement in writing that when paid in full it will be removed from your report. This way if they decline to do so you have the agreement to submit to the credit agencies for removal. Always pay by check to ensure you have non disputable proof of payment through your bank. Hope this helps and good luck. Shop around too, you have a window of 30 days I believe to search for loans with minimal impact on your score (from the date of the first loan app). I wish I had waited, I got financed (with poor credit) my APR was 24.3 two weeks after signing a dealership called and had me approved for a brand new car with much lower rate, you live and learn. BEst of luck!

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