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Posted in Auto Loans
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sandstorm44

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Can I get a first Auto loan with derogatory and late payment on my credit ?
Hi, I have a credit score of 700. I have a delinquency on my credit because of a leasing in which my credit was involved because of other people. I have a 30 day late payment too which happened because the bank could not locate my bank account while paying the monthly payment. As I did not want a delinquency on my credit, I have paid it off in the year 2016. Transunion shows it is as derogatory mark on my credit. The removal date is May 2022. How does it affect me if I will go for a car loan as per now? Will my car loan be rejected if I apply for 25k auto loan? Please give me some suggestions which will help.

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Re-read the articles here to refresh your memory on how credit works and what impact derogatories have on potential loans, then you will know how to improve things.

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