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Does it look like I would qualify for a used auto loan? Detailed numbers inside...
Hello, I am interested in purchasing a USED 2005-2007 Honda Odyssey from a used dealer. They range from $6900-$8500. My question is based on my current financial situation do you think I would qualify for a auto loan or no? Heres the info...

$27k Annual Income ($2250 monthly) {8 years of employment .... :( I know. Non profit organization

Credit Scores are:

3 Open Credit Cards
-$1000= 0 balance
-$250 = 0 balance
-$4200 = 3900 balance

1 open personal loan that is being paid on time
$10k loan (5 years total) 3 more years left.

Total monthly costs (credit mins and loan payment) = $256 + 136 +7 = $399

of course all other miscellaneous bills are not counted in this factory. Insurance, phone, etc.

I would like to take anywhere from $1000-$2500 down.

Also Im still in the process of trying to lower the 3rd card by a couple more hundred. Also I have a student loan but it is "frozen" with a 0 dollar monthly payment until I can land a better job to help pay for education. Im in Sallie Maes 25 year repayment plan. If I can't make $50,60,70k+ a year to pay for my education then in 25 years it will be forgiven. YAYYY! :D

I was debating on whether to just start shopping around for pre approvals now so before the end of April I can make the purchase. Or should I just wait until next month to start shopping around. I do understand that within 1 month your credit score can decrease or increase significantly saving you money.

Any thoughts?

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I am sure that you would qualify for an auto loan, I have no guesses on what rate, but your situation doesn't look to bad at all. I would try to get that utilization rate down on the larger card, but I don't see it necessary to do in order to get an auto loan but it would be wise to do. Just make sure to do all your auto loan inquiries within a short period of time so hopefully they will only count as one inquiry. You probably won't be approved for the greatest rate and may even get denied by some prime lenders but I am sure that there are many lenders that will approve you. I guess what I am saying is, don't give up if you are not approved the first couple places you apply. I wish you good luck and I think you should have it.

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