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neliason96

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I'm 20 years old with a credit history of less than a year looking to be financed by Carmax
I'm looking to fiance through Carmax. The car I'm looking at is in the $12.5K~$13.5K range, and I will have a down payment of at least $1,500. My credit history is very poor, but I'm about to pay off a $5.5k loan which should help my score. I have another loan of about $4.5k I paid off last year; both of these loans were "same as cash deals" through Acceptance Now and neither one of those had ever had late payments. I have one delinquent account that's charged off (it's a very long story as to why this happened and the account has yet to make it to collections), however literally all of my other bills have been paid on time or early. What are the chances of being approved? And could I manage to get an APR of 19% or less since I can only afford the payments as long as the APR is within that range*.

*I would be refinancing for a better APR as soon as possible, obviously.

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You need to read the articles on this site so you can learn how to build a good credit score.  This information will benefit you for the rest of your life.  I wish I had learned it years ago since I would have avoided a lot of financial grief.  Right now, you do not understand credit and the impact your bad decisions made on your score, and for how long.

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Save you money and buy a beater car, 2 to 3k with cash. 

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