To those in the auto lending field?

Auto finance is what I do for a living and your best bet will be your own credit union.

Your scores are fine but the late payments and collections will keep you from getting a good rate from a major lender. You will get approved no doubt but not at a low rate.

Your other problem is your income. $31,000.00 works out to $2,583.00 per month times 20% equals only $516.66 this will not make the payment on a $30,000.00 truck even with a good rate.

Get your loan approved first through your CU and then go shopping when you know how much your approved for.

Additional information: 84-months at 3.99% and your there my friend.

Good luck.

Spifiman always has great advice.

You'll want your credit report to look it's absolute best when you apply. You credit card info shown on the report is based on the last statement, so I recommend having the statement balance below 30% of the credit limit on each card. It might only make a couple points difference in your score, but it could help. Raising your credit limit might help - I'm not sure. If you request a limit increase, make sure they do not pull your credit report again and you'll want the limit increase to take effect at least 30 days before applying for the loan (so the statement on the credit report reflects it).

You're saving $500 each month, but also using that money to pay off credit cards (i.e. your credit purchases that month)... so how much are you able to save without the cc pmts? You can get car insurance quotes for free online, so check those out. I assume you currently have a car, but see if your gasoline costs will be higher with this new truck - or any other costs like maintenance. Then take the total your saving each month (w/o cc pmts) minus those costs to figure out how much you can afford for a monthly loan payment.

I think it's really dangerous to buy a car that's worth more than you earn in a year (is the $31k before or after taxes?). It's also recommended to have 20% as a down payment. Have you considered going for a cheaper truck? Or saving a bit longer so you have a larger down payment? If you were willing to wait until the end of the year, you'd have a larger down payment and possibly be able to negotiate a better deal for the truck (dealerships like to sell before the year ends so they don't have to pay inventory tax).

I disagree with the first respondent. Based on the credit scores that you shared, you will be able to get financed at a good rate by a bank. Personally I would shop each of the local banks and see what they are offering and compare it against your credit union. Based on term and rate, the CU will probably be the best deal. By the way, the reason I am convinced that you will be able to get a good rate from a bank is that most of the big banks have automated their car loan approvals. They typically are basing their approvals on debt to income and credit score. If you meet their criteria you are approved at "X" rate and that is it. The only time an underwriter looks at an app anymore is if the finance person at the dealer asks them to as a favor to the dealership or if it is a big dollar loan.