How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Megan C Your Own Question

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 12521
Experience:  Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
Type Your Finance Question Here...
Megan C is online now
A new question is answered every 9 seconds

I need advice for an auto loan and being able to qualify

Resolved Question:

I need advice for an auto loan and being able to qualify
Submitted: 8 months ago.
Category: Finance
Expert:  Megan C replied 8 months ago.

Megan C :

Hello and welcome. My name is XXXXX XXXXX I will be happy to help you today

Megan C :

What is your question?

Megan C :

How may I help you with advice on an auto loan and being able to qualify?

Customer:

hi, basically I have had two car loans both paid off, never late. I do have a few credit cards from over three years ago that where charged off, however I did eventually pay them off. I currently have no debt. I have a credit card that I use only for monthly experiences to earn point but have never carried a balance. My credit score on all three credit bureaus is over 650. However when I applied for an American express card they said my fico score was 590... How is that possible? Can I get another auto loan? I plan to trade in my car for around 5,000 and I have saved 3000. I want to get the best rate for the credit I have. What can I do? How much down should I save? Will saving 10000 make much difference to the bank ? Thanks for the advise.

Megan C :

Thank you for your follow up. The car company may use their own credit scoring metric. Having charged off cards will really hurt you with consumer credit. You can certainly get another car loan, but the rate may not be the level that you want. Saving up more money will definitely help, because it will be in the lenders best interest if you default.

Customer:

I see, yeah my rate with chase on my last auto loan was 20%. Personally that just seams outrageous. What amount do you think I can be approved for? What can I do to fix my credit. I have paid all owed money. I owe no one.

Megan C :

I couldn't tell you what you could be approved for, because each lender has their own criteria. All you can do to rebuild your credit now that you have paid everything off is just give it time

Megan C :

Make sure you keep your card current

Customer:

is it better to have a balance on the statment but pay it off in full with no interest charged or pay it off in full before the statement? Eitherway no interest is charged.

Megan C :

I typically carry a balance on mine

Megan C :

But not large - no more than 20% of your credit availablility

Customer:

is that total credit or just on that card?

Megan C :

Total credit

Customer:

Thanks, XXXXX XXXXX advice? That I could benefit from?

Megan C :

I would just shop around for the auto loan. Check with State Farm, your local bank, and not just the dealer

Customer:

What is the usual timeframe I have before it effects my credit ?

Megan C :

I don't understand that question. I'm sorry - before what impacts your credit?

Customer:

Auto loan application hits. Like when they check my credit to give me a interest rate and offer doesn't it hit your credit score?

Megan C :

You have a good 30 days. But, if you are shopping for a loan lenders will take that under consideration though

Customer:

Oh ok. Well thanks for all the advice!

Megan C :

You're welcome

Megan C :

Is there anything else I can assist you with today?

Megan C :

If not, please rate positive so that I can receive credit for assisting todya

Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 12521
Experience: Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
Megan C and 4 other Finance Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Meet The Experts:

 
 
 
  • Rakhi Vasavada

    Financial and Legal Consultant

    Satisfied Customers:

    2073
    Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
< Last | Next >
  • http://ww2.justanswer.com/uploads/RA/rakhi.v/2012-7-3_14374_RakhiVasavadaL.64x64.jpeg Rakhi Vasavada's Avatar

    Rakhi Vasavada

    Financial and Legal Consultant

    Satisfied Customers:

    2073
    Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
  • http://ww2.justanswer.com/uploads/BU/BusinessTutor/2012-2-2_115741_Kouki2.64x64.jpg Manal Elkhoshkhany's Avatar

    Manal Elkhoshkhany

    Tutor

    Satisfied Customers:

    1890
    More than 5000 online tutoring sessions.
  • http://ww2.justanswer.com/uploads/MY/MyVirtualCPA/2012-7-5_44024_cookmegan1.64x64.jpg Megan C's Avatar

    Megan C

    Certified Public Accountant (CPA)

    Satisfied Customers:

    1755
    Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
  • http://ww2.justanswer.com/uploads/JK/jkcpa/2011-1-16_182614_jkcpa.64x64.jpg JKCPA's Avatar

    JKCPA

    CPA

    Satisfied Customers:

    838
    Bachelors degree and CPA with Accounting experience.
  • http://ww2.justanswer.com/uploads/starside8/2010-2-16_55433_DSCN1175.JPG Eric's Avatar

    Eric

    Financial Manager

    Satisfied Customers:

    558
    Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.
  • http://ww2.justanswer.com/uploads/FA/fastfile/2011-12-15_23139_Klein2011small.64x64.jpg R. Klein, EA's Avatar

    R. Klein, EA

    Accountant

    Satisfied Customers:

    397
    Intuit Ask a Tax Expert. QuickBooks Certified Pro Advisor (all editions)
  • http://ww2.justanswer.com/uploads/dkaplun/2009-05-17_173121_headshot_1_2.jpg Dimitry K., Esq.'s Avatar

    Dimitry K., Esq.

    Attorney

    Satisfied Customers:

    324
    NASD Licensed Rep, 1997-2001, Business Attorney