I'm curious if anyone has any expirence with getting a relatively good apr with bad credit. Back in 2015 I had some job issues and had a few late payments as well as 2 utilities accounts go into collections. Haven't really had much problem with anything sense. I check my credit back in September and I was sitting at mid to high 400s..... blown away I did some. Checking and correcting of my credit. I'm now in the low 600s. I have basically no debt and nothing late for 8 months or so. I got a promotion at work and making much much much better money and I have been able to save 10k for a down payment on a new truck. I have no issues affording a loan now. With all that good going for me I'm hoping it will out weigh the past. Anyone have any expirence with something similar?
In my experience, if you have anything in collections, especially from so recently, you're probably not gonna get a loan, even with a $10,000 deposit. (Kudos by the way on that!) Most banks generally have a min credit score of around 650 and up as well. Were the collections issues paid in full at some point? If so, it still takes a month or two for those to come off your record. Hopefully, you get a fairly quick response from a USAA representative about this, but in the mean time, if it were me, I'd actually call their loan specialist about this and maybe even plan on the worst. There are places out there that will approve you, like CarMax I think, but you'll be looking at high interest rates of course. Sending good karma your way!