My friend has 13 chargeoffs on her credit report that was all paid off over 4 years ago. she wants to purchase a used vehicle (Ford Explorer) She now has no debt owed, loans, credit cards etc. what are her chances of getting an auto loan with all the paid charge offs?

It's really tough if a car dealership won't give your friend a loan, even with the chargeoffs. Most of the time, as long as your breathing, car dealers are the easiest with giving credit, but you need to consider the interest rate which might be higher. Find out what your friends credit rating before going to get a loan, and also do you really need to finance it.Good Luck!

If I am correct I believe car dealers will only look back 3 years but I could be wrong. In any event if they are all payed off and here score is good there should be no problem. If you go in and start asking all kinds of questions they are going to bend you over and get you for all you got. Your best bet is to go in with all the info you need this will keep them for getting the best of you.

If your friend has paid the charge offs, then they are no longer listed as derogatory, they still show on report but show they were paid. Which is far better than not paid.The auto dealer will no doubt simply want proof of income and what other monthly bills your friend has to pay. If she can afford a monthly payment without winding up broke at the end of the month, then she should be able to get the loan.Hope this helps and good luck.

She is going to need around 30%-40% down on the deal. I sold cars for awhile and charge offs are no fun. Without this down, you will be facing crazy interest rates.... above 20%.