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Auto LOan Help

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Anonymous
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Auto LOan Help

 Hi,

   I am planning to get a auto loan. My credit score is around 730.  My income is around 110k p.a. I have 7 credit cards with 50k credit limit in total. The problem is i have a limited credit history with AAoA= 7 months and oldest acoount 1 year 8 months. How much loan can i get at a prime apr ? Should i wait for six months to get a better apr ?

Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: Auto LOan Help

First I have to say I am jealous of your credit card portfolio. And that $2000 limit is so Discover, I did see a thread on Discover doing generous increases recently. You should look into it.

Second, with low balances/utilization you should be able to get a car loan.

The real issue is how much you need. Some cash down may be required and the amount will be capped based on your limited file. Try a credit union like DCU with that score. They will want proof of income but you should be fine.

 

 

Message 2 of 6
Anonymous
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Re: Auto LOan Help


@Anonymous wrote:

 Hi,

   I am planning to get a auto loan. My credit score is around 730.  My income is around 110k p.a. I have 7 credit cards with 50k credit limit in total. The problem is i have a limited credit history with AAoA= 7 months and oldest acoount 1 year 8 months. How much loan can i get at a prime apr ? Should i wait for six months to get a better apr ?


It will all come down to your credit profile.  All you are asking is for us to guess as we don't know what car you are getting and how much loan you will need.  With your profile, you should have no problem getting a loan.

 

If you have never had an auto loan, it may require you to have a co-signer.  But before going car shopping, try the CUs such as DCU, Penfed CU etc... and have the check in hand before you go car shopping...

Message 3 of 6
Anonymous
Not applicable

Re: Auto LOan Help


@Anonymous wrote:

@Anonymous wrote:

 Hi,

   I am planning to get a auto loan. My credit score is around 730.  My income is around 110k p.a. I have 7 credit cards with 50k credit limit in total. The problem is i have a limited credit history with AAoA= 7 months and oldest acoount 1 year 8 months. How much loan can i get at a prime apr ? Should i wait for six months to get a better apr ?


It will all come down to your credit profile.  All you are asking is for us to guess as we don't know what car you are getting and how much loan you will need.  With your profile, you should have no problem getting a loan.

 

If you have never had an auto loan, it may require you to have a co-signer.  But before going car shopping, try the CUs such as DCU, Penfed CU etc... and have the check in hand before you go car shopping...



@Anonymous wrote:

@Anonymous wrote:

 Hi,

   I am planning to get a auto loan. My credit score is around 730.  My income is around 110k p.a. I have 7 credit cards with 50k credit limit in total. The problem is i have a limited credit history with AAoA= 7 months and oldest acoount 1 year 8 months. How much loan can i get at a prime apr ? Should i wait for six months to get a better apr ?


It will all come down to your credit profile.  All you are asking is for us to guess as we don't know what car you are getting and how much loan you will need.  With your profile, you should have no problem getting a loan.

 

If you have never had an auto loan, it may require you to have a co-signer.  But before going car shopping, try the CUs such as DCU, Penfed CU etc... and have the check in hand before you go car shopping...


I am looking for a loan of 20k-25k. I can pay initial 5k deposit.

Also, I have never had a loan. I don't have a cosigner either. 

Message 4 of 6
Anonymous
Not applicable

Re: Auto LOan Help


carFinancepro wrote:

First I have to say I am jealous of your credit card portfolio. And that $2000 limit is so Discover, I did see a thread on Discover doing generous increases recently. You should look into it.

Second, with low balances/utilization you should be able to get a car loan.

The real issue is how much you need. Some cash down may be required and the amount will be capped based on your limited file. Try a credit union like DCU with that score. They will want proof of income but you should be fine.

 

 

 


First , Discover has not been happy with me for some reason. Ironically i have used Discover a lot for my purchases and paid in full.  Yet they have not given me any auto CLI.   I know about the CLI they are giving every 17 days. I have got 2 of therm of 500 $ only(and then reached $2000). My card was at 500$ for the first year.  On the other side, I like Discover for there service and they are the first ones to give me a credit card. 

 

Second, I need around 20k -25k I am willing to pay cash down upto 5k.

 

Message 5 of 6
Anonymous
Not applicable

Re: Auto LOan Help

Discover wasn't happy with me for awhile either. It took me forever but I finally figured out they didn't like a cash advance I took out. I forgot my debit card that day and used my Discover card to get a hundred bucks. Thought that was one of the functions of my card. Nope! They didn't feel that way.

 

Like the guys here are saying, try DCU or other credit unions. Proof of income and $5k down should do it.
I don't know why everyone here is so resistant to the dealer but I think that's an option too.

Message 6 of 6
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