I have a credit History of 1 year 7 months. The credit limit on my ONLY credit card (through my credit union) is $750.
I have a gross income of $90000 per year.
I have a new NY license also. I got it last month.
I want to get an auto loan for about $25000 to $30000. I went to a Chevy dealership and the Finance guy said I have been rejected in few (5) places because of my credit limit and credit history. He says he should be able to find something. But, I want to know what my chances are. Also, I am putting down 5k as my down payment.
This will be my first auto loan.
Can someone help.
You need to build your credit first.
Apply for another credit card and use it wisely for 6 months.
Continue saving more for the down payment.
If you must buy a car that expensive now. You should talk with your bank. The one that see's the $90k salary.
IMO if you were to look at a $20k car and put $5k down you would have a much higher likelihood for approval.
So for a 30k car if I put in 2k to 3k more, would that help?
Also, how do I know which banks around here will consider or give weight to my salary?
Who do you bank with?