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New Member
AbhishekShukla
Posts: 13
Registered: ‎04-03-2013

Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

[ Edited ]

Hi, 

 

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. 

 

Established Contributor
sccredit
Posts: 770
Registered: ‎09-14-2012

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

IMO you are shooting way too high for a first car

Mortgage $299k/$310k
Autos Loans $49.5k/$60k
Unsecured Lines $157.2k

Discover FICO 732
DCU FICO 718

New Member
AbhishekShukla
Posts: 13
Registered: ‎04-03-2013

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

It's seems so. What kind of APR am I looking at? myFICO says six to seven percent.
New Member
AbhishekShukla
Posts: 13
Registered: ‎04-03-2013

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

I am 25 years old have been driving for 7 years now. It's just that this will be my first car in the US.
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

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.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
New Member
AbhishekShukla
Posts: 13
Registered: ‎04-03-2013

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

Would not the dealership finance guy talk to banks for me? I have given him my pay slip also.

I can get a co signee with a similar credit history (2 years) but with higher credit limits.

Would that help?
Established Contributor
sccredit
Posts: 770
Registered: ‎09-14-2012

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

IMO if you were to look at a $20k car and put $5k down you would have a much higher likelihood for approval.

Mortgage $299k/$310k
Autos Loans $49.5k/$60k
Unsecured Lines $157.2k

Discover FICO 732
DCU FICO 718

New Member
AbhishekShukla
Posts: 13
Registered: ‎04-03-2013

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

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?
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)


AbhishekShukla wrote:
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?

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
New Member
AbhishekShukla
Posts: 13
Registered: ‎04-03-2013

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

A local credit union (rejected, they did not consider my salary), chase and Bank of America.

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