04-03-2013 09:00 AM - edited 04-03-2013 09:24 AM
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.
04-03-2013 03:03 PM
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.
04-03-2013 03:06 PM
04-03-2013 03:30 PM
04-03-2013 03:38 PM
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?
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO