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.
IMO you are shooting way too high for a first car
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?