Auto Loan with 6 months of credit history?

[jessdodd]

I am looking to purchase a new car. I have almost 7 months of credit history. I just received my first fico score of 715 earlier this month. I only have one credit card that i pay off in full each month. I have $3000 as a down payment. Would i qualify for an auto loan?

[CJIII29]

Seems like you should, how much you looking to spend? I am trying to do the samething in 6 to 7 months.

[RushXTC]

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@jessdodd wrote:

I am looking to purchase a new car. I have almost 7 months of credit history. I just received my first fico score of 715 earlier this month. I only have one credit card that i pay off in full each month. I have $3000 as a down payment. Would i qualify for an auto loan?

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There's such thing as a first time buyer and which cars you qualify... Dependso n the dealership though, I mean I don't have any experience on this, Since the only part that could relate is my friend buying a new car.

He has bad credit though... low 500's score, 2 missed payments and an account currently on collections... Max approved for $20,000 + 23% APR.

[cottoncrown]

Well, I got my auto loan with exactly six months history. I had two secured cards and a discover with a 5k limit on my report. I also put down 20%. I think it's going to depend on your employment history, the % you are paying down and what the limit is on your credit card. FICO-wise you are totally fine. I think if you make a 20% + down payment and you have been working at the same job more than one year, you're probably golden.