first time looking seriously at financing a car. My experian report shows I have a 665 fico, and my capital one credit tracker says I have a 697 fico. Credit karma says 697 as well. Definitely when I'm surely ready I will pull all three as its free once a year. Here is where I stand- I have limited credit, I am used to do everything in cash. So I have a credit line dated back 5 years that was closed. I have a credit card that's a year old and another that is 7 months old, all payments paid on time just got increases on both on them, Also a student loan that is paid on time as well. I am looking at a car priced around 14-15k mark, but can go lower. I can put down 4-5k down payment. And I have a job that I've had when I graduated college for the about 23 months, will prob be a year and half when I apply. The thing is it does not pay much. It is only like 1300 a month. Could I get approved with my credit and down payment. Also, I have a low debt to credit ratio, I own my home, and have really no bills that are high. Please advise me if there is a possibility and how or who I can use, I was considering capital one, as they are whom I have my credit cards through, my savings through, and my stock investments through. Thank you
Current (8/2015): Equifax 688, Transunion 689, Experian 708
Is there any requirements for DCU? I'm not familiar with them? Any advantages?
I think your income will be an issue with DCU(or for most lenders imo). DCU is a credit union that offers great auto loan rates, but you need a 675+ EQ04 score. You have to open a checking/savings account with them, so it will be two hard pulls on your credit, one for membership and one for the loan. But I'd first get your EQ04 score from Equifax's website, then go from there.
Yes I understand this. But I literally have no big bills/debt, I'm willing to put down 30-40% of the vehicle and make all payment with no missed payments. I am getting a better job later but need this now to get me there. Hopefully they will allow me to explain my situation more thoroughly. I have used the payment calculators and can afford the payments with no problems.