Regular Contributor
Posts: 142
Registered: ‎09-30-2013

Can I even qualify for an auto loan?

I am going to buy a new car within the next few months and I was wondering if I can even qualify for an auto loan? Also if I should go through the dealership or if I should go through someone else. 


I have $9000 to put down want to buy something around 20k. I have 15 INQ's though from the middle of last year :smileysad: 

BofA Cash Rewards $1k / Barclay Arrival $1.5k / Amazon $700/ Credit One $800 / Shell $500 / Fingerhut $2.8k / Walmart $600/ Paypal Connect $500/ Nordstrom $300/ J.crew $1,050/ Gap $200/ Express $650

AU: Amex Green NPSL

Experian: 613 Equifax: 624 TU: 633

Established Contributor
Posts: 715
Registered: ‎08-26-2011

Re: Can I even qualify for an auto loan?

If you have 9K to put down on a 20K car -- somebody will take you.

Transunion: 713 FICO (5/13/2014) MyFico
Experian: 789 FICO (4/10/12) Lender Pull
Equifax: 695 FICO (1/10/14) MyFico

My cards: Chase United Mileage Plus 7000CL (3/12), CITI Simplicity 1800CL (9/12), Cap1 Platinum 1000CL (2/10), Cap1 Cash back 1500CL (11/11), Apple Barclay's 2500CL (11/11), Discover IT 6000CL (5/13)

My Primary Financial Goal is to put down my utl%.

New Member
Posts: 16
Registered: ‎01-17-2014

Re: Can I even qualify for an auto loan?

[ Edited ]

Im sure with that kind of downpayment you will be approved, however it is CRUCIAL to get approved before you arrive at the dealership.  There are many reasons to get approved first.  If the dealers lets you take tha car and sign a contract, they could chasrge you per day and per mile if they cannot get the loan approved..  MODCUT


Edited to remove link/advertisement

Shogun, myFICO moderator


Whacking solicitation message as well. --Rev

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