Can I get a car loan

[Remember0]

Okay, if your local CU won't work no worries. I'd maybe start with DCU when the time comes. If DCU doesn't work or they give you a high rate, another good one to try is Hughes FCU given that this is your first auto loan. They only need a 580+ FICO so you should be good. But Hughes requires a 15% down payment AND 12 months with your current employer. If you can't meet both of those conditions, don't bother with Hughes imo. If DCU and Hughes don't work, perhaps you could try Cap One or BofA. I really do think you'll be okay...also a dealer can definitely get you financed. Just don't accept more than 7-8% from a dealer really.

[CJIII29]

I see going to the credit union might be a bad idea.

[CJIII29]

Might have to try the used car dealers. Once I have a downpayment, and my credit has age a year, when do your credit inquiries start droping off?

[CJIII29]

I been on my job a little over a year.

[ExplicitElicit]

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@CJIII29 wrote:

Might have to try the used car dealers. Once I have a downpayment, and my credit has age a year, when do your credit inquiries start droping off?

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Inq stop hurting your score after a year, they actually fall off your CRA's after two years. Hope this helps!

[CJIII29]

Ok, so will I have a better change at the dealer next year?

[Remember0]

Honestly INQs don't hurt that much in the first place. Rarely are they the difference between approval and denial. Heck in 6 months their hit on your FICO starts to wear off.

You should have no problem at a car dealer imo as long as your stated income is above $1.5k/month gross. But be careful: they'll try to jack your rate up...you shouldn't be higher than 7% imo.

I always recommend people at least try CUs (doesn't have to be your local one) to help prevent  dealer rate jacking. Why do you believe that a CU would be a bad idea anyways? And I mean the likes of DCU which in the past has given people with short profiles a loan or Hughes which explicitly has a first buyer program (assuming employment w/ current employer is 1+ years and yu have a 15% dp for hughes)?

Also if you go directly to a dealer fine. But at least go into a place like carmax or a bigger franchised (like one who sells new cars of a major US manufacturer a la Chevy, Honda, Toyota, Nissan, etc). Don't go to those corner lots that advertise "We Finance Everyone" aka a buy here pay here car dealer. Those guys typically sell you cars at 2x their value @ 20%+ interest!

[CJIII29]

Ya I try my credit union because thats who I bank with. Oh by the way I was approved for a $2000 limit unsecured Best Buy Credit Card.

[Remember0]

Honestly doesn't have to be your CU. You could very well try others, definitely worth it. DCU for example would probably be a good fit for your profile as long as you didn't want more than a 15k approval. Hughes would also be good if you met the employment and down payment requirements they have.

Congrats on the approval by the way! Since you have 3 tradelines now, that's a good thing. Work on making sure payments go in on time. And keep util less than 10%!

[CJIII29]

Thought about charging a printer on my best buy card, and paying it off in 6 months to avoid the instert.