Can I get approved for used car loan?

[markymark313]

Hello,

I want to purchase a car sometime in the spring, maybe in May. I'm 20 years old and I live with my parents. I don't have to pay any bills. I have a secure job making $700 a week. My transunion score is a 718 and my equifax is a 683. I have about $3500 in balances which will all be paid off by next month so I'm expecting an increase in scores. Thats is when I want to apply for a car loan. With my scores do you think I can get approved? I'm looking to finance a $30,000 car. If you need any more information, let me know. Thanks.

[markymark313]

I forgot to mention I would like a 72 month loan to make my car note lower.

[StarraeAday1]

Are you able to make any kind of down payment? I would check with some local credit unions. I just joined one and they gave me an awesome loan and my credit isn't near as untarnished as yours! Good luck to you.

[markymark313]

I thought you had to be a member of something to join a credit union. I really don't want to make a down payment. I was thinking of applying with chase.

[marty56]

If you can afford the INQ to join, I would also check out a CU.  I would wait till everyhing is PIF and print out a copy of your CRs and take them to the CU and see what they say.  You never know and it won;t cost you an INQ.  Also it would be good to know which CRA the CU pulls from and any dealer you are interest in.  My CU (RBFCU, San Antonio) always pulls from TU.

IMHO I would avoid the big banks.  Most dealers in San Antonio either deal with the auto company finance or local CUs.

[StarraeAday1]

Each credit union has their own membership requirements. Some require that you work or live in a certain place. Some require military affiliation. I would do a search for local credit unions, then start going to their websites. The membership requirements should be there. For example, my CU only requires that I live or work in my county. Easy enough!

[Anonymous]

Hello you can get approved for car loan without an cosigner. Your fico is in good standing to purchase at this time. It would be a greater advantage to you to pay off the other bills or pay them down tremendously before purchasing anything else. Creditors review your debt to ratio before extending credit to you. Suze Orman talk about this all of the time.  It is better to finance through a Credit Union than a bank. They have different guidelines. Some Credit Unions have different requirements. For example some might require you to be related to a member and there a some that don't require you be related to anyone. If you are employed your employer usually deal with a Credit Union. I am speaking from experience my daughter purchased a 2009 Honda Civic at age 19 and her fico score was 720. The Credit Union didn't require any down payment. Good Luck.

[markymark313]

Hello everyone,

I forwarded my fico credit report to the dealership I want to purchase my car from so they could tell me if I could get approved before they pull my report and put an inquiry on my report. The salesman told me even though I have very good credit, most banks look for a person with previous auto loans and because I have no previous car loans I would need a cosigner with car credit. I can have my fiance cosign for me. We pulled her equifax fico and her score is a 703 which is better then mine, I have a 683. but she also doesn't have any car loans on her report. Do you think I could get approved even though we do not have previous auto loans.

[Jazzzy]

Did they quote you an interest rate?

It's too bad you can't do this on your own. Asking someone to cosign (even if you're in love) can be a burden to that person. When she applies for credit, they will count this car payment as one of her debts. If you ever mess up on a payment, it will end up on her report, too.

I wouldn't be comfortable with just one quote. Did you ever try a credit union or bank to see what they might offer?

[markymark313]

I'll be going to Chase bank this week. I'm going to try to get the loan by myself but if I get declined I'll ask if they can try again with fiance as a cosigner.