Chances of getting a car loan and at what apr

[FallenZero]

Hi, i want to buy my first car by the end of this month, but iam not sure if i will be approved for a auto loan, and if i am at what apr. I am 23 with yearly income of 26k, been working at the same job for 3 years. I have 4 credit cards- bank of america $2500, 2x capital one- $2500& $2250, discover $3250, nothing charged on them as of now. I started my credit back in Decemebr of 2012, so i only have a 2 year credit history. My fico score is 773, and 768 transunion, i have never missed any payments, so the only thing iam worried about is my small credit history. I want to get a 20k car, and i have 5k for a down payment, with either a 4 or 5 year  loan. So with all this, what are my chances to get a car loan and at what apr. Any replies are appreciated , thank you

P.S. Will having a cosigner help if iam not approved at first.

[SteveUrkel]

Hello, based with the info you provided, im going to say that you would be better off with a cosigner. If you are looking to sign on your own I would try to give a little more down.  Im pretty sure you age will be a big factor in trying to get that amount of a loan with your income. There is always a possibility of getting approved but with a 5-10% APR. Maybe more.  

From my experience, Im 21, I got approved for a 26K loan, 0 down, but my income is double what my loan was. 

Also, are you carrying balances on your cards? If so, pay them down first for a better chance. 

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@FallenZero wrote:

Hi, i want to buy my first car by the end of this month, but iam not sure if i will be approved for a auto loan, and if i am at what apr. I am 23 with yearly income of 26k, been working at the same job for 3 years. I have 4 credit cards- bank of america $2500, 2x capital one- $2500& $2250, discover $3250, nothing charged on them as of now. I started my credit back in Decemebr of 2012, so i only have a 2 year credit history. My fico score is 773, and 768 transunion, i have never missed any payments, so the only thing iam worried about is my small credit history. I want to get a 20k car, and i have 5k for a down payment, with either a 4 or 5 year  loan. So with all this, what are my chances to get a car loan and at what apr. Any replies are appreciated , thank you

P.S. Will having a cosigner help if iam not approved at first.

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[Dj4Money]

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@FallenZero wrote:

Hi, i want to buy my first car by the end of this month, but iam not sure if i will be approved for a auto loan, and if i am at what apr. I am 23 with yearly income of 26k, been working at the same job for 3 years. I have 4 credit cards- bank of america $2500, 2x capital one- $2500& $2250, discover $3250, nothing charged on them as of now. I started my credit back in Decemebr of 2012, so i only have a 2 year credit history. My fico score is 773, and 768 transunion, i have never missed any payments, so the only thing iam worried about is my small credit history. I want to get a 20k car, and i have 5k for a down payment, with either a 4 or 5 year  loan. So with all this, what are my chances to get a car loan and at what apr. Any replies are appreciated , thank you

P.S. Will having a cosigner help if iam not approved at first.

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 You don't need a co-signer trust me. Ford has a First Time Buyer program. The min downpayment is $500 and they will match that with another $500. If you don't want anything Ford offers, you can also get into the other First Time Buyer program from Hughes Federal Credit Union - https://www.hughesfcu.org/borrowing/vehicle-loans/first-time-buyer/

 You only need $3,000 for $20K car to put down, take the other $2,000 and put that into an Emergecy Fund (Dave Ramsey Baby Step #1)

[CH-7-Mission-Accomplished]

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@Dj4Money wrote:

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@FallenZero wrote:

Hi, i want to buy my first car by the end of this month, but iam not sure if i will be approved for a auto loan, and if i am at what apr. I am 23 with yearly income of 26k, been working at the same job for 3 years. I have 4 credit cards- bank of america $2500, 2x capital one- $2500& $2250, discover $3250, nothing charged on them as of now. I started my credit back in Decemebr of 2012, so i only have a 2 year credit history. My fico score is 773, and 768 transunion, i have never missed any payments, so the only thing iam worried about is my small credit history. I want to get a 20k car, and i have 5k for a down payment, with either a 4 or 5 year  loan. So with all this, what are my chances to get a car loan and at what apr. Any replies are appreciated , thank you

P.S. Will having a cosigner help if iam not approved at first.

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 You don't need a co-signer trust me. Ford has a First Time Buyer program. The min downpayment is $500 and they will match that with another $500. If you don't want anything Ford offers, you can also get into the other First Time Buyer program from Hughes Federal Credit Union - https://www.hughesfcu.org/borrowing/vehicle-loans/first-time-buyer/

 You only need $3,000 for $20K car to put down, take the other $2,000 and put that into an Emergecy Fund (Dave Ramsey Baby Step #1)

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+1

The only thing you haven't stated is your monthly housing expense.  As long as you have a reasonable amount of disposable income after paying your house and proposed car payment, you should be fine.

If there is no interest rate penalty for taking a longer term loan, you might want to do that and just make the payment amount for a shorter loan.  Four or five years is a pretty fast payback these days.  You might qualify easier if your required loan payment is lower and thus your monthly expenses are lower.  You can simply opt to pay additional principal each month and amortize the loan faster.

[Dj4Money]

 BTW APR is hard to say without more background information.

 You won't need a co-signer, with all the lending options these days, if your breathing and have any source of income you can get a car loan.

   Your scores look good enough to get low, low rates from just about anybody despite never having a car loan. Please share what you end up doing.