Reply
Established Member
Posts: 24
Registered: ‎03-01-2013
0

Chances of getting approved for an auto loan?

I'm 23 and never had a auto loan before. I have thin credit history, only 9 months. I do have a 732 Transunion Fico score though. The auto loan I want to get is $8000 and I have maybe a $1000 to put down. I make $2600 a month after taxes and $34,000 a year. Thank you for any help, appreciated. 

Valued Contributor
Posts: 1,863
Registered: ‎09-20-2011
0

Re: Chances of getting approved for an auto loan?

Very good.  Given that you have never had a loan before the rate won't be the lowest in the world but you should be able to get something decent.  What kind of car are you looking at?  Age of the car can have significant impact on the loan as well.

Established Member
Posts: 24
Registered: ‎03-01-2013
0

Re: Chances of getting approved for an auto loan?

Thank you for your reply. The dealer I am working with said he's going to try to get me approved with Golden One and call me by Noon. I noticed today my score dropped 6 points and my Auto Insurability gained 10 points. So I'm assuming he's doing something.

New Member
Posts: 13
Registered: ‎04-03-2013
0

Re: Chances of getting approved for an auto loan?

I have a credit History of 1 year 7 months. The credit limit on my ONLY credit card (through my credit union) is $750. 

I have a gross income of $90000 per year. 

I have a new NY license also. I got it last month. 

 

I want to get an auto loan for about $25000 to $30000. I went to a Chevy dealership and the Finance guy said I have been rejected in few (5) places because of my credit limit and credit history. He says he should be able to find something. But, I want to know what my chances are.  Also, I am putting down 5k as my down payment. 

This will be my first auto loan.  

 

Can someone help. 

Valued Contributor
Posts: 1,265
Registered: ‎09-14-2012
0

Re: Chances of getting approved for an auto loan?

OP - You should not have a problem getting a tier 1 approval.

 

Abi - Not enough info.  What are your scores, what is your AAoA?  Any negatives on your report?

Never take credit personally

Amex BCP $24,900; Chase Sapphire Preferred $24,200; Chase Marriott $20,000; Discover It $12,500; Chase Ink Cash $15,000; Chase Slate $13,500; Citi TYP $12,900; Capital One Venture $15,000; Amex SPG Biz $3,000; DCU Visa $10,000; Logix FCU $15,000; Citi Home Depot $8,800; Lowes $8,000; Care Credit $6,000; Penfed Platinum Sig $16,000; Barclay Arrival Plus WEMC $15,000; US Bank PLOC Overdraft $1,500; US Bank Perks+ Visa Signature $8,600; US Bank Edge Rewards Business $10,000; PenFed PLOC $5,000

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.