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Established Contributor
Posts: 859
Registered: ‎10-25-2011

Do I qualify for an auto loan? Info that is needed.

[ Edited ]

One of the most FAQ on the fico forums is, "Do I qualify for an auto loan?" When asking about approval chances, it would be helpful to include the information below. Some of the information may be sensitive, and it is up to you as to which information and how much details you wish to provide. 




This is one of the biggest factors when applying for any type of credit. What does your credit scores look like. What does your credit report look like. Do you have any negative marks like charge offs, collections, judgements. When were the negatives. What is your average age of accounts (AAoA). 


Do you have any auto loan history on your reports? Or is this your first time financing a car? How was the payment history on your auto loan tradeline? Many lenders may use 'auto-enhanced' fico scores which takes any previous loan history as a bigger factor. An auto enhanced FICO is often higher than your regular FICO if you have previous auto loan history with a flawless payment history. Some lenders who do a manual review on credit reports will also pay special attention to auto loan tradelines. 


Include any other relevant credit information you feel might be helpful.


Income & Employment

What is your current income. How long have you been at your current employer (more or less than 2 years). 


Debt-to-Income (DTI)

Calculate your monthly debt minimum required payments versus your income. Remember to include items like child support payments, alimony, and rent. Things like ultility bills and insurances are not included in this. 


Collateral (the car you are wanting to purchase)

Is the vehicle new or used. What is the year of the vehicle. How many miles are on the vehicle. Lenders usually have collateral restrictions for example some banks will only finance vehicles no older than 7 years old and/or no more than 100,000 miles. If you know the value of your car, it would be helpful in figuring out the Loan-to-Value (LTV). 


Loan amount & down payment


This helps determine the LTV. How much do you want to borrow. Are you planning to give a down payment or trade-in a car as down payment. If the car you are purchasing is $20,000 and you want a loan for $22,000 to pay for TT&L then your LTV would be calculated as 22,000 / 20,000 = 1.1 or 110% LTV. Lenders usually have a maximum threshold LTV before the loan application is automatically declined. Sometimes this is a good question to ask a lender before applying.


Transaction type & loan terms


Purchase or refinance. How many months are you looking to finance your vehicle. This isn't a big factor in getting approved, although most lenders usually increase interest rates if you finance more than 60 months. 


Co-borrower / co-signer

Are you planning to use a co-applicant. Do you have one available. 



Everybody's situation is different. Provide any other information you think would be relevant. Remember the more information you provide, the more accurate assessment can be made. Below is a template so you can copy and paste for easier posting:


Please post in a new thread:

Credit Score:


# of positive trade lines:

# of negative trade lines:


Lenght of Employment:

Previous Loan Experience:

Debt-to-Income (DTI):

Year of Car:



Requested loan term (XX Months):

Down payment amount:







Super Contributor
Posts: 9,668
Registered: ‎01-28-2010
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Re: Do I qualify for an auto loan? Info that is needed.

Thanks for posting ~ this is very helpful !


One factor to mention specifically under the credit topic would be any prior auto or installment loan history.    This is a significant factor in approvals and also in setting interest rates.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
New Visitor
Posts: 1
Registered: ‎08-10-2013

Re: Do I qualify for an auto loan? Info that is needed.

Credit Score:750 (Transunion Vantage)
Income: $5,700.00/month
Lenght of Employment: 7 years
Previous Loan Experience: N/A
Debt-to-Income (DTI): 35%
Year of Car: 2013
Miles: N/A
Purchase/Refinance: Lease / Finance
Requested loan term (XX Months): 27 months lease/60 month finance
Down payment amount: $0 for lease / $7500 for finance loan
Co-borrower/Co-Signer: Available
New Visitor
Posts: 1
Registered: ‎08-21-2013
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Re: Do I qualify for an auto loan? Info that is needed.

I appreciate the help you are providing for many people like me on managing businesses in this tough economy. I would love to learn more from your blog.

Established Member
Posts: 17
Registered: ‎09-22-2013
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Re: Do I qualify for an auto loan? Info that is needed.

You should have a good credit rating to qualify for auto loan. Do not bother if you have a bad credit rating and still in need of an auto loan. There are several lenders ready to offer loans to this category of people too.  It is important for the borrowers to afford the monthly payments on getting the loan approved.

Established Member
Posts: 22
Registered: ‎09-17-2013
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Re: Do I qualify for an auto loan? Info that is needed.

With a low score,you will be approved but at a very high interest rate which can be ridiculously high.
Regular Contributor
Posts: 110
Registered: ‎06-04-2012
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Re: Do I qualify for an auto loan? Info that is needed.

[ Edited ]

Credit Score: 658
AAoA: 1.7 years
# of positive trade lines: 6
# of negative trade lines: 2 ( last derog 2+ years old; both accounts are closed)
Income: ~$30k
Lenght of Employment: 3.5 years
Previous Loan Experience: none
Debt-to-Income (DTI): less than 15%
Year of Car: 2011-2012
Miles: 45k
Purchase/Refinance: purchase
Requested loan term (XX Months): 60 mos
Down payment amount: ~$5000
Co-borrower/Co-Signer: none


Purchase price of desired car: $18-21k

Established Member
Posts: 15
Registered: ‎02-01-2014
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Re: Do I qualify for an auto loan? Info that is needed.

Credit Score: 567 (Credit Karma)

AAoA: 1 year 6 months

# of positive trade lines: 4

# of negative trade lines: 3

Income: 3400/month

Lenght of Employment: 3 years

Previous Loan Experience:  Current auto lease that i will trade. 

Debt-to-Income (DTI): 11%

Year of Car: 2014 

Miles: 10

Purchase/Refinance: Purchase

Requested loan term (XX Months): 72

Down payment amount: 1200

Co-borrower/Co-Signer: No


Amount needed:$30,000


Zero credit card balances. Just paid them all off today.

1 Charge off that was settled 5 years ago. 1 charge of not paid 5 years ago. a few 30 day lates last july.

Valued Contributor
Posts: 1,298
Registered: ‎02-12-2014
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Re: Do I qualify for an auto loan? Info that is needed.

[ Edited ]

Please post your info in a new thread.

(If you don't know how to make a thread, go back to the auto loans subforum where all the auto threads are, click on the New Message button (left hand side before the stickied threads).


It will not get any responses here...


Mods, can we get this locked so people don't post here?

For an urgent question Monday thru Fridays, feel free to email me directly remembermyfico //at// gmail /dot/ com if you need a response in 24 hours.
Valued Member
Posts: 28
Registered: ‎02-19-2014
0 Kudos

Re: Do I qualify for an auto loan? Info that is needed.

Credit Score: All 750 Plus

AAoA: 4 yrs

# of positive trade lines: 6

# of negative trade lines:0


Lenght of Employment: Retired

Previous Loan Experience:

Debt-to-Income (DTI):27%

Year of Car: 2014 Corvette

Miles: 0

Purchase/Refinance: Purchase or lease

Requested loan term (XX Months):72

Down payment amount:0

Co-borrower/Co-Signer: no

Other: Purchase price 70K


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