Do I qualify for an auto loan?

[Anonymous]

Hi, I'm looking at getting my first car loan.  With me moving to attend a new university away from home, I will occasionally need a car to get back and forth to school while my boyfriend is working.  I will include the information below, thanks for all your help everyone and have a happy New Year

Credit Score:
                          Transunion: 704
                          Equifax:        695

                          Experian:     691

AAoA:                                                  Sixteen months

# of Positive Trade Lines:                Seven (Three credit cards, five student loan accounts)

# of Negative Trade Lines:              Two (Two medical collection accounts, one paid-in-full)

Income:                                               $40,000 combined

Length of Employment:                    Five years

Previous Loan Experience:            All student loans, currently with over 100% balance, will start repayment in December of 2016

Debt-to-income:                                23.55% (Includes payments on student loans, credit cards and rent)

Year of Car:                                       N/A

Miles:                                                  N/A

Purchase/Refinance:                       Purchase

Loan amount:                                    No more than $8,000 total

Requested Loan Term:                   Negotiable (No more than 48 months)

Down payment amount:                 $1,000

Co-borrower/Co-signer:                 Yes

Other:                                                 One unpaid medical collection in the amount of $566 and one recently paid-in-full medical collection in the amount of $298.  I also am a full member of USAA and use them for my banking purposes.  I have a total of 11 inquiries over the past two years, the majority of them from individual rate shopping in the summer of 2014.  My boyfriend is a Firefighter/EMT and I am now a student studying law enforcement and working full-time at a financial insitution near our home.  I have no prior auto loan experience and have all positive remarks on my credit report excluding the two collection accounts.

If you have any suggestions about potentially merging my student loan accounts, that would be greatly appreciated!

[Anonymous]

I forgot to include something!

I have three credit cards: One from my local bank with a credit limit of $1,000 and a rate of 23.99%.    Two cards from Capital One, a secured card with a $300 limit and a rate of 22.90%  and finally an unsecured card with a $2,500 limit and a rate of 19.80%

[Dj4Money]

 Take care of last medical collection.

 
 What did you have in-mind? I would suggest the Hughes First Time Buyer Program, but they require 15% down and a grand isn't going to cover it.

 That said with a captive lender (Ford Credit, Nissan, GM, etc) that $1,000 might be all you need, depending on what you want of course.