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Member
codax85
Posts: 19
Registered: ‎04-13-2011

First time auto loan

So, I have decent enough credit (all 3 reports over 750 FICO). I have 3 credit cards in my name, with total credit limit of 13500 and I only have around 3-5% util at any given time (I pay in full every month). All my cards (1 cap one, 1 AMEX and 1 BoA) have flawless history, but are only around 2 years old. Apart from that, I only have an AU account on a credit card that is around 4-5 yrs old and without reported limit (VISA signature card) that also is spotless.
Therefore, no installment history to speak of, and my wife is in the same boat, just a couple of credit cards with no baddies. Our combined income is around 85k/yr and have no debt, just 1450 rent and that's about it. We need however to add a second car, is it realistic for us to expect an approval at a decent rate for a 30k MSRP car, or since we have no installment history is this out of the question? I should add that we plan on putting down around 15-20% downpayment on the car we decide to get, so that should help...

Thanks for your help!

 

Established Contributor
TrishN
Posts: 505
Registered: ‎11-05-2012

Re: First time auto loan

Contact DCU( you guy have NPto get APR1.99 to 6.99)And with 15-20% down payment 99% digital credit union(DCU) with finance you and your wife with that rate 

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
Established Contributor
ccnewcc
Posts: 560
Registered: ‎09-29-2012

Re: First time auto loan


codax85 wrote:

So, I have decent enough credit (all 3 reports over 750 FICO). I have 3 credit cards in my name, with total credit limit of 13500 and I only have around 3-5% util at any given time (I pay in full every month). All my cards (1 cap one, 1 AMEX and 1 BoA) have flawless history, but are only around 2 years old. Apart from that, I only have an AU account on a credit card that is around 4-5 yrs old and without reported limit (VISA signature card) that also is spotless.
Therefore, no installment history to speak of, and my wife is in the same boat, just a couple of credit cards with no baddies. Our combined income is around 85k/yr and have no debt, just 1450 rent and that's about it. We need however to add a second car, is it realistic for us to expect an approval at a decent rate for a 30k MSRP car, or since we have no installment history is this out of the question? I should add that we plan on putting down around 15-20% downpayment on the car we decide to get, so that should help...

Thanks for your help!

 


Idk.  And I also don't know what decent means to you.

 

But from my experience, I've always heard that getting a car is usually easier than getting a CC.

 

I don't doubt that you will be able to get the car and i doubt that you will get a rate that is above 10%.

 

Check with many lenders to find the best rate if you aren't happy with the first rate quoted.

 

Cuz even if you don't get a decent rate, you can always refi a few months to a 1 yr out once you have estabilisheed payment history on the note.


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