First time buyer- Approval odds without a co-signer?

[Anonymous]

Hi All, long time lurker...first time poster. I can't begin to tell you how much valuable advice/knowledge i've come across in this forum over the years. I figured this was a good time to join the party.

Looking for some insight on my situation:

- I've never financed a vehicle before

- Bought my current car (cash) from my father about 4 years ago

- I've been with my current employer for about 3 months; was employed with my previous employer for 3 years. 

- Annual income is $80k

- Credit Scores:

EX- 788

EQ- 790

TU- 794

 -Credit card utilization overall is around 1% ($105k available credit)

- Only debt is student loans

I really don't want to include a co-signer. Looking for a used vehicle in the $30k-$35k range and I will be putting about $10k down.

My main concern is that I've never had to apply for/acquire any major financing for anything. What do you all suppose are the chances of me being approved for financing with a decent rate, and not include a co-signer?

Thanks for any and all input!

[Anonymous]

Your scores are good. Having no auto credit could make a difference, it depends on a lot of things. What is your AAoA? 

Having 10K down will make most banks give you a good rate. I'd do a little shopping, check your credit union. 

IF you don't get a rate below 4%, I would buy a cheaper new car (something around 20K). With 10K down at your income you can pay it off in 2-3 years, and have an excellent trade plus good car credit, and you will definitely get lots of 0% offers at that point. 

(Also, you may get them now at those credit scores!)

Have you thought about leasing? 

[Anonymous]

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@Anonymous wrote:

Hi All, long time lurker...first time poster. I can't begin to tell you how much valuable advice/knowledge i've come across in this forum over the years. I figured this was a good time to join the party.

Looking for some insight on my situation:

- I've never financed a vehicle before

- Bought my current car (cash) from my father about 4 years ago

- I've been with my current employer for about 3 months; was employed with my previous employer for 3 years. 

- Annual income is $80k

- Credit Scores:

EX- 788

EQ- 790

TU- 794

 -Credit card utilization overall is around 1% ($105k available credit)

- Only debt is student loans

I really don't want to include a co-signer. Looking for a used vehicle in the $30k-$35k range and I will be putting about $10k down.

My main concern is that I've never had to apply for/acquire any major financing for anything. What do you all suppose are the chances of me being approved for financing with a decent rate, and not include a co-signer?

Thanks for any and all input!

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You won't have any problems getting a loan.  With your scores a credit union like DCU will give you a great rate which might be a reason to keep some of the cash your planning on putting down (unless that is your preference).  You won't need a co-signer, car loans are secured by the car so as long as you don't negotiate a terrible deal you will be fine.  I would definetly get preapproved with a credit union, that makes the negotiation and transaction at the dealer or private party much easier because dealers like to mark up interest so you can end up paying an extra point or two for them doing for you what you can do for yourself.

[Anonymous]

Like others have said, with the information you have provided, you will not have any problem obtaining alone without cosigner.

I have just recently purchased my vehicle with a lower income and credit score than you. I was easily approved by capital one, DCU and Audi Financial.

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@Anonymous wrote:

Hi All, long time lurker...first time poster. I can't begin to tell you how much valuable advice/knowledge i've come across in this forum over the years. I figured this was a good time to join the party.

Looking for some insight on my situation:

- I've never financed a vehicle before

- Bought my current car (cash) from my father about 4 years ago

- I've been with my current employer for about 3 months; was employed with my previous employer for 3 years. 

- Annual income is $80k

- Credit Scores:

EX- 788

EQ- 790

TU- 794

 -Credit card utilization overall is around 1% ($105k available credit)

- Only debt is student loans

I really don't want to include a co-signer. Looking for a used vehicle in the $30k-$35k range and I will be putting about $10k down.

My main concern is that I've never had to apply for/acquire any major financing for anything. What do you all suppose are the chances of me being approved for financing with a decent rate, and not include a co-signer?

Thanks for any and all input!

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