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First time buyer.

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Rebellion_ap
New Visitor

First time buyer.

I just hit six months on my credit history and my fico score is at 690, I make 27000 anually, only one card reporting always below 10%, employed for about a year, no derogs. My question is will I qualify for an auto loan for 15-16k with 2k down payment, if so what apr should I expect. Also I plan on trying BECU first as that is the account with my credit card.

Message 1 of 5
4 REPLIES 4
black_citi
Established Contributor

Re: First time buyer.

Everything looks good from what I've read. Your interest rate depends. Which credit agency is your 690? I don't know BECU's auto rates but DCU has 1.24% for 65 months if you direct deposit with them and you have an EQ score of 675+.

If you have a mortage or you pay rent that may affect your intetest some I think. I make the same yearly as you.

Also depends whether or not you had a previous auto loan. If I had to guess an interest rate, i'm guessing 12% or less. But yeah, try BECU and see what they say.
Make More, Spend Less
Message 2 of 5
black_citi
Established Contributor

Re: First time buyer.

Oh wait, you did mention you are a first time buyer. Well, you may still get an intetest rate of 12% or less. Credit Unions tend to be a little less restrictive but I wouldn't be surprised if your interest was highrr than 13% since you are a first time buyer.
Make More, Spend Less
Message 3 of 5
SamsungHDTV
Established Contributor

Re: First time buyer.

I say you would get approved, for what rate not so sure. There's a chance you can get a decent rate. I know a first time buyer who got like 5%, but her credit profile might have been slightly more established.

 

In any case, if you get approved, make sure you make above minimum payments. You want to make sure you have equity in the car and your LTV is in a good range. That way you can refinance in 9-12 months.

Message 4 of 5
Remember0
Valued Contributor

Re: First time buyer.

You could try BECU, but if they don't give you <5%, try DCU. DCU doesn't penalize first time buyers. If your FICO EQ that they pull is 675+, you should get 1.24% for 65 months with them.

Message 5 of 5
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