New Member
Posts: 1
Registered: ‎04-02-2009

Girlfriends First Auto Loan

Credit Score:  690

AAoA: 2.5yrs

# of positive trade lines: 3

# of negative trade lines: 0

Income: 22k/year

Lenght of Employment: 5+ yrs

Previous Loan Experience: 1 student loan less than 1 yr old

Debt-to-Income (DTI):

Year of Car:  2008 Honda Element

Miles:  87,000

Purchase/Refinance: Purchase

Requested loan term (XX Months): 4 Years

Down payment amount:  Can put up to 5k down

Co-borrower/Co-Signer: No

Other: Looking for a 12-13k loan


Can she walk into a  reputable dealer and get a loan? what kind of rates?

Established Contributor
Posts: 591
Registered: ‎10-25-2011

Re: Girlfriends First Auto Loan

Have her apply at a local credit union first. 

I'm a personal banker and do a lot of auto loans serving the Houston area.
I suggest first time car buyers to read the sticky guide in the auto loan section.
I try to check these forums often, but if I missed your post, please feel free to message me with a link to it.
Community Leader
Senior Contributor
Posts: 4,788
Registered: ‎03-06-2010

Re: Girlfriends First Auto Loan

As Samsung says, have her get her loan at a CU. If she goes to a car dealership there is no way she will get good terms because they will stick it to her (because they can). Car dealerships look to make extra profit through the F&I office by hitting the consumer with add on's and by bumping the rate or extending the term. She can avoid that by financing through a CU before she ever steps foot onto a dealerships lot.


Do some research on common car dealer scams before you/she buys anything so you recognize the game. Walk away when you if they try to negotiate payments rather than the price of the vehicle. The first vehicle purchase is the hardest. Make sure she has identified the exact type of vehicle and the market value before she walks in the door.


She is in good shape for decent financing with a CU. So with her CU financing she won't get hurt on the financing. She only has to watch out for the price of the vehicle. If they tell her she must get financing through them, she should walk away. See, there is a trend here :smileyhappy: If they know you aren't going to put up with their games, she will get a better deal.

Epic Contributor
Posts: 22,688
Registered: ‎10-23-2007

Re: Girlfriends First Auto Loan

should not be a problem but I too would apply at a credit union to have that approval in hand and then let the dealership try to beat it.

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