I'm new!

[Anonymous]

So I have been looking to get an auto loan for about a year now but I am young with little credit.  My information is listed below

Credit Score: 620

AAoA: 1 year

# of positive trade lines: 1

# of negative trade lines: 0

Income: $2800

Lenght of Employment: 6 months

Previous Loan Experience: 0

Debt-to-Income (DTI): 13%

Year of Car: unknown

Miles: unknown

Purchase/Refinance: purchase

Requested loan term (XX Months): 48/60

Down payment amount: between 3000 and 6000

Co-borrower/Co-Signer:no

Other: I am looking more towards an older truck around 18k but due to the year and mileage factor in the loan this might have to be changed.  If anyone is aware of how big of an impact these play in obtaining a loan please let me know.  Also how big of a difference there can be in approval between getting a new or used vehicle.  

I recently went into a local CU to get a loan but was turned away because I have no cosigner.  To sum up what she said I had 0 chance. 0. No matter what.  She was rather rude in general so regardless I have no intentions on returning there.  

Also I was considering LendingTree but I have not found anyone with any experience through them . So any feed back on that would be great as well. 

[Dustink]

I wouldn't say you have 0%. A large down payment can be a deciding factor on the approval. Though, I would suggest waiting to get a better rate. A used vehicle in your situation will be a few percent higher than a new vehicle, but most of the time the difference is maybe 1%. Who is your primary bank? I would suggest talking with them.

[Anonymous]

I was under the impression that a 15% down payment would be considered large.  I suggested putting around 6k down on a total value of 18k so 30% down payment just to be safe.  What would be more appropriate in my sort of situation?  I go to a small locally owned bank but I heard they were somewhat reluctant on giving auto loans.

Also has anyone heard anything about lendingtree?