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Just got a job and need a car loan will i get approved Fico score 740

Established Member

Just got a job and need a car loan will i get approved Fico score 740

I just got a job where i will be making 1600 this month but will make 3000 and more after that. I want to buy a car in the range of 20,000-25,000 but need a car loan to do so I can make a down payment of around 8,000 dollars. I have already been preapproved with usaa for a loan for up to 50,000, if i accept their offer what are my chances of getting approved? I already have a credit card with them as well as a personal loan with them. Here is a list of all my balances and credit limits

 

Usaa credit card  balance 4,300 limit 17,800

Usaa loan balance 4300 the loan was for 5000

Penfed credit card balance 2200 limit 7,800

chase mastercard balance 0 limit 1,100

chase visa balance 200 limit 2,000

American Express blue balance 600 limit 2,000

 

How much of my balances should I pay down before I apply for the loan?

2 REPLIES
Epic Contributor

Re: Just got a job and need a car loan will i get approved Fico score 740

 


rbub80 wrote:

I just got a job where i will be making 1600 this month but will make 3000 and more after that. I want to buy a car in the range of 20,000-25,000 but need a car loan to do so I can make a down payment of around 8,000 dollars. I have already been preapproved with usaa for a loan for up to 50,000, if i accept their offer what are my chances of getting approved? I already have a credit card with them as well as a personal loan with them. Here is a list of all my balances and credit limits

 

Usaa credit card  balance 4,300 limit 17,800

Usaa loan balance 4300 the loan was for 5000

Penfed credit card balance 2200 limit 7,800

chase mastercard balance 0 limit 1,100

chase visa balance 200 limit 2,000

American Express blue balance 600 limit 2,000

 

How much of my balances should I pay down before I apply for the loan?


Looks like USAA likes you, so wouldn't think it would be a problem

 

Established Member

Re: Just got a job and need a car loan will i get approved Fico score 740

Yeah, I know right, I think I will pull the trigger in two weeks