Limited Credit Used Auto Loan

[86]

Hi,

I had a question to the experienced members here. I have limited credit with no negative information, with ten years age of Experian, four years on Equifax, and five months on Transunion. My Equifax score is 650, and my Experian is over 700. All with no debt whatsoever. My question is would it be possible to get a used car loan with this limited credit history and little down payment, less than $500.00

I need a vehicle, and wish to use this as an opportunity to build upon my credit profile. Thank you for your input.

[PBAJ]

I had the same problem. I have pretty much no credit my dti 0%. I was approved through a credit union and got a much lower rate after shopping around. I would recommend trying to use a cosigner if you can and also going through a credit union. They are much more likely to lend since most are federal backed. I found I had problems getting approved through regular banks even with a cosigner. Or if they did approve me it would be some astronomical rate of like 25% without a cosigner. It wont hurt to apply to more than a few places even through the dealers you can sometimes get awesome rates. You also wont have to worry about it since it will only be considered 1 inquiry.