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New Member
Posts: 6
Registered: ‎10-10-2013
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New auto loan, great score low credit history

Hey,

 

Im looking to get a new auto loan with my current fico transunion being 761.  I only have 5 months of credit history between two credit cards and low util on both.  I'm able to make about a 15% down payment towards a new car but im worried i will get denied still or have a outrageous apr.  Do i have a good chance?

Moderator Emeritus
Posts: 11,282
Registered: ‎12-30-2011
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Re: New auto loan, great score low credit history

[ Edited ]

Welcome to the forums!

 

What else is on your credit report and where did you get your score from?  FICO scores don't get generated until there's 6 months on any given tradeline and your score sounds suspicoiusly high for a near new file.

 

Hard to say, unless you have an auto loan or possibly personal loan / mortgage on your record, most likely your Auto Enhanced score won't be the same, but auto loans are easy to qualify for and you have a very good downpayment.  If you have income to cover the DTI issue, I'd check at a couple Credit Unions and you'll probably be just fine.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 700, TU 04 731, EX 98 725 (05/24/15)
Goal Score: 700 on EQ 04 (01/01/16)


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New Member
Posts: 6
Registered: ‎10-10-2013
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Re: New auto loan, great score low credit history

Sorry, I should have been more thourough. I had a credit card 4 years ago that ended up in collections. It's paid in full and doesn't show up as a derogatory. It stopped me from getting a loan 7 months ago because it was being reported that it wasn't paid.
New Member
Posts: 6
Registered: ‎10-10-2013
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Re: New auto loan, great score low credit history

anyone :smileysad:

Valued Contributor
Posts: 1,057
Registered: ‎09-29-2009
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Re: New auto loan, great score low credit history

If you have the income to support the car loan and a 15% DP then you should be in good shape at most dealers.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL


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Frequent Contributor
Posts: 340
Registered: ‎07-27-2011
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Re: New auto loan, great score low credit history

[ Edited ]

Join a Credit union.  Open up a small savings account with them, then apply for an auto loan.


Starting Score: 521 TU, 597 EQ, 574 EX on 6/20/2011
Current Score: 753 TU, 764 EQ, 766 EX on 02/17/2014
Goal Score: 720-740 Across the board


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Valued Contributor
Posts: 1,145
Registered: ‎04-13-2013
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Re: New auto loan, great score low credit history

DCU is a very popular CU on the forums for auto loans. Check them out.

Gardening since 7/16/14
Current: EQ 711 7/13/14; EX 724 TU 721 6/19/14
Goal: 760+
New Member
Posts: 6
Registered: ‎10-10-2013
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Re: New auto loan, great score low credit history

Should i get a membership with DCU before applying?

Moderator Emeritus
Posts: 11,282
Registered: ‎12-30-2011
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Re: New auto loan, great score low credit history


PnBoots wrote:

Should i get a membership with DCU before applying?


You have to join a CU before getting any services from them; however, my personal experience with DCU has been nothing short of excellent with my own auto loan.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 700, TU 04 731, EX 98 725 (05/24/15)
Goal Score: 700 on EQ 04 (01/01/16)


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Established Contributor
Posts: 724
Registered: ‎08-13-2011
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Re: New auto loan, great score low credit history

My daughter is 19 and applied for an auto loan a few months ago, she had 2 lines of credit over a year old, they told her she had to have at least 4 lines of credit before they would do an auto loan in just her name, her dad co-signed for her. Loan only for 1 year, then will be paid off.





Starting Score: TU 573 Exp 523 Lender Pull, Eq 583
Current Score: TU 673, Exp 664.,Eq 672 04/17/2015 TU 713 Equifax 686 Experian 671

Goal Score: 700 across the board


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