cancel
Showing results for 
Search instead for 
Did you mean: 

New auto loan, great score low credit history

New Member

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?

Message 1 of 15
14 REPLIES
Moderator

Re: New auto loan, great score low credit history

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 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


Take the myFICO Fitness Challenge
Message 2 of 15
New Member

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.
Message 3 of 15
New Member

Re: New auto loan, great score low credit history

anyone Smiley Sad

Message 4 of 15
Highlighted
Valued Contributor

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


Take the FICO Fitness Challenge

Message 5 of 15
Frequent Contributor

Re: New auto loan, great score low credit history

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


Take the FICO Fitness Challenge
Message 6 of 15
Valued Contributor

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+
Message 7 of 15
New Member

Re: New auto loan, great score low credit history

Should i get a membership with DCU before applying?

Message 8 of 15
Moderator

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 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


Take the myFICO Fitness Challenge
Message 9 of 15
Established Contributor

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 741 Equifax 682 Experian 678

Goal Score: 700 across the board


Take the FICO Fitness Challenge

Last HP 6/10/2015
Message 10 of 15