04-13-2017 01:07 PM
I will be graduating from college in a month and will be working full time so I will be able to afford a monthly car payment. I plan to buy a used mazdaspeed 3 for $10K or less. My credit score is in the 720s right now per creditkarma. When should I start seeking pre-approval for an auto loan? Should I wait until I actually start working full time or should I start looking now?
04-13-2017 09:58 PM
Join a good credit union like Penfed, NFCU or DCU now, wait until you get that first paycheck prefferably so you have proof of income and apply. They will send you a check you fil in the amount and get the title and your pretty done. If you need one sooner it could be possible but not as likely. BTW don't put much fiaif ircaoirak
04-14-2017 06:02 PM
'fiaif ircaoirak' I think they meant 'faith in Credit Karma'
We may need to check and make sure they did not have a stroke.
Remember, PenFed uses the NexGen score and that can be hard to find. Also, various banks use either the FICO mortgage or Auto score when pulling credit.
May be worth it to get a full report from myFICO to see all of your true FICO versions.
And, I will say that the myFICO versions are spot on for the auto loans and house refi I did last year. The mortgage broker was impressed that I told him my exact scores.
04-15-2017 08:29 AM
As far as seeking pre-approval, your original question, they are usually good for thirty days.
It will be best to have a paycheck or two to prove income.
04-16-2017 04:14 AM
Thanks for the response. But what's the last part? Don't put much what?
Sorry about that, yes it was don't put too much faith in Credit Karma scores.
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