Would I qualify for an auto loan? Don't want to submit a credit application to only get denied.

[Anonymous]

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[Anonymous]

I can't claim to be an expert like some on here are but there is no doubt in my mind you can get a loan, no problem.  You have good credit, a down payment and you have your sights set on a modest car in terms of cost so you have nothing going against you.  I would suggest applying at a credit union so you have finance in hand when you do your deal.  I would not let them load the deal up with warranties and add on's because that is where the dealer makes their money.  You'll be fine.

Best of luck

[CH-7-Mission-Accomplished]

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@Anonymous wrote:

I can't claim to be an expert like some on here are but there is no doubt in my mind you can get a loan, no problem.  You have good credit, a down payment and you have your sights set on a modest car in terms of cost so you have nothing going against you.  I would suggest applying at a credit union so you have finance in hand when you do your deal.  I would not let them load the deal up with warranties and add on's because that is where the dealer makes their money.  You'll be fine.

Best of luck

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I agree about going in with a pre-approved loan from a CU (try DCU), but I would certainly try to see if Toyotal is offering a 0% loan through Toyota Finance.  Find out which CR bureau they pull, freeze the other two, and tell the dealer that ONLY Toyota can run your credit and ONLY through one bureau -- to stop them from shotgunning your app all over town and putting 20 inquiries on your report.

High credit score, huge down payment, modest loan payment, you should be fine.  Maybe one of the auto finance folks can chime in.

[Anonymous]

I am no expert here but it sounds to me like you should easily qualify for very good finance rates.

[Creditaddict]

If they don't offer you 0% DONT BUY!

[jhtrico1850]

Why, Creditaddict? Down in Atlanta, they were selling Corollas very aggressively before the year ended, about $4500 off MSRP. I think it's now $3500-$4000 MSRP. They said I can do the big discount, and finance at market rate (3%) or I can finance at 0% for $1500 more.

4 years at 3% for $15,000 is $332 a month.

4 years at 0% for $16,500 is $365 a month.

captcha, I was just curious, why do you have a closed Farmer's account? It's better if you just kept it open but never use it.

Also, I would check with Digital Credit Union or another credit union to see what you prequalify for, so you can come to the dealership with financing on hand and compare to what they can offer. And with rates so low, offer as small a down payment as you can. It would be better invested earning 6% rather than giving them a ton of cash to hold.

PS, I got the Corolla LE Plus, I like the camera I don't know if you're getting the very basic L or the LE?

[Creditaddict]

oh well if it means discount or apr than you have to do the numbers... i just meant if they say you don't qualify.