questions about auto loans through golden1

[Anonymous]

I know everyone is different but I have been building my credit for 5 months now. Can i apply for an auto loan from golden1 after 6 months? also at what rate where you approved for after 6 months?

[Anonymous]

Nobody can give you an answer without information like scores, income, debt to income ratio and history of baddies.  You say you have been building credit, what does that mean?  Credit cards, installment loans ??  

[Anonymous]

Be careful with subprime autoloans.  They come back to haunt thousands of people every day.

I suggest first going to Capital One Auto Navigator and see what your preapproval is.  It's a soft inquiry.

Then, don't buy a car that you can't afford to put 20% down so your LTV is 80% or lower.  This is absolutely important -- ask the dealer what the LTV is on the loan and if it's over 80%, put a bigger down payment down.

With an 80% LTV you can get decent interest rates at even 580 FICO scores.  And with 20% down you may be able to avoid being upside down on the loan.