Regular Contributor
Posts: 206
Registered: ‎12-20-2010
Re: First car loan...

With your credit rating you shouldnt have a problem getting approved at a decent rate.  The only concern is your income, they will approve you but will have a harder time giving you that much.  I was in the exact same situation you were, my income was around 24k back then and i was putting down 3k.  I tried to purchase a 17k vehicle but no bank would allow that.  They sent my app to 12 different banks, in the end they all said pretty much the same thing, the most they would finance was 11-12k. 


I ended up getting another car that was 13k (10k after my downpayment) and got it financed no problem, i wasnt very happy though because i didnt get what i wanted, but i needed a vehicle asap.  Also i would reccomend apping at your CU before you go to the dealarship, dont let the dealership handle financing if you can avoid it, youll get a better rate plus avoid a whole bunch of inquiries( even if they all count as 1)

Starting Score: TU 608, Eq 618
Current Score: TU 797 Eq 792, Ex 805 (psecu)
Goal Score: 840 across the board

Take the FICO Fitness Challenge