First Time Auto Loan- Chances of Approval??
10-06-2012 02:47 PM
Hello, I'm new to this forum and will be buying a new car in the next month or so.
I sold my car for $3000 and have until Nov. 15th to find a new one, so this will be my down payment.
I'm nervous about financing because it is my first auto loan and my credit scores aren't that great.
I just pulled scores today, and Equifax is showing 645 and Transunion 676. (free credit report was showing Experian- 685, Equifax- 685, Transunion- 681)
I'm looking into getting a Honda Civic, Toyota Corolla, or a Hyundai Elantra, so something under $20,000
I have a stable job and make around $42k a year. I have student loans and cc debt- that's what's hurting my score so much, and the length of my credit history. I have no late payments, and 1 collection from 3.5 years ago from th university health center (was only $70 and was paid)
What are my chances of getting approved, let alone what kind of interest rate am I looking at?