topic Re: First time auto loan in Auto Loans

First time auto loan

Anonymous — Sat, 17 Nov 2012 21:48:31 GMT

So, I have decent enough credit (all 3 reports over 750 FICO). I have 3 credit cards in my name, with total credit limit of 13500 and I only have around 3-5% util at any given time (I pay in full every month). All my cards (1 cap one, 1 AMEX and 1 BoA) have flawless history, but are only around 2 years old. Apart from that, I only have an AU account on a credit card that is around 4-5 yrs old and without reported limit (VISA signature card) that also is spotless.
Therefore, no installment history to speak of, and my wife is in the same boat, just a couple of credit cards with no baddies. Our combined income is around 85k/yr and have no debt, just 1450 rent and that's about it. We need however to add a second car, is it realistic for us to expect an approval at a decent rate for a 30k MSRP car, or since we have no installment history is this out of the question? I should add that we plan on putting down around 15-20% downpayment on the car we decide to get, so that should help...

Thanks for your help!

Re: First time auto loan

Anonymous — Sun, 18 Nov 2012 04:40:34 GMT

Contact DCU( you guy have NPto get APR1.99 to 6.99)And with 15-20% down payment 99% digital credit union(DCU) with finance you and your wife with that rate

Re: First time auto loan

Anonymous — Tue, 20 Nov 2012 21:22:44 GMT

@Anonymous wrote:
So, I have decent enough credit (all 3 reports over 750 FICO). I have 3 credit cards in my name, with total credit limit of 13500 and I only have around 3-5% util at any given time (I pay in full every month). All my cards (1 cap one, 1 AMEX and 1 BoA) have flawless history, but are only around 2 years old. Apart from that, I only have an AU account on a credit card that is around 4-5 yrs old and without reported limit (VISA signature card) that also is spotless.
Therefore, no installment history to speak of, and my wife is in the same boat, just a couple of credit cards with no baddies. Our combined income is around 85k/yr and have no debt, just 1450 rent and that's about it. We need however to add a second car, is it realistic for us to expect an approval at a decent rate for a 30k MSRP car, or since we have no installment history is this out of the question? I should add that we plan on putting down around 15-20% downpayment on the car we decide to get, so that should help...
Thanks for your help!

Idk. And I also don't know what decent means to you.

But from my experience, I've always heard that getting a car is usually easier than getting a CC.

I don't doubt that you will be able to get the car and i doubt that you will get a rate that is above 10%.

Check with many lenders to find the best rate if you aren't happy with the first rate quoted.

Cuz even if you don't get a decent rate, you can always refi a few months to a 1 yr out once you have estabilisheed payment history on the note.