topic Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680) in Auto Loans

Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

Anonymous — Wed, 03 Apr 2013 16:24:18 GMT

Hi,

I have a credit History of 1 year 7 months. The credit limit on my ONLY credit card (through my credit union) is $750.

I have a gross income of $90000 per year.

I have a new NY license also. I got it last month.

I want to get an auto loan for about $25000 to $30000. I went to a Chevy dealership and the Finance guy said I have been rejected in few (5) places because of my credit limit and credit history. He says he should be able to find something. But, I want to know what my chances are. Also, I am putting down 5k as my down payment.

This will be my first auto loan.

Can someone help.

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

sccredit — Wed, 03 Apr 2013 21:51:28 GMT

IMO you are shooting way too high for a first car

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

Anonymous — Wed, 03 Apr 2013 22:00:43 GMT

It's seems so. What kind of APR am I looking at? myFICO says six to seven percent.

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

Anonymous — Wed, 03 Apr 2013 22:01:59 GMT

I am 25 years old have been driving for 7 years now. It's just that this will be my first car in the US.

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

Anonymous — Wed, 03 Apr 2013 22:03:47 GMT

You need to build your credit first.

Apply for another credit card and use it wisely for 6 months.

Continue saving more for the down payment.

If you must buy a car that expensive now. You should talk with your bank. The one that see's the $90k salary.

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

Anonymous — Wed, 03 Apr 2013 22:06:47 GMT

Would not the dealership finance guy talk to banks for me? I have given him my pay slip also.

I can get a co signee with a similar credit history (2 years) but with higher credit limits.

Would that help?

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

sccredit — Wed, 03 Apr 2013 22:23:03 GMT

IMO if you were to look at a $20k car and put $5k down you would have a much higher likelihood for approval.

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

Anonymous — Wed, 03 Apr 2013 22:30:04 GMT

So for a 30k car if I put in 2k to 3k more, would that help?

Also, how do I know which banks around here will consider or give weight to my salary?

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

Anonymous — Wed, 03 Apr 2013 22:38:54 GMT

@Anonymous wrote:
So for a 30k car if I put in 2k to 3k more, would that help?

Also, how do I know which banks around here will consider or give weight to my salary?

Who do you bank with?

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

Anonymous — Wed, 03 Apr 2013 22:40:23 GMT

A local credit union (rejected, they did not consider my salary), chase and Bank of America.

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

sccredit — Wed, 03 Apr 2013 23:14:58 GMT

On a $30k car with a very short credit history you should be looking much larger in down payment. I would be looking at $10k or so down

To give you an example, my very first new car I financed was in 2003, it was a 2003 Ford Ranger, financed it with $3500 down, price of truck was $12k (about 30% down)

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

Anonymous — Fri, 05 Apr 2013 17:47:51 GMT

The finance guy just called.

He says he can get me approved for a loan with 11 to 12% APR and he will get it refinanced with the credit union after 8 months.

Does this seem legit or should I check with other dealerships?

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

Anonymous — Fri, 05 Apr 2013 20:48:41 GMT

You will need to make large payments to get the refi later on.

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

Anonymous — Fri, 05 Apr 2013 20:51:27 GMT

I am planning on making 2k payment each month until I can get it refinanced.

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

Anonymous — Fri, 05 Apr 2013 21:04:49 GMT

Good plan.

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

Anonymous — Fri, 05 Apr 2013 21:20:13 GMT

Thank you for all the help!

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

Anonymous — Sat, 06 Apr 2013 04:28:39 GMT

your talking about financing $28K, putting $5K down, and paying $2K a month for 8 months. for around $20K paid out and $8K to refi.

Just a heads up, In the past my experience has been many banks refuse to refi less than $10K.

As for it being legit, I wouldn't be one bit surprised if the dealership was fronting the loan themselves for the 8 months, Keep a close eye on that contract.

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

SRAGS — Thu, 11 Apr 2013 02:40:36 GMT

You can try DCU (digital federal credit union). Who ever came from other countries working on visas. It is so generous. by your annual salary, you can easily get it. Don't put so many apps ...all will show inquiries on your credit file. Once talk to dcu and go head. they will give you for 6 or 7 percent. later if ur payments history is good... they will later decrease interest rate also.

Thanks.

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

SRAGS — Thu, 11 Apr 2013 02:43:33 GMT

hi ..

Open a checking account with them and do direct deposit of your 1/4 salary or what ever you like. Instantly they will approve. My friend took as soon as he came from india. with no history.

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

Anonymous — Thu, 11 Apr 2013 04:05:42 GMT

Wont the checking account and loan options vary with the location, especially with credit unions. I thought they prefer for people who are either live in the same county or my employer must have some kind of relationship with the credit union or something like that?

I know this because i tried to get a loan from technology credit union which is there in california but i live in new york.