topic Can I get a car loan? 19 y/o 1 acct open in Auto Loans

Can I get a car loan? 19 y/o 1 acct open

Anonymous — Sat, 15 Aug 2015 14:49:52 GMT

im 19 years old and I desperately need a car to get to work and hopefully school soon. I only have one account on my credit and two hard pulls. My only credit card is a capital one journey student card with a limit of 1800. The card has been open for 10 months and capital one estimates my score at 720.My take home pay is about 1900/ month, but I have been there for over a year now. I would like to buy a 9000-12000 car with less than 50000 miles and 4yrs or newer. By the time I'm ready to buy I will have a down payment of about 4500. I'm looking at mostly The Chevy Cruze, and Sonic. Do I even have a chance? If not, should I open another account to improve my chances down the road?

Re: Can I get a car loan? 19 y/o 1 acct open

Luscher — Sat, 15 Aug 2015 19:16:57 GMT

I bought a brand new car at 18. I had no credit so I got a cosigner. If a cosigner is not an option I think they will just want a very decent down payment. If you open a new account now it will drop your score right now and not give you any upfront benefit. If you want to open another account now, wait a year and then buy a car I think you would be ok, but it you state you need one now.

Re: Can I get a car loan? 19 y/o 1 acct open

Anonymous — Sun, 16 Aug 2015 03:30:01 GMT

@Anonymous wrote:
im 19 years old and I desperately need a car to get to work and hopefully school soon. I only have one account on my credit and two hard pulls. My only credit card is a capital one journey student card with a limit of 1800. The card has been open for 10 months and capital one estimates my score at 720.My take home pay is about 1900/ month, but I have been there for over a year now. I would like to buy a 9000-12000 car with less than 50000 miles and 4yrs or newer. By the time I'm ready to buy I will have a down payment of about 4500. I'm looking at mostly The Chevy Cruze, and Sonic. Do I even have a chance? If not, should I open another account to improve my chances down the road?

With $4500 down, you'll qualify easily. Apply with DCU.org and get pre-approved before setting foot into the dealer

Re: Can I get a car loan? 19 y/o 1 acct open

Luscher — Sun, 16 Aug 2015 16:35:30 GMT

+1 to DCU

Re: Can I get a car loan? 19 y/o 1 acct open

Creditaddict — Mon, 17 Aug 2015 19:53:43 GMT

Chevy with $4k down... SLAM DUNK APPROVAL!

I might apply for 2 more credit cards though if you still have a couple months before the car, it will help your score I bet.

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