Approval Odds?

[elleana123]

Hello!

I plan to purchase a new car soonish. I have a 2010 that has > 220k miles on it, and our time is slowly coming to an end as significant work needs to be done. I tried to hold out as long as possible.

My FICO 8 auto scores are Equ 690, TU 637, Ex 648.

I do have some credit card debt (20kish) that needs to be paid off, no derogatories, previous auto loan paid off 2018. 

My current income is 105k annually, and I own my home.

What are my odds of approval on a 58K auto loan?

[Brian_Earl_Spilner]

A good dealer can finance anyone. You may not like the terms, but they should be able to get you in what you want. Without knowing more about your credit, derogatories, previous loans, etc., you could be looking at higher interest rates or a large down payment. 

[pinkandgrey]

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@Brian_Earl_Spilner wrote:

A good dealer can finance anyone. You may not like the terms, but they should be able to get you in what you want. Without knowing more about your credit, derogatories, previous loans, etc., you could be looking at higher interest rates or a large down payment. 

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This exactly. At the dealership, no one leaves without an approval LOL. But honestly, with your income and history I would expect your terms to be decent anyway. Having a good down payment will help even more.

If your old car isn't salvageable, there's a website called Peddle that will buy almost anything and give you at least a little bit for it.  

Good luck and enjoy that new car! 

[CreditCharmer]

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@elleana123 wrote:

Hello!

I plan to purchase a new car soonish. I have a 2010 that has > 220k miles on it, and our time is slowly coming to an end as significant work needs to be done. I tried to hold out as long as possible.

My FICO 8 auto scores are Equ 690, TU 637, Ex 648.

I do have some credit card debt (20kish) that needs to be paid off, no derogatories, previous auto loan paid off 2018. 

My current income is 105k annually, and I own my home.

What are my odds of approval on a 58K auto loan?

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As a previous person stated....they'll get you in a car but it's the terms that may be brutal.  Interest rates, the length of your payment term, etc.  I always advise ppl to go with your own financing when possible. 

[pizzadude]

Good advice above, also you should try the Cap1 pre-approval site, it's a soft pull and will give you a general idea of the amounts you might qualify for.   Another question, what does your prior auto loan / installment loan history look like in terms of amounts borrowed / paid / derogatories, etc.. ?

[dunn2500]

for sure at least go in with a pre approval, if dealer can beat it great......plus you can apply to banks that use Equifax to get a better rate since its your highest score......every little bit helps as rates arent great