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Auto-Loan Advice

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Auto-Loan Advice

Hi Everyone,

New to this community. 

 

I was thinking about getting an Auto-Loan for a CPO Honda or Hyundai. 

 

I am thinking about $15000 loan.

 

I am very new to credit and have my credit history for last 8 Months. My Transunion FICO is 710 and Equifax is 716.

Have an Annual income of 80K. Since I am very new to this credit I would like to get some help on whether I should proceed with the loan, what estimated rate would I expect to be getting. Should I wait a few more months or a year, just get a second hand car for like 5-6K or something.

 

 

Any advice would be appreciated. Thank you Smiley Happy 

Message 1 of 2
1 REPLY 1
Regular Contributor

Re: Auto-Loan Advice

It's up to you if you like the new car smell, or if you want to risk it on a used car. I'm not familiar with used cars myself, and prior to buying new cars, I think the dealers always ripped me off with unnecessary work for my used cars.

 

Your income is definitely sufficient though your credit is young. Offer a down payment if you can.Reading these boards, I think you could qualify for a DCU loan of 1.49% (their best rate) or 3.99%. Not that big a difference $ wise. It won't hurt to go to the dealer and ask what they come up with. Worst case, you get some inquiries and your score drops 3 points.

 

Message 2 of 2
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