Can I get a car loan

[CJIII29]

I got my first credit scores after months of credit history experian 694, equifax 688, and transunion 625. I am wondering can I get and auto loan I make around $19,500 a year I gross $1550 at month and what price range I can afford.

[DaveSignal]

I have never had trouble finding auto financing.   You will be able to find something.

What vehicles are you looking at?  Are you buying new or used? How much do you have for downpayment?

[CJIII29]

I dont have a downpayment yet, I had to use my downpayment money for something else. I am buying used, I need to try save up for $2500 to $3500 downpayment.

[Remember0]

Any baddies on your report? Because I noticed your TU score seems significantly lower.

Also 19500/12=1625! Make sure you don't short change your income esp. when your at that level. Also that's before any taxes are taken out right? I know you said gross, but I just want to make sure.

To answer your question, you'll definitely get decently favorable financing esp. with any kind of DP. I'd say APR should be at 7% or lower, hopefully. If you have a local bank/CU that you have a relationship with (ie Max CU?), maybe try them first. After, I'd try maybe DCU, BofA, and CapOne perhaps.

How much car do you want? I think with DCU you're approval maybe for around $15k or so...so if you want more car than that DCU might not work out. Could still be worth an app though.

BTW if you're asking us how much car you should buy/look at, depends on the rest of your budget. Whats your take home income? How much do you spend on rent? Food/dining? Cable/utilities/electricty? Any debt payments? What's your car insurance look like? How much do you drive (fuel)? Expenses you know you have that I've forgotten?

[CJIII29]

Yes one of my dad baddies show up on my TU report I got to call tomorrow to have it remove. I make $9.68 and hour I get paid every two weeks but I get three checks two times out of a year. I dont have and rent. Capital One just boost my secured credit card to $500 credit limit

[CJIII29]

I would like a use Dodge Ram 1500 truck or a Chevy Silverado 1500

[CJIII29]

I have no rent, I live at home with my mom and dad. Thats $1550 pre tax.

[ExplicitElicit]

I always give this tool to mu customers, you can kind of play around with the numbers and see what your financing would be. Will this be your first auto loan?

State Farm - What can I afford?

[CJIII29]

Yes tried my local credit union today, and she said I need two more trade lines and one will have to be a least two years old.

[ExplicitElicit]

First time auto loans are always the hardest to get approved for though you have decent scores. I would use the tool I posted above and see what you can afford after your monthly expenses - also before you purchase be sure and call your insurance and get quotes on vehicles you're looking at. I would use an interest rate of around 7% on that tool, as Remember0 said I think that's where you have the best odds of getting approved at.

When I bought my first car I was lucky enough to have a co-signer then refi'd 4 mos later into my own name. If you have the opportunity I would look into doing that as that would save you the most money and get you the lowest rate!