Can I get approved for a auto loan with 622 score, only around $20,000 sal

[Anonymous]

Are there any websites out there that I can just go in and add basic information that would pre qualify me for a auto loan without actually submitting a application so I can be comfortable with where I am at with the loan process?

For example, my credit is at 622, its ten points away from being in the "fair" category, my credit reflects a perfect payment history but shows lack of credit history, my oldest account that is, is only two years old. I also show somewhat too much debt, but never over a credit card limit or missed payment.

I have a $1,000 loan I took out with my credit union back in June, it's half way paid off, and I was thinking about paying it completely just to reapply for a auto loan with them, but they told me that I didnt need to do that, however, Im worried that my income will not allow me to open up another loan with them and to be approved. My current car only has one payment left on it, it was a buy here pay here kind of deal, but they report to all the credit bureus, so they helped me big time with my credit, but there cars are lemons and I have no plans of going through them again.

So as you can see, I need a bit of advice. thanks in advance

[203bravo]

I'm not aware of any compaines underwriting guidelines that can tell you if you meet their requirements or not if they don't have your credit file.  Keep in mind that most auto lenders have different teirs for different risk customers, so there are too many variables involved.

I would take a copy of your credit report to the CU and simply sit down and talk to a LO and see what they have to say.  That would not require a credit pull and they could give you excellent general advice and guidelines.

Best of luck.

[Anonymous]

My score is 595, I am only 19 and have very limited credit, 2 cards through Capital One.

I applied for a loan on a car that was 16000 with 2k down and I net 25k a year and I was declined...twice.

Once from Mazda, and again 3 months later from Toyota.

Goodluck.

[Anonymous]

Here is a news blip about GMAC>

http://www.nytimes.com/2008/12/31/business/31auto.html?ref=automobiles

If you go to the dealership there goign to run you through every local bank and credit union first. 

Best if you apply on the web with GMAC and then go shoping for what you want. 

Best wishs/

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@Anonymous wrote:
Are there any websites out there that I can just go in and add basic information that would pre qualify me for a auto loan without actually submitting a application so I can be comfortable with where I am at with the loan process?

For example, my credit is at 622, its ten points away from being in the "fair" category, my credit reflects a perfect payment history but shows lack of credit history, my oldest account that is, is only two years old. I also show somewhat too much debt, but never over a credit card limit or missed payment.

I have a $1,000 loan I took out with my credit union back in June, it's half way paid off, and I was thinking about paying it completely just to reapply for a auto loan with them, but they told me that I didnt need to do that, however, Im worried that my income will not allow me to open up another loan with them and to be approved. My current car only has one payment left on it, it was a buy here pay here kind of deal, but they report to all the credit bureus, so they helped me big time with my credit, but there cars are lemons and I have no plans of going through them again.

So as you can see, I need a bit of advice. thanks in advance

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[valley_man0505]

I am stunned by that article, and here is why:  I don't remember every seeing a financing company not only openly talk about their minimum score requirement, but actually publically publish the score requirement.  I have long felt that it should not be too much to ask to know a lender's minimum score requirement before applying.  I don't know why they always keep this such a closely guarded secret--you would think their lives would be easier then too since they wouldn't have to reject so many applications because of people not meeting score requirements when those seem people probably wouldn't have even applied if they had a way of knowing in advance that they would not get approved.

Now, I KNOW what to expect from GMAC.  As a result, once my scores are above 621 (which they will be in a week or two), GMAC will be the first place I will go looking for a loan since I now KNOW that I at least meet their score requirements.  Now, obviously, there is more to getting a loan than just meeting the score requirements, but at least I know I can make it past step 1 the approval process.  I can't say the same about other lender's, though.

[Anonymous]

They keep it cloaked in secrecy so they can play with the APR you eventually end up with. If they advertised the tier levels they couldn't get the extra .5%-2% on your loan. If you go in as an educated consumer, you can typically call their bluff and negotiate a pretty good APR. I can assure you with a 621 score you're not getting 0%APR, probably more like 12%, but they will loan out the money as advertised.

[Schoolbuskid]

It Really depends on your credit union...i am similar to your situation, i am 22 and i got a loan through my local credit union on a loan for 15k and an 8% apr, so its possible for someone like you get a good decent loan.

Also this is my second loan open auto loan with them, the other loan is for my sister but its completely in my name and i only make around 20kish a year!

Good luck!

[valley_man0505]

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@Anonymous wrote:

They keep it cloaked in secrecy so they can play with the APR you eventually end up with. If they advertised the tier levels they couldn't get the extra .5%-2% on your loan. If you go in as an educated consumer, you can typically call their bluff and negotiate a pretty good APR. I can assure you with a 621 score you're not getting 0%APR, probably more like 12%, but they will loan out the money as advertised.

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True.  However, I am not concerned with the tiers.  I am just saying why don't they let people know the minimum requirement to get approved...period.  I have had a lot of times where I applied for something where the underwriter would say, "sorry, you need at least a 680 to meet our minimum requirements" where if they would have just told me that from the start, I never would have even applied.  I just don't understand why the minimum approval requirements are kept so secretive.