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Can i still get a car loan?

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Can i still get a car loan?

Hey guys,

 

I just opened up some credit lines to try and get my score (approx670) to 700. I made the mistake of applying for 4 cards in one night. I was awarded 3/4 cards. The last was declined for too many inquiries at one time this was a week ago. I want to get a car in the next week and im wondering if the inquiries might get me rejected. Also, if it helps for context, I'm looking a a car the costs about $10,000.00 and i intend to mak a down payment of $5,000.00. So the auto loan would be about $5,000. Thoughts???

Message 1 of 5
4 REPLIES 4
Frequent Contributor

Re: Can i still get a car loan?

Opening new CC (and not ultilizing them more than you usually do) will improve your credit score in the long run (a year or so). But, in the short term, especially when you applied for 4 CCs at the same time, it will usually hurt your score more than it helps. That being said, with a 50% down payment and 700 credit score, I think car dealers will be very willing to work with you to get that loan approved.

Message 2 of 5
Established Contributor

Re: Can i still get a car loan?

Ive got 30+ inquiries on the report they pulled.  About a 650 score.  Denied by cap 1 and chase but road loans offered me a loan.

 

On the denials inquiries are never mentioned.  Should be fine!



FICO 664 as of 8-20-15
Message 3 of 5
New Member

Re: Can i still get a car loan?

Road loans denied me because I applied to them twice? My equifax went from 601 to 620 in a day or so because I paid off my cc. But I guess I have to wait 60 or 90 days to apply again. I am waiting on Cape to respond.

Starting Score: 2012 TU 454
Current Score: EQ 621. TU 624, EX 619
Goal Score: 700


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Message 4 of 5
Valued Contributor

Re: Can i still get a car loan?

Most lenders will have a minimum loan amount - usually $7,500.  The loan amount itself may be an issue

Ch 7 Discharge 3/12/2018
Cap One QS1 $3,500, Wayfair $5,000, Blaze MC $3,000, Kohls $1,000
Infiniti Financial lease

Message 5 of 5
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