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Car Loan in 2020 Advise Needed

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MrPepperoni
Regular Contributor

Car Loan in 2020 Advise Needed

Hi Community,

Thank you for always being able to help and give a great piece of advice.
So, I have a new question and hope you can help me with your knowledge.
I am planning on taking a car loan in May 2020, maybe a couple of months later, it does not really matter.
Will be looking at around 22-27k USD car (incl taxes and fees) and will be paying around 4-8k USD down payment.
So, will need a loan for the remaining amount.
You can check my signature to understand how my credit file / scores look right now + I am planning on opening 1 more CC before taking a car loan (all mentioned in signature). So, what do you think about my chances on being approved for that? Because I understand that my file will be still thin and history still short in May 2020 for taking around 20k USD loan. What do you suggest? Maybe I should try to get next card not with Citi but someone else who is giving bigger SL, so I have a higher limit across all cards, etc? Any piece of info and advice will be appreciated. Thank you! 

Moved to the US in August 2018.
Applied for Citi Costco in November 2018 - Denied due to lack of history (no history).
Started building credit in January 2019. Please hover over each card:

Also have Chase Marriott Bonvoy Bold (6 months old, $11k limit)
Bilt Credit Card (6 months old, $2k limit)
Amex Hilton Honors Surpass (1 month old, $16k limit)
Two paid off auto loans ($20.5K and $15.7K)



3 REPLIES 3
AllZero
Mega Contributor

Re: Car Loan in 2020 Advise Needed

Are you a member of a credit union?

Have you considered joining a credit union?

Join one or two or more and let your accounts marinade. You'll get marketing mailers, e-mailers on what products they offer.

CUs offer competitive auto loan rates.
Message 2 of 4
MrPepperoni
Regular Contributor

Re: Car Loan in 2020 Advise Needed

Have to research what is that and how it works because I don't know yet
Thank you Smiley Happy

Moved to the US in August 2018.
Applied for Citi Costco in November 2018 - Denied due to lack of history (no history).
Started building credit in January 2019. Please hover over each card:

Also have Chase Marriott Bonvoy Bold (6 months old, $11k limit)
Bilt Credit Card (6 months old, $2k limit)
Amex Hilton Honors Surpass (1 month old, $16k limit)
Two paid off auto loans ($20.5K and $15.7K)



Message 3 of 4
AllZero
Mega Contributor

Re: Car Loan in 2020 Advise Needed

Read the stickies, especially, the auto loans approvals thread.
Message 4 of 4
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