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Chances of Auto Loan Approval?

New Member

Chances of Auto Loan Approval?

Hello there! I have been an avid reader of this forum for about a year now but time has approached for me to purchase my first car!


A little background knowledge,

Age- I am 21 years old 

Annual Income - 22k

Employed - 2 years

Credit Score - 705-715 across the board

Average accounts - 1 yr 8 months - longest account- ( student loan) - 3.5 years ago newest acount - 3 months ago (student loan )

I am looking to get a 18K car loan on a 2016 Nissan Sentra 

My current Util - 35% ( I am looking to get it lower ) ( $7500 limits all together ). I have $2500 credit card debt and $11,000 student loan ( I am currently still in school) no late payments or baddies. 

My question is will I be able to get financing with Nissan (college grad program) without having to put a down payment or have a cosigner? 

I am always looking to get a pre approval with Capital One .


Thanks for all your help!! 

Message 1 of 4
Established Contributor

Re: Chances of Auto Loan Approval?

My guess would be no, at least not with any good rates. The main reasons being your utilization/debt and no down payment. Your history on its own isn't that bad, but $11000 in student loans and $2500 in CC debt on $7500 total available credit is, especially since it sounds like you're carrying a balance month to month and make $22000 per year. You'd get approved for a smaller loan, but $18000 with no down payment just doesn't seem likely from my point of view.
Message 2 of 4
Regular Contributor

Re: Chances of Auto Loan Approval?

I have similar income to you and about the same age. I was approved for 2012 avenger last year on my own through a credit union with the scores around 670 EX as that's what my CU pulled. I'll say you could get approved but with a hefty down payment. My car was around $7k with 80k miles on it and they still wanted me to put at least 15% down. (Could be because first auto loan and no co signer)

I know it may seem nice to have a car that's now 1-2 years old but is it in best interest for you? You could always finance something a few years older with low miles still and cheaper... could be approved on the spot instead of breaking the bank as your income is only 21k compared to a 18k car. Just my input. Good luck on the car hunt!
Message 3 of 4
Established Contributor

Re: Chances of Auto Loan Approval?

What does Cap One Navigator say?


They are usually pretty accurate.

credit rebuild started 01/01/14
$100k credit card goal achieved 10/01/17
now in the garden with $150k in credit cards
  $ 30,000          $ 25,500          $ 23,750             $ 17,500             $ 7,000            $ 1,800     

  $ 17,000          $ 10,000              $ 6,000            $ 4,000     
Message 4 of 4