DCU Approval with New credit?

[Anonymous]

Hell guys,

I am currently looking at buying a used car. The car is for sale for $17500 and I am planning to apply for an Auto Loan for the amount of $12.5k and I would be using $5k of my own money to pay for the car. Now I have a credit score of 717 but my account is only 9months old. I also make around $2.6k monthly and I don't pay rent. My question is do I have enough credit history to be approved for a $12.5k loan?

[jg1983]

Based on my recent approval for a refinance through DCU I would guess you would have a good chance of being approved. I refinanced $14k with a 589 Equifax FICO score and no other accounts other than my car loan on my credit. I had a DCU account for about 3 months. My monthly earnings are a little higher but not enough where I think it would make a difference.I have a 9.49% interest rate but yours will probably be lower since you have a better credit score. They do take .5% off if you have direct deposit with them.

[Anonymous]

Nice! Well that definitely gives me some hope! My application is still pending but I'll be giving them a call tomorrow.

[Anonymous]

Hey guys just an update, I was approved for the full amount at a rate of 1.99% with Direct Deposit! I will be sending in the bill of sell shortly to finalize my loan! I'm beyond excited!

[Anonymous]

Congrats - great rate!