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Do I qualify for an auto loan?

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Valued Member

Do I qualify for an auto loan?

Credit Score: 637 618 589

AAoA: 4 years

# of positive trade lines: 5

# of negative trade lines:9 from 3to4 years ago

Income: 60k

Lenght of Employment: 8 years

Previous Loan Experience: no car loans

Debt-to-Income (DTI):dont know my credit card bills are like 200 a month

Year of Car:2014 f150

Miles:00

Purchase/Refinance:34000

Requested loan term (XX Months):60

Down payment amount:3000

Co-borrower/Co-Signer: no

Other:what do yall think would i qualify for a loan?

Message 1 of 7
6 REPLIES 6
Established Contributor

Re: Do I qualify for an auto loan?

I'll say its possible but not at favorable rates.

Message 2 of 7
Frequent Contributor

Re: Do I qualify for an auto loan?


@antonyz wrote:

Credit Score: 637 618 589

AAoA: 4 years

# of positive trade lines: 5

# of negative trade lines:9 from 3to4 years ago

Income: 60k

Lenght of Employment: 8 years

Previous Loan Experience: no car loans

Debt-to-Income (DTI):dont know my credit card bills are like 200 a month

Year of Car:2014 f150

Miles:00

Purchase/Refinance:34000

Requested loan term (XX Months):60

Down payment amount:3000

Co-borrower/Co-Signer: no

Other:what do yall think would i qualify for a loan?


More negative than positive tradelines? If I was the finance adviser I would have a major issue with that. 

 

I bet they'll want something like 10K down. You might try something far cheaper, buying new is not smart, especially in your scenario. 

 

I could see you getting a loan for 20K but man 34K is pushing it. 

 

One thing is certain, you will be taking a beating on the interest rate. I mean like tier 3 lenders and below bad...

 

 

807 TU FICO Score 8.
Message 3 of 7
Valued Contributor

Re: Do I qualify for an auto loan?

if you do your interest rate will be through the roof Smiley Sad

Message 4 of 7
Valued Member

Re: Do I qualify for an auto loan?

Well I applied with capital one, they offered me 10.35% not bad considering my score right?

Message 5 of 7
Frequent Contributor

Re: Do I qualify for an auto loan?


@antonyz wrote:

Well I applied with capital one, they offered me 10.35% not bad considering my score right?


Thats pretty bad for a new car, but its not a terrible rate. I bet they only looked at your highest score. 

 

You might want to rethink buying new, you loose something like 10% in value the moment you drive off the lot. 

 

Might as well set fire to $3400. 

807 TU FICO Score 8.
Message 6 of 7
Established Contributor

Re: Do I qualify for an auto loan?

Not bad at all with a 643 score I was denied with chase and cap1 when I did get approved with road loans it was at 20.81%.  

 

So not great but awesome you got an approval.  Can always refinance next year.



FICO 664 as of 8-20-15
Message 7 of 7
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