Do I qualify for an auto loan?

[scfc1972]

My car's transmission just **bleep** out today. Need a new car sadly. I moved here from England 3 years ago and don't have that much driving history here. It looks like a new car for me would cost $3000 a year in insurance - is that crazy? Should I just keep buying cheap/bad cars? It hasn't worked out well for me so far is why I am considering a different route. Capital One Auto Finance loans I was pre qualified for and are all like 14% for used cars which is just bonkers.

Credit Score: 729 FICO 9 all CBs
719 FICO 8 all CBs

AAoA: 5 months

# of positive trade lines: 4

# of negative trade lines: 0

Income:63K

Length of Employment: 7 months

Previous Loan Experience: 0

Debt-to-Income (DTI): 0

Year of Car: New car to take advantage of low-interest rate deals?

Miles: 0

Purchase/Refinance: Purchase

Requested loan term (XX Months):

Down payment amount: 2-3k

Co-borrower/Co-Signer: no

Other: Open to advice

[DoctorManhattan]

Did you previously have a drivers license in England? If so you can request the proper documentation and your insurance will add your driving years and that makes a huge difference in your premium! I used to work with auto insurance and did it for many people. When you do get the proper documentation get it notarized. Good luck this should help.

[iced]

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@scfc1972 wrote:

My car's transmission just **bleep** out today. Need a new car sadly. I moved here from England 3 years ago and don't have that much driving history here. It looks like a new car for me would cost $3000 a year in insurance - is that crazy? Should I just keep buying cheap/bad cars? It hasn't worked out well for me so far is why I am considering a different route. Capital One Auto Finance loans I was pre qualified for and are all like 14% for used cars which is just bonkers.

Credit Score: 729 FICO 9 all CBs
719 FICO 8 all CBs

AAoA: 5 months

# of positive trade lines: 4

# of negative trade lines: 0

Income:63K

Length of Employment: 7 months

Previous Loan Experience: 0

Debt-to-Income (DTI): 0

Year of Car: New car to take advantage of low-interest rate deals?

Miles: 0

Purchase/Refinance: Purchase

Requested loan term (XX Months):

Down payment amount: 2-3k

Co-borrower/Co-Signer: no

Other: Open to advice

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Insurance rates are highly dependent on where the car is garaged (not literally, just where you tell insurance it lives when not being used). $3000 on a newer car, even with a long and spotless record, is rather normal in a large urban area, but probably considered exhorbitant in a rural one. If I moved so much as 10 miles in any direction from where I live now, my insurance rate would drop by over $1,000/year.

[scfc1972]

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@DoctorManhattan wrote:
Did you previously have a drivers license in England? If so you can request the proper documentation and your insurance will add your driving years and that makes a huge difference in your premium! I used to work with auto insurance and did it for many people. When you do get the proper documentation get it notarized. Good luck this should help.

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Wow - I did not know this. Yes, I had one since I was 17 so this could potentially help a lot. Thank you so much

[scfc1972]

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@DoctorManhattan wrote:
Did you previously have a drivers license in England? If so you can request the proper documentation and your insurance will add your driving years and that makes a huge difference in your premium! I used to work with auto insurance and did it for many people. When you do get the proper documentation get it notarized. Good luck this should help.

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Sadly they don't do this in my state. Thanks for the suggestion, however, good idea!

[randomguy1]

I would check your local credit unions and possibly online ones such as Alliant, DCU, etc.. 

On the insurance note, I can't help but suggest shopping around. Typically Geico, State Farm, AAA, and Farmers have good rates and are decent companies to work with.