Do you think I'd get approved?

[zeusta20]

Hey all...

I'm in the process of purchasing a car within the next couple months or so. I'm wanting to purchase a 2011 or 2012 Hyundai Sonata. I've never had a car loan on my credit report, so I will be considered a first time buyer. I found a car for about 16k. Looking to put down 4k. Estimating the amount of taxes, licensing, etc. Probably would need to add an additional 1500-2k. So basically i'd be financing APPROXIMATELY 14k. I'm currently 22 (23 in july)...so I've been building credit since I was 18. I'm wondering if any of you have an idea of what my chances are. Here are the details of my credit profile.

1FBUSA: 0/6400 Opened 07/08

WELLS FARGO: 0/3600....Opened 08/08

AMEX: NPSL....Opened 06/12

CITI THANK YOU PREF: 3267/4200....Opened 07/12

CSP 1548/5000....Opened 03/13

FREEDOM: 0/4000....Opened 03/13

PERSONAL LOAN: 4997/6000 with a 214.76 Monthly payment.

TOTAL: 4815/23,200 = 20% CL usage

AAoA: ???

DTI: APROX-11%

i've never been late with any payments. NO baddies at all. I'm waiting to get my updated Fico scores once my statement cycles tmrw. So I plan to pull towards the end of this week.

feedback anybody???

thanks!

[knoregs]

Assuming the personal loan is 4-5 months old then your AAoA is around 19-20 months. All looks pretty good to me... better than my portfolio and I plan to apply this summer. Get the util down to 9% before app'n and your score will jump a bit. No previous auto loans?

~kn

[dodfire]

You should be good to go!!

[zeusta20]

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@knoregs wrote:

Assuming the personal loan is 4-5 months old then your AAoA is around 19-20 months. All looks pretty good to me... better than my portfolio and I plan to apply this summer. Get the util down to 9% before app'n and your score will jump a bit. No previous auto loans?

~kn

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Nope. No Previous auto loans. I'm going to try and get my UTL as much as possible before hand. I was a little worried about getting approved because I have two new accounts since march. I'm hoping to app around july or aug hopefully. I want my amex and citi card to age to at least 1 year before apping.

[Dustink]

Can you pay off the personal loan and the Citi card before you get the auto loan?

You have already got yourself in debt by $10k. Do you need the debt of an auto loan as well? 

Try to get some more down and your debts paid off, then wait a month or two for the new balances to report. As a first time buyer they will look closely at your current obligations, having a personal loan that is hardly paid down as well as a maxed out credit card is not a good sign.

Once you are in a better position financially with a better down payment and fewer debts. Get the auto loan with a short term. Do not go with a 72 month loan, and if you get a 60 month be sure to pay extra each month. I would recommend a 36 month loan and even then paying extra.

[92235]

Your credit file looks similar to mine except I didn't have a personal loan and my util was less than 10%. I got my first car loan a few weeks ago. The car was almost $16k and I put down $5000. I called my local credit union and she had to talk to a supervisor, but they got me a rate of 2.9% on a used 60mo loan. The lowest rate was 2.74% so I was happy. I told the dealership this and they matched it. My score was 766 EX and 757 EQ (pulled from here in Dec).