First Time Buyer

[Anonymous]

I'm looking into financing my first car - do you guys think I could get approved based on my credit profile?  What sort of down payment would you recommend? (I'm looking at an '09 Civic, ~$19k)

Monthly Gross Income: $2100

2 Credit cards:

$1000 Wells Farfo secured, 8 months old

$300  HSBC, 2 months old

A $500 savings secured loan at my credit union that is 7 months old and over half paid.

No lates, no collections, FICOs are EX 688 and TU 695

I've never had a car loan before.

[Anonymous]

I am sorry, but I do not see you getting appproved at this time for this amount without a co signer or at least 40% of the transaction down.

[Anonymous]

Thanks for the reply.

I guess what I need to do is save up a pretty big down payment and go with something a little cheaper.  Hopefully my current vehicle will last me another 6-8 months while I get that together.

General question - is a second vehicle purchase typically difficult as well, or will paying off your first vehicle establish enough auto loan history to allow you to have a chance at a more expensive vehicle the second time around without a massive down payment or a cosigner?

Message Edited by MonoksideC on 10-11-2009 11:06 AM