First Time Getting Auto Loan

Anonymous · ‎12-10-2009

Hey guys I was wanting to get your opinion on whether or not you think I can get an auto loan. I currently have a Fico score of 723 and I'm 19 years old. I work only part time and make about $10,000 a year but I live at home so I have no monthly bills at all. What are the chances that I could get an auto loan for $7500? If I apply I plan on paying it off in less than a year. Do I have a better chance of getting it if I apply for a 1 year loan or a better chance if I apply for a longer term?

Anonymous · ‎12-10-2009

Do you belong to a credit union? Probably your best best.

Anonymous · ‎12-13-2009

Hello,

With that kind of score you should be fine. Also your not asking for a huge auto loan. I would try to stick with a 36 month loan. Reason being is you make $10,000 for the whole year and that would only leave you with $2,500 left for the year before auto insur., gas, food, etc. I don't see how that would happen. If your looking for a new car ford is currently offering for a 36 month loan on a new ford focus 0% APR. Alittle more money yes but hey, That's for a brand new car!!! Good luck and i hope this helped.