How can i get an auto loan?

[Anonymous]

Okay..

Im 19 years old going to be 20 soon, I have a really good full time job, I have no deg credit, I have abou 6 credit cards, with 3 having balances, but high balances.  Ive tried to apply for a car loan a couple times this year, but got denied, even with roadloans, Im down to the last wire, I plan on financing 15,000 and putting 3000 down, is that enough? any sugestions how to get a loan?  Thanks!

[Creditaddict]

Have you pulled either your EQ or TU from this website MyFico?

When you say high, What is limit of the 6 cards and balances of the 6 cards?

Are you looking to buy new or used?

What Car make and model do you want?

[pizzadude]

A major factor with auto loans ( in addition to your credit score ) is your debt to income ratio ~ what does this look like for you right now ?

[Anonymous]

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@pizzadude wrote:
A major factor with auto loans ( in addition to your credit score ) is your debt to income ratio ~ what does this look like for you right now ?

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Vital info!

[Booner72]

You need to get rid of that credit card debt before you are going to get a good rate on an auto loan. 

In order to keep your FICO score as high as possible, you need to only let one credit card report a small balance (1-9%) of it's limit and the others should report zero.

It sucks to have credit card debt.  it is such a waste of money to pay the interest.  Use the "snowball" method to get this paid down and then stick to your guns.  If you're addicted to your cards then you should think about ripping them up or putting them in water and then putting that in the freezer.  Then the temptation would require a lengthy defrost.  By that time, hopefully you've come to your senses.  You're very young and if you do this right, and PROTECT THE CREDIT AT ALL COSTSlearn about FICO Scoring, and your 30 year old self, your 40 year old self, will be very happy with you.

Most of us here would do anything to go back in time and start over w/ our credit.  Once's it's damaged you're S.O.L. for  a LOOONGG TIME.  it's very hard to rebuild once it's ruined.  (doable, but a pain in the arse to say the least, and it takes years and years).

Your future family and spouse will be happy you have good credit, you can walk tall and stand proud. 

You must have some inkling of how important this is bc you found this forum.  I suggest you spend some time in the "rebuilding your credit" section reading about others' struggles.

Good Luck, I wish you all the best!

[Anonymous]

Thanks so much for the encouraging info! I plan on paying my cards off and waiting about 6 months and see where my score is then

[MMAYFIELD0309]

Yeah man good luck. Lots of good info on here. Just take notes, don't try and do too much and keep things simple.

I'm only 23. Started when I as 17 1/2 (credit card thru cu and jewelry account).

I started very very well, just got in over my head with the income I was making, overextended myself with nice things like clothes, jewerly, cars and apartments and then a sudden temporary hold on employment (pending license for my job, state was holding for small alcohol related incident for almost a year) wiped me out within a couple months and with my back against the wall I took the easy way out and threw in the towel. Oh how I wish I could go back and at the LEAST take care of a few small accounts that didn't have to get to the point they did.

So yes, I'm rebuilding now, good feeling it is seeing the scores raise but knowing this could have been avoided and things could be much easier as far as options go, it hurts. Time heals everything!

Goodluck!