cancel
Showing results for 
Search instead for 
Did you mean: 

Is there any auto loan for recent college Graduates?

eternalx88
New Member

Is there any auto loan for recent college Graduates?

I would like to get a preapproved used car loan. 1.5 months ago I applied to Capital One Auto and I got rejected for $20,000. It said that I have insufficient credit history, account balance was too high and also too many delinquent past or present credit obligations. My equifax score is a 632 now, I'm not sure what it was before. I am working part time right now and will be graduating this month. I make 20$ an hour at my part time job and work 20 hours a week. I'm starting my new job at PWC in September and my starting salary will be mid to high 50s. Is there any loan programs from Capital One or any credit unions. I know a lot of dealership has a lot of programs for recent grads but I prefer not to go through dealership because I rather buy from personal sellers. My first car was through a car dealership, it was preowned and I felt that I could of gotten it a lot cheaper if I went to a independent seller. Do you think I should try to call Capital One and see if they will approve me now.
Message 1 of 4
3 REPLIES 3
PatronHeel
Established Member

Re: Is there any auto loan for recent college Graduates?

You mentioned it in passing but I'd really suggest finding a way into a credit union. I was able to get a local credit union account shortly after graduating. Opened a savings account, a checking account, and got a preapproval letter for a car loan on the same day. It may be hard with your current part time situation, but if you go in just be able to prove reliable income to them. As it gets closer to September, this will be easier. In my case I took in a copy of my signed acceptance letter for my new job starting a week later that had the salary on it.

From the little I know in general and what I've seen around here, credit unions seem to be the go to place if there's short credit history. Easier to talk face to face too about limiting issues on your credit score rather than over the phone with a large company.
---------------------------
5/3/08 EQ: 674 TU: 773 EX: 763
4/19/08 EQ: 633
3/16/08 EQ: 660
Message 2 of 4
eternalx88
New Member

Re: Is there any auto loan for recent college Graduates?

Thanks.
 
Have you ever heard of navy federal credit union? I am thinking of going through them since they are pretty close to my house. Do you think it would help me get a loan if I bring in my: Job Offer Letter and proof that I am graduating? I can get a co signer for that loan, but I really want to see if I can do it all by myself even if I am getting higher interest. I'll just refinance in the future.
Message 3 of 4
1111mel
Valued Contributor

Re: Is there any auto loan for recent college Graduates?

A lot if not all car manufacturers offer rebates (usually $500) off the purchase price for recent graduates.

They also offer loan programs for recent graduates that make it easier to qualify if you aren't set in a job within your degree yet....

I have never tried the financing aspect of it so I don't know what kind of loans they offer. But, the one thing my degree has gotten me over the last 2 years was $500 off each of the new cars I purchased.

Although this is for new cars, but if you are looking to spend $20K it might be worth it to inquire with a dealership that has the type of car you are looking for....
Mortgage Lenders Mid-Score 778 I AM A HOMEOWNER!!!!! 30 Year 5% Fixed Rate, closed on 3/18/09
Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.