Likely to get an auto loan? APR range?

[Anonymous]

Hi Everyone! I am looking to buy a truck here in the next 4 to 6 months and am curious about my ability to recieve a car loan. Here are some details about my current situation...

Age: 21

Length of credit history: 1 year

Credit score: 663 EQ FICO

Income: $2,000 monthly gross

Length of employment: 2 1/2 years at time of loan application

Student loans: $10,400

Credit Cards: Amazon store card & Cap One QuicksilverOne, either paid in full each month or payments made on time

Additional info that may be relevant: I am a member of a credit union and I live in Kentucky.

I'm looking for a used truck between $10,000-$15,000 with a down payment between $3,000-$5000

I have never had any loans besides student loans before. I don't have any collections and I always pay my other bills on time. Will I be able to get an auto loan and what type of APR range would I be looking at? A vehicle is something I can no longer go without, so any advice or feedback is greatly appreciated!

[Remember0]

Why is the FICO so low? Any baddies? I think it might be util. Assuming you have low limits, if you don't pay down the cards you use BEFORE the statement cuts, then it'll show up as high util. If that is the case I recommend paying one card to 0 balance BEFORE the statement cuts and the other to below 10% of it's limit before it's statement. That'll really help your FICO vs. making it look like you're constantly maxed out.

I don't think approval will be an issue though, you should easily get approved. One thing that concerns me is the truck...what year and miles are we talking about? Also how old is your oldest account?

If I had to guess at APR, I'd say 3-7% with current FICO, 1-4% if you had a 680+ FICO (util is most likely the issue).

[Anonymous]

I don't have anything bad on my report and my oldest account is my student loans, which are a year old. Also, my credit card accounts are only 2 months old, so I haven't really had the time to use them much. My score raised 1 point with my first payment on my first card. I wasn't even able to get approved for credit cards until very recently as my student loan history had not been reported yet for some reason. I just thought my score was low because my credit history is basically brand new.

As for the truck, I am only getting a truck because I have to. I would much rather have a car, but that isn't an option. Also, I'm not sure on the miles and year because I don't intend on buying for another 4-6 months. I want to allow some time to build my credit score as well as save up for my down payment! Which I intend to be between $3,000-$4,000!

Thank you for the feedback! It definitely makes me feel better about my chances.