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Loan Approval Odds, Good Credit, Zero Loan History..


Loan Approval Odds, Good Credit, Zero Loan History..

Hey everyone,


Posted about this around 3 months ago without really being answered.  Just wanted to follow up given my current (better) numbers, and after following the advice of pulling my free annual credit report for more accurate scores.


I want to get a truck this summer, but I don't have any loan history. My credit is pretty good, so I wanted to get an idea of what my chances are of getting approved for a 30-32K car loan given my stats..


Credit Score: 741 FICO Auto Score 8, 769 Transunion, 761 Equifax, 764 Experian,  793 FICO Score 9 Experian (Wells Fargo App)

Income: 45K

Length of Employment:  3.5 years at current employer

Previous Loan Experience: 0

Credit Card Utilization: 1% ($14,450 credit line across 5 cards)

Debt-to-Income Ratio:  29%

Avg Age of Credit History:  4 Years, 1 Month (oldest: 6 years)


Truck:  2015 Tacoma TRD Sport, Dual Cab Long Bed 4X4

Cost:  30-32K


So what do you guys think my chances are to land a 32K loan?  What's the minimum amount of $ I should expect to put down?

I'm in Southern CA, if that helps.


I appreciate any advice. 


Thanks in advance!

Community Leader
Senior Contributor

Re: Loan Approval Odds, Good Credit, Zero Loan History..

I’m no loan expert, but I would think you could get that with a decent APR. Everything in your profile looks solid to me. Just because you haven’t had an installment loan doesn’t disqualify you for any in the future. As long as you DO have credit, and have used it responsibly, I don’t foresee a problem. As far as down payment, always do as much as you can. 5-6k would be great in this case.


 Good luck!


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