Im looking to get a new auto loan with my current fico transunion being 761. I only have 5 months of credit history between two credit cards and low util on both. I'm able to make about a 15% down payment towards a new car but im worried i will get denied still or have a outrageous apr. Do i have a good chance?
Welcome to the forums!
What else is on your credit report and where did you get your score from? FICO scores don't get generated until there's 6 months on any given tradeline and your score sounds suspicoiusly high for a near new file.
Hard to say, unless you have an auto loan or possibly personal loan / mortgage on your record, most likely your Auto Enhanced score won't be the same, but auto loans are easy to qualify for and you have a very good downpayment. If you have income to cover the DTI issue, I'd check at a couple Credit Unions and you'll probably be just fine.
If you have the income to support the car loan and a 15% DP then you should be in good shape at most dealers.
Join a Credit union. Open up a small savings account with them, then apply for an auto loan.
Should i get a membership with DCU before applying?
You have to join a CU before getting any services from them; however, my personal experience with DCU has been nothing short of excellent with my own auto loan.
My daughter is 19 and applied for an auto loan a few months ago, she had 2 lines of credit over a year old, they told her she had to have at least 4 lines of credit before they would do an auto loan in just her name, her dad co-signed for her. Loan only for 1 year, then will be paid off.