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Hello I'm 26 years old never had a car loan before my credit is at 640 right now with one credit card (600$ limit) one installment loan (18k) and one old closed capital one account with a few late payments. The installment loan has been getting paid since October of last year and hast been on time payments the credit card is new. I know I'm not eligible right now but I was wondering how beneficial 3 tradelines that are 20k+ would be when trying to get approved. I'm a truck driver I make 110k per year. Do you think some high AU tradelines would get me approved for the car I want? If not what would you suggest
Try getting a feel of your credit using Capital One Auto Navigator - they do a SP so no credit hit.
They will tell you how much you can get a loan for and at what rates..
Are you buying truck for work or a Corvette for fun? I imagine with your profession and buying $70,000 truck for work would be easier then a play toy.
I believe with your income you should be fine. Dealerships know their SUVs and pickups often sell for north of $60k... with your income you can afford a $1,000 payment if you have to. They may get you approved at 84 months and not the best rate though.
You have healthy income..
Buy the truck now and refinance 6-12 months later and or wait 6-12 months and improve your credit now.
Best of luck
I don't know. If you've never had an auto loan and your credit file is young and thin, I think you'd be hard pressed to get approved for a $70k car (or at least not without putting down a significant down payment). I had a similar young and thin credit profile when I got my car (but with $70k income & no lates) and I was only approved for up to $25k. Of course everyone's experience varies, but you may need to look around or start with a less expensive vehicle and get your feet wet.