cancel
Showing results for 
Search instead for 
Did you mean: 

Trying to get approved for 70k car loan am I eligible???

tag
Anonymous
Not applicable

Trying to get approved for 70k car loan am I eligible???

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

6 REPLIES 6
4sallypat
Valued Contributor

Re: Trying to get approved for 70k car loan am I eligible???

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..

Message 2 of 7
Anonymous
Not applicable

Re: Trying to get approved for 70k car loan am I eligible???

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.

Message 3 of 7
TattnallTrio
Frequent Contributor

Re: Trying to get approved for 70k car loan am I eligible???

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. 

Message 4 of 7
Credit4Growth
Senior Contributor

Re: Trying to get approved for 70k car loan am I eligible???

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

Message 5 of 7
KLEXH25
Valued Contributor

Re: Trying to get approved for 70k car loan am I eligible???

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. 



Message 6 of 7
Loquat
Moderator Emeritus

Re: Trying to get approved for 70k car loan am I eligible???

Some good answers here but as I've said a many of times before around these here parts, a good down payment will overcome a multitude of financial sins. I was a Finance Manager for many years at a very large automotive network and I can tell you with that right down payment I would get a deal hung even if the customer never licked a stamp to mail a payment a day in their life.

The interest rates may not be favorable but as it's been mentioned, that can be refinanced as your credit profile gets better but never think that you can't get an auto loan because of bad credit, the caveat will be how much of a down payment one has. If you can eliminate a bit of risk for the lender, a deal can be done.
Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.