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What are good Auto lenders for short credit history? Penfed Declined

spicydonut
New Member

What are good Auto lenders for short credit history? Penfed Declined

 Hello Everyone!
 
I recently applied for an auto loan through PenFed but got declined. They stated that it was due to my short credit history.
My question to the folks here is, are there certain lenders out there that approve people with short credit history and has anyone had experience getting a loan out with a similar situation?
 
Here's some details:
Equifax Fico score 8 : 756
Transunion: 715
Experian: 738
Income: $103K / Yearly
Loan Amount: $58K
Down Payment: $7K
DTI: 20%
 
Other Accounts:
Oldest account is Student Loans: Since 2013
Chase CC: Started this Year, March / W Credit utilization at 5-10%
I recently just closed another auto loan as of this month, finished paying it off.
All my payments have always been 100% on time.
 
Penfed mentioned i'd get approved with a cosigner, but unfortunately i don't have anyone that could cosign with me.
 
Any help is appreciated, thank you all for your time!
 
2 REPLIES 2
Loquat
Moderator

Re: What are good Auto lenders for short credit history? Penfed Declined

I don't think you'll have to hard of a time getting approved depending on the type of vehicle you're trying to finance and the cost.  While you can certainly shop rates prior to heading to the dealership but this is one where a *good* finance manager should be able to get you into a vehicle without too much issue (again, depending on what you're looking to purchase).

Message 2 of 3
GetMeSlick
Established Contributor

Re: What are good Auto lenders for short credit history? Penfed Declined

Try DCU. Have you also checked with your savings/checking accounts bank? They should able to give you since you already have a relationship with them.
3/5/2021 FICO TU-830|EX - 836|EQ -832
Total Credit - $300K+
Starting Score: 640
Current Score: 836
Goal Score: 850


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Message 3 of 3
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