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Posted in Auto Loans
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mdbsucre

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am I going to get approved for an auto loan knowing I have a score of 688 ?
I have a score of 688 I want to finance a car that cost $24k . Knowing my credit card age is 1 years 6 months for the oldest account and w months for the recent one. I never miss any payments just the past 6 month my total credit card utilization has been 60% for my total credit line. Do you guy think I will get the auto loan ?

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Your score doesn't mean much by itself, there are several other factors involved. First, how much money do you make, can you realistically afford this car loan? Second, why is your credit utilization so high? This looks bad to lenders because if you carry a balance on your cards it looks like you can't afford to pay them. Third, you have very little credit history which is a big turn off for lenders because they cannot predict your future behavior. Your score isn't bad and you will probably be able to get a loan if you can afford it, but you will probably be required to put a large down payment and you will probably have a higher interest rate. You may want to start off with a used car around 10k and pay it off to build some credit history. Lenders are wary to lend a large amount of money to someone with no credit history.

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