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Posted in Auto Loans
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Question By
Monira

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0 People Helped
Approval Odds for Auto Financing
Age : 37
Moved to NY 2 years ago, Credit History : 2 years
Massive Credit card used, but paid before every due date in massive payments.
Current credit score : 650
Credit card debt : $6000 out of $58,000 in total
Current car loan : $20,000 left to pay
Im thinking of trading in and paying off the balance with extra cash
Income (Overseas) : $12,000 a month
Income (In USA) : None

Car Im looking for costs $40,000 with taxes, titles, fees, Registration and dealer processing fees included.

Willing to put $10,000 on down payment upfront.
Rest $30,000 to be financed.

I know its impossible to say whether I will get approved for auto loan or not but what are the approval odds?

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Top Contributor
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Most auto lenders use a version of FICO scores, so find out what they are. If your FICO scores are in this range, you may want to work to improve them first. Closer to 700 or over would be better. It will also depend on the trade in value of the car you will be trading in, will they give you what is owed, give you more than owed or give you less than owed which would increase the amount of money you will need to pay for the new car. Also remember that your overall credit profile is just as important as scores. I would say to work on improving your score first, but I wouldn't say that you are ruled out for a loan now, but the better your credit, the better the chances for approval and the better the interest rate.

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