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Posted in Auto Loans
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Question By
AbhishekShuklaRavishankara

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0 People Helped
Auto loan with short credit history
I have a credit History of 1 year 7 months. The credit limit on my ONLY credit card (through my credit union) is $750.
I have a gross income of $90000 per year.
I have a new NY license also. I got it last month.

I want to get an auto loan for about $25000 to $30000. I went to a Chevy dealership and the Finance guy said I have been rejected in few (5) places because of my credit limit and credit history. He says he should be able to find something. But, I want to know what my chances are. Also, I am putting down 5k as my down payment.
This will be my first auto loan.

Can someone help.

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36 Contributions
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You can probably get approved somewhere

However, your rate will be very high (at least 15%). You may want to consider something used and a little bit cheaper that you can pay off quickly while you continue to establish credit. If you can get that loan, you'll pay a lot of money in interest. 

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