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Posted in Auto Loans
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Question By
Bellamarie67

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Car loan odds of approval
Hey everyone-
I am 19 years old, and my credit score is 740 with 9 accounts open and 22,000 in available credit. I have held the same job for 3 years as a preschool teacher. I only make 10.25 an hour but live at home with basically no bills. I am a college junior and would be a first time car buyer. Is it possible for me to get approved for a car loan without a cosigner? No one in my family is willing to cosign. Thanks in advance!

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Top Contributor
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In your scenario, what you did not indicate is what bad remarks are on your credit report and what your utilization was.    With a score of 740, with 22000 in available credit with multiple accounts in good standing, you stand a good chance of being approved.   Your hourly rate is a bit low although, it depends on the amount you are seeking to borrow.   Of the accounts you currently have, which one offers auto finance?  Check to see what they would offer you before you step into the auto dealership.   Its possible that you may have available funds when you walk in to make the purchase without dealership financing.    My credit card offered me 15,000 so I went in looking for a recent used for about 24 and ended up walking in and got full finance for 36,000 from the dealership at reasonable APR

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