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Posted in Auto Loans
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MJ91

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Chance of getting approval for auto loan?
My husband and I have never had credit cards. We pay everything in cash and have never been late on a bill. We went to buy a car in January. Instantly denied from all banks for no credit but we was offered in house financing with an interest rate of 16 percent! No way! So we both applied for cap one secured and held on to it for about 3 months. Then we both applied for 2 non-secured cards and was both approved. We both have 3 cards each and are authorized users on each others which equals 6 cards each on both of our reports. We both have around 12 hard inquiries on our reports due to the Toyota place running so many pulls! What is our chance of getting a good car loan this upcoming January? I keep reading new credit and hard inquiries = bad. Credit karma puts both of my scores in the 640's but my discover bill (FICO so it claims) says 720.

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Come January after your current accounts have aged a little bit, if your income and debt to income is good then I would say that your chances are very good at being approved at a decent rate. In the meantime, keep reading about credit as there will be more to know and start saving up a down payment, the higher the down payment the better the chances of approval. When it comes time to shop for a car, take your time and read reviews on dealerships and see which ones have the best deals and best banks to work with.

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MJ91

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I went ahead and applied for a car loan at my bank although it hasn't been a year. My FICO they pulled was 740 and I was approved for a car loan! Interest rate of 3.5% :) My new car is setting in the driveway at I type this. 

Thanks!

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