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Posted in Auto Loans
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thriftythirties

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Does credit age affect your chance of getting an auto loan?
When I was younger I totally ruined my credit. I cut up my cards, paid the debt, and waited for the collections/bad remarks to fall off my credit report. I recently started using credit cards in a responsible manner. My credit age shows 8 months (got my current credit card in January 2016). I have no negative remarks, no late payments, & make multiple payments per month. My Equifax score is 706 & Transunion score is 704. Will my credit age of 8 months affect my ability to get an auto loan for $18,000? What do you think my odds are to get a reasonable APR if approved?

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It depends on how many cards you have that average into age.   I was only at 12 months when I secured my auto loan.  It would depend entirely on where you go to secure the credit.   You stand a good chance of success, although the ultimate decision will be based upon your income and length of employement.   I would presume you would be looking at 6% APR.   This is only a presumption.

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