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Posted in Auto Loans
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NormalPersonGen12

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2 People Helped
First Auto Loan
I'm about to get my first auto loan, and I'm anxious about what interest rate I'll qualify for. My credit score with TU and Experian tend to hang around 700, but I have only around two years of credit history because I'm 21. No delinquencies, 3 credit cards with about a 20% usage overall, and a student loan are all I have. Would the issue of length of time my credit has been established be a huge factor considering my positive history? I'm probably going to get either a $12k loan, or a $23k, depending on what I'm approved for with my credit bureau, but I'm intrigued and I'd love to hear any feedback.

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For a first car, I recommend looking for a Certified Used Car which will give you an excellent vehicle that should last at least 10 years and at a,lower price. Given your age, the car insurance is going to be fairly high, but not as high as with a brand new car.  Just something to think about.

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I'm thinking of going through CarMax since they have a pretty good reputation and they don't require as much on the haggling and cloak and dagger type stuff. With the insurance, I'm expecting about $150 a month based on what I've seen. I'm just hoping I don't get stuck with a high APR just because of my shorter credit history. 

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