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Posted in Auto Loans
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Question By
azdude91

2 Contributions
14 People Helped
First car purchase..credit score 69..down payment of 10% of vehicle price..cannot get approved..HELP
I am looking to buy my first car and get rid of the car my parents purchased for me. I'm 23, making ~$1500/mo. My rent is $250/mo ( I have roommates). My credit score is 691 and my oldest card is 4 years old. Never had a delinquency/missed payment and my credit utilization is at ~40%. The car I am wanting to purchase is a 2011 and priced at $14k. I am going to make a down payment of ~$1400, possibly more depending on trade in.

I have applied for loans through banks and the sites Credit Karma suggests for me, and have not been approved for any of them. I don't understand why it is so hard for me to get a loan. My credit score is not terrible, I have no negative marks on my credit and the car I am wanting to get is not ridiculously priced. I am getting very discouraged.

I applied for financing through the dealer, and spoke with them today; their finance manager states I "should be" able to get approved, but I'm not too sure. My parents are not willing to co-sign for me. I know I have a lot of inquiries on my report based on applying for all these loans, but I was under the impression that "shopping around" for the right loan is not necessarily a bad mark.

Please advise. Thank you

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2 Contributions
14 People Helped

Correction

Helpful to 0 out of 2 people

Title should say: credit score 691

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