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Posted in Auto Loans
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Question By
Kenzie17

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First time car buyer 660 credit score need 15-22000 loan
I'm graduating in May and I need to buy a car for my job. I already have a job offer and letter stating my salary Starting July ($65,000). Currently however I am a student and only work part time. I have a credit score of 660 from a student loan so it is limited. Will I have any trouble getting a loan ranging from 15 to 22,000? I might buy new through a recent college grad program or buy certified used from dealer. I would be buying the car in June. How early should i try to get approved? Do people think I will have any trouble? Any advice/opinions are helpful thank you!

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I am sorry, but it is not going to happen. You need good solid work history under your belt, not a letter stating what you will make. You also need a more robust credit profile, a couple student loans are not going to cut it. Start reading all that you can about building credit, you must do that first before attempting to get an auto loan of that size. Put the nice car off for a year or two and find a cheap car for cash now or finance a couple thousand dollar car if you can get financing. Keep in mind that most lenders use a version of FICO scores, so focus on them. Start getting in gear with the credit building very soon as it takes time.

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