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Posted in Auto Loans
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Question By
Domi1208

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Is it possible for me to get an auto loan?
I have a credit score of 709. I'm 20 and work part time only making about $18,000 a year. I want to get a car that is $13,000. I DO NOT have a co signer. What are the odds of me actually getting the loan? Is there anything I can do to increase the odds? I need this car asap.

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Top Contributor
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Let me give you some info on auto loans:

Most auto lenders use a version of FICO scores (not the ones you get here). Low income may be ok with some lenders, but "debt to income ratio" will be important. Employment history is important, have you been at your job for quite a while? Information on your reports is just as important as scores. The automobile to be financed often has age and mileage requirements. A person without good credit scores or a good profile, may need to look for dealerships that advertise to have lenders for all credit situations. These larger lenders will often take on more risk than your local bank or credit union, but rates will be higher. In addition, financing would be on the cars the dealership has, if you are looking at a private vehicle or dealership without special financing, you may be out of luck. Honestly, I advise getting a cheaper auto for now, you are only setting yourself for financial hardship. Remember, financed autos need full coverage insurance and that can be very expensive today, there could also be auto repairs and they are expensive. I would work hard on building credit over the next year or two and work hard at gaining better employment and then finance the vehicle you really desire.

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