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Posted in Auto Loans
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kmrsee25

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Likelihood of being approved for car loan.
Credit Karma says my credit score is 713. I have an open account with Fingerhut I have never used which has slowly raised it over the last 6 months. Other than that no credit history, no credit cards or other loans ever.
I want a 6 year loan for 31,000. I have 1170 stable taxable monthly income and anything upwards of 200 unstable income. I have no bills and i expect the 1170 to raise significantly in the next 9 or 10 months.

What are the chances of being approved? What should I do?

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The only one that can answer that is the auto company/bank/credit union when you apply for the loan.  Personally, I think you are going to pay a heck of a high interest rate, and for 6 years!!  That's crazy.  With your limited income I think you may want to set your sights a bit lower, maybe get a less expensive car with a 4 year note instead.  You can see what your payments might be by using one of the many on-line loan calculators; try www.onlineloancalculator.org.  When I plug in a 31K note, with 1K down payment and a 2% interest rate (not sure if that interest rate is valid or not, you'll have to find out from your lender what interest may be) and zero trade in, your payments would be 448.23 per month, which is almost half your income.  That's not going to fly with a lender.  But, the only one(s) that can truly give you an accurate answer is your bank/credit union or car company that you hope to get the loan from.  Hope this helps.

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I'm 18 and needed a car loan. When I turned 18 I got about 4 credit cards and got a few more over the course of 6 months. I turned 18 in May 2013. I needed a car in January as mine blew up. Since I had credit cards, I had credit. I was able to get approved for a car loan by ally financial only working part time and didn't need a co signer. My interest is pretty high but I got a cheap car. I got a car that was only $12,200 after my $1500 down payment. My payment is $299 for 60 months. I suggest you look for a cheaper car so your debt to income doesn't look so bad.

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