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Posted in Auto Loans
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Question By
zerokelvin520

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Looking to buy a new car, wondering if credit history and income are sufficient
I'm looking to buy a new vehicle, but don't want to go to the dealer and throw an inquiry on my report to get information I could get from someone on here.
What are the odds of getting approved for a loan in my current situation?
CreditKarma/TU credit score: 705
Only accounts open are credit cards, total limits of $1,900, utilization is about 30% right now, and a $2,000 student loan balance. Not one late payment, no collections, etc. No auto loan history.
Income is at $35,000 a year right now, was hoping to finance a $30,000 truck with $4,000 down.
Any thoughts?

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Top Contributor
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Chances are good,

but they could be better.  With your low available credit it might be hard to get a loan that large. you might need a larger down payment. you will also pay a higher interest rate. 

I would go to your credit union or bank and see what they will pre-qualify you for.  That will reduce the inquiries on your CR and give you a good negociating tool when you walk into the dealership  + you'll know exactly what you can afford to spend. 

If you don't NEED a new vehicle right away,  I'd work on increasing my avaiable credit and see if you can't get the student loans paid off, and save up a larger down payment. 

Good Luck!

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