Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Auto Loans
Profile Image

Question By
CreditNewbie19

0 Contributions
0 People Helped
Score 731 will I qualify for an Auto Loan?
Transunion Score - 731
Equifax - 716
Experian - 725

3 open cards have a collective $5000 limit with me only having a 6% utilization rate, and an average age of 7 months (newest card was opened last month at the same oldest card was closed). I make around $20,000 a year, will I have a good shot of being approved for an auto loan between $6000-$9000 with a down payment of $1500? What rate should I be expecting? And does the term of the loan effect my chances?

I previously applied for an auto loan exactly a year ago for $8000 when I had an average age of 3 months between 2 cards with an $800 CL and made $14,000. I am hoping my chances are better this June.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
2023 Contributions
3128 People Helped

Helpful to 0 out of 1 people

Don't Do the Auto Loan, 

the only thing you will be able to finance is some used car.  Nothing New. 

Please DO NOT GET SUCKED into a Car Loan, 

Save your Money up and buy a Nice Used Car with CASH.    Save 200 to 300 a month for the next Year and then Sell your Car and Upgrade to a Newer One with the extra 2 to 3k .

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.