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Posted in Auto Loans
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Question By
leeanabanana

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What are my chances of getting approved for a car loan?
Im looking to buy a used car from a dealership. I am a full time student with a credit score of 670. I do have ONE collections on my history from a student loan taken out when I was younger and foolishly did not know how to take care of it. It is fully paid off now. My monthly income is around $980 with no bills since I live with my parents. A cosigner would not be possible. I am looking at a car from around 9k to no more than 11k with a down payment of around 2k. I understand I'd get high interest because I am young but what do you think my chances of getting approved are?

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I wouldn't think that the chances would be good. I would put this off for a while and work to improve your credit and work to increase your income. Remember that most auto lenders use a version of FICO scores, so you should check them at sometime to see where exactly you stand. Don't forget that when you finance an automobile you need to have full coverage auto insurance and that alone can be very expensive, possibly as much as the auto loan payment would be.

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You're right about the high interest rate that will come along with a vehicle purchase, but I think you would be able to get a loan with your score.  I recently got approved for an 18k loan with a score of 640.  They checked several different  lenders and eventually found one that approved me.

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