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Posted in Auto Loans
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Question By
Darkknight786

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What are my chances of getting approved for auto loan?
I am 22, live with my parents, have 2 jobs ( I make 1800 monthly) i have had credit cards for 3 years, my total credit limit is $12000 and my credit score is 730. I want a car which is for $28000 and i am willing to put $7000 down payment. What are my chances of approval?

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With 730, you clear the mimum credit score threshold for many lenders. Every lender's credit approval process is different, but common factors they look at include the below. I'd encourage you to check out options with banks, credit unions and online lenders, as it seems that you should pre-qualify for many of them just based on the info you provided. These days, you can check your rate with many lenders (they do a soft pull) without affecting your credit score. 

1. credit score

2. debt to income ratio (do you have any other debt? student or credit debt?)

3.  employment/income history 

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I dont have any debt the only thing that concerns me is that i dont have a long credit history.

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Reply by
lauravalerie

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Even without a long credit history, your odds are still pretty good, especially since you don't have any other debt and your score is pretty high. Fair warning: if you're looking to buy a car, try not to do a bunch of hard inquiries. Pick maybe one or two places you want to try, and then do them in a short period of time. Otherwise, those hard inquiries will hit and make your score drop pretty drastically, which could affect your chances of approval in the future.

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