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
Mydogsadie

0 Contributions
0 People Helped
What are my odds of getting a good auto loan?
My fico score i get from chase slate is 705. I have 100% payments history. 21% credit utilitazion. (but I paid down a credit card quite a bit and credit karma has updated since then and my utilization went down to 17%)
Average Length of credit is 21 months. I have 5 inquiries in the last 2 years. And 13 accounts.
I make about 2300 a month on my own. My payments on my accounts (credit worthy account) are about $1,050. With my utilities it totals about $1,400.
I also have a mortage.

Anyway, I am still on an $20k auto loan with my ex. Who takes care of those payments and has possesion of the car. My car is having issues. I would like to buy a truck. What are my chances of getting a good rate auto loan for about $22k?

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
7816 Contributions
1456 People Helped

I would say that your odds are fairly good with the exception of possible having debt to income ratio issues if your name is still on the loan for the vehicle that your ex has. I would say that the only thing you can really do is to try and see what the auto lenders have to say. Do some research on dealerships within your area AND outside of your area. It is important to take a lot of time and study to see where you can get the best deal. Sometimes you may have to travel a little bit to get a good price on a vehicle. Try to save up as much as you can for a down payment as that should really help you. I would advise to have at least two or three thousand saved up for the down payment. If you have any trouble getting approved somewhere, don't forget to look for different lenders. Sometimes it may be good to go to a dealership that is known to have many lenders on hand rather than just one or two. Be careful when making a decision on what vehicle to purchase, so many these days are way overpriced and you can easily end up with an underwater auto loan if you are not careful.

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.