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Posted in Auto Loans
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longlegend

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What is my likelihood for getting approved for a powersports vehicle loan?
I'm willing to pay a lot down on the vehicle. I'm looking for around a $15,000 vehicle, that I'm willing to pay up to $6,000 down on. My monthly income is around $2400, paying $540/mo on a car loan, no mortgage or rent payments, (I inherited a home from my father). The car loan is relatively new, with the same credit union that my last vehicle was at. My credit score has been knocked down from the mid 700s down to 654 due to recent inquiries, and possibly the new account. I do not have any missed payments ever, no negative accounts on any bureaus of my credit, and have a credit card that I try to utilize between 1-10% per month. In your opinion, should my credit score be jumping up soon? And what do you think the likelihood of me being approved for a $9,000 loan is at this point?

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Top Contributor
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Sounds like you could qualify

I'd wait until your score bounces back up around 720 or better before applying for a new loan. you'll get a better interest rate that way. 

You said that your score dropped because of recent inquiries, but you don't mention if those inquiries resulted in denied accounts or weather you decided not to take thier offers.  If they were denied then i would rethink a new loan for now.

Good luck

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