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Posted in Auto Loans
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bandgeek08

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What is my likelihood of getting an auto loan?
I'm in need of a car and I would like to know what my chances of getting a loan are. I know that I will need to go to a dealership and give them my information to get a real answer, but anything here is appreciated as well.

Here is my info. My credit score here on Credit Karma is 752 (has been fluctuating 750ish). My average credit age is 4 years 9 months (oldest = 5 years 11 months, youngest = 6 months). My taxable income is only $500/month. I do make $300-500/month babysitting as well, but that is untaxed at the moment. I don't have rent or any other payments as I live at home.

I am unsure if I want to get a new or used car. I am looking at going to a Chevrolet dealer either way (I think). Thanks in advance for any help/advice.

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You might check with your bank or credit union about getting a pre-authorized loanwhich will give you a specific amount to work with.  And, if you basically have the "cash on hand" (which is kind of what you have with a pre-authorized amount) you can have some negotiating power.

Please do not go for a brand new car!!!!!!! Look for one that is from 1-2 years old, and with reasonablely low mileage.  That way, you pay thousands less (and I DID say thousands!!!) and have a vehicle that should be a good serving one for the next 10 years.

9 years ago, my credit score wasn't good, but I needed a reliable vehicle because I was taking care of my father, who'd had a stroke.  I'd sold my house and still had some of that money in the bank.  I didn't think I could finance a vehicle so set a specific price as my TOP (cash) DOLLAR for the vehicle and I looked for several months.  Then I found a vehicle that fit my needs perfectly, but it was nearly $3000 more than my limit. I wasn't budging from my top limit and they checked with the "boss" who accepted my offer.  Then, they tried seeing if I could get it financed, but that wasn't happening.  I still got the vehicle (was 1 yr old and under 30K miles..had been a rental vehicle) and it's still running great.  Patience and persistence will help.  

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