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Posted in Auto Loans
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swquintal5307

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Will a 615 credit score get me an auto loan?
I'm 24 years old, I've been at my job for 4 years and make $50,000 a year. I want to get an auto loan for a truck costing around $25,000. My Equafax score is 614 and 592 transunion. I don't have any other major debt other than a couple things in collections for a about $500 all together. I have a capital one secured credit card right now that I've been using to try to build my credit. What are my odds of getting the loan? And yes I know the interest rate will most likely be high, but I'm not really concerned with that because I would refinance later after I build my credit more.

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I would assume that you can be approved for an auto loan, but probably not from a prime lender. You will have to deal with the subprime lenders. You also may have to provide a down payment, you didn't say anything about that. You are more likely to be approved when offering some of your cash into the deal. There are limitations on vehicles that lenders will finance. They have to be worth a certain amount, certain mileage and years. Your debt to income will be factored in as well.

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I would focus on boosting your scores over the next 6 months and saving as much as you can for a down payment. If you currently only have one credit card, you should get one more as FICO will usually give an automatic boost on the first two cards that you open. If you only have $500 worth of accounts in collections, try to do "pay for delete" offers. You offer the collection company a payment in full for them agreeing to totally delete the collection account from your reports. Getting a collection marked as paid, really does little for your scores, you want those collections completely removed.

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P.S.  Just don't apply for any new cards or credit if you are not going to wait 6 months to apply for an auto loan. If you are planning on applying for an auto loan within the next few months, then do NOT apply for any other credit before then.

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Just don't app for any new cards if you are not going to wait at least six months to app for the auto loan. If you are apping for the auto loan within the next few months, do not app for any new credit prior to that.

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