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Posted in Auto Loans
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Question By
Emmaus123

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Will I qualify for a good Auto Loan with a 760-765 Fico?
I'm planning to purchase a vehicle soon and wasn't sure if I'd qualify for a good auto loan with a low APR. Here are my details:

- 760-765 FICO
- I'm putting $15,000 down on a $37,000ish vehicle
- I have regular but low income (32k/year gross)
- I have self-employment income 25k+/year gross
- I have $78,000k+ investments (non-retirement)

Will I qualify for a good loan with the low W2 income? What will I need to bring with me? I've never purchased a vehicle from a dealership before.

Also, should I get financing before I go to the dealership from an online company like Lightstream or use the dealer's financing?

Thank you!

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Top Contributor
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First, no FICOs here, these are Vantage scores. So get your FICOs somewhere to know for sure. If your FICO scores are in that range you are fine. Most lenders wont even ask for income verification if your scores are that good. I would include your self employment income on the application for financing. Whether you should get financing first is up to you. I've never heard of Lightstream, do they allow you to purchase a vehicle anywhere? A lot of auto financing from internet companies only let you shop at certain dealerships. Maybe a credit union would be a place to check if you want to get financing first, but the process would be much smoother through a dealership even though the rate may be higher, but you could always refi later if you wanted.

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