What are my chances of getting a car loan?
Question by John S: What are my chances of getting a car loan?
I don't know my credit score, but I can give you some details. I have been working out of college for 7 months. I make $ 32000 a year. I have been paying rent and utilities for 27 straight months without any late payments. I also have student loans, of which I pay $ 55/month and my parents pay the remaining $ 120/month. I have one credit card with a $ 1000 limit and never missed a payment and owe $ 0. The only other thing I pay for (other than usual groceries, etc) is car insurance.
What are my chances of getting a $ 12-13k loan for a car? If it helps, I will be putting $ 5k down on it. I may also chose to go private sale for the car, but will still need the $ 12-13k loan and pay the difference in cash.
ALSO, important...I won't have a cosigner. I don't have anyone who can cosign for me.
Thanks everyone for the initial responses. I have already resorted to the fact that my interest rate is going to be a little high. If I could get a rate around 10-12% then I should be good with the monthly payment. I calculated using 10% and was under my threshold payment-wise. I figure if I put 30% down on the cost of the car (minus taxes, title) then I shouldn't be upside-down on the loan.
Best answer:
Answer by fordman
I don't think that you will have any problems with the down payment. The dealers are offering a lot of zero down or zero % interest loans now. They may be also offering discounts instead of the low rate loans. Figure out which one would best benefit you. The get the loan from your bank, and take the discount if it is cheaper in the total cost and you can afford it. good luck.
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US $6,900.00
