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Auto Financing
Posted by: consumer ()
Date: April 07, 2008 05:23PM

I was just wondering if I would have a shot at getting a car financed(new or used). I never financed a vehicle or had a loan of any type. I do however have 3 credit cards that I carry low balance on and have been paying on time for 2 1/2 years. I have a stable income and I am going to school. I am 21 yo if that matters. Do I have a shot at getting an auto loan or is it too soon. My roomate who is a year older has 2 credit cards for 4 years straight with no missed payments. He is 22 now and got pre approved for 36k auto loan wit just his social security and name. Will I get similar results or not?

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Re: Auto Financing
Posted by: gayvis ()
Date: April 07, 2008 05:34PM

you know, I kind of wondered the same thing. Why is that some people just have to draw their name and ss number and they get financing instantly and others have to provide a 5 inch folder full of paystabs, references ect ect. Is there a certain score that one must meet for the better treatment?

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Re: Auto Financing
Posted by: JustADude ()
Date: April 07, 2008 06:06PM

You probably have a good shot at it. The terms might not be great but you can probably get a loan. Go to MyFico.com and pay the 12 bucks or whatever to get your credit score. Better still, sign up for a free trial of their credit monitoring service, get the score for free, and then cancel before the free month is up. If you have a decent score it'll probably be a snap.

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Re: Auto Financing
Posted by: consumer ()
Date: April 07, 2008 06:19PM

My score is 696

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Re: Auto Financing
Posted by: KeepOnTruckin ()
Date: April 07, 2008 06:36PM

https://www.annualcreditreport.com/cra/index.jsp

the government entitles you to 3 free reports a year



Edited 1 time(s). Last edit at 04/07/2008 06:38PM by KeepOnTruckin.

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Re: Auto Financing
Posted by: native ()
Date: April 07, 2008 06:51PM

KeepOnTruckin Wrote:
-------------------------------------------------------
> https://www.annualcreditreport.com/cra/index.jsp
>
> the government entitles you to 3 free reports a
> year


Actually only 1, but you get a copy from all 3 bureaus. If you want a second copy its either $6 or$8 per bureau

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Re: Auto Financing
Posted by: JustADude ()
Date: April 07, 2008 08:56PM

Yes, but a credit report probably isn't very useful for this purpose. The original poster is wondering if he/she can get a loan. The credit report will only show what kind of credit he/she has and whether there are any past due accounts and/or collections. This person needs to know his/her FICO score. The free annual credit report will not provide that.

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Re: Auto Financing
Posted by: coffin ()
Date: April 07, 2008 10:13PM

The dude said his FICO score is 696.

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Re: Auto Financing
Posted by: native ()
Date: April 08, 2008 01:49AM

I read somehwere on the net that some lady had a 850 score. When they pulled her credit report all she had was a very old zales card with a very high limit and no balance.

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Re: Auto Financing
Posted by: JustADude ()
Date: April 08, 2008 07:19AM

That seems highly unlikely. Credit scores are based on a number of factors including mix of credit. I don't think it would be possible to get anywhere near an 850 with just a single card. Anyway, a 696 should be enough to qualify for a loan. Capital One has a pretty good auto financing program or if you belong to a credit union you could try there first. Try to have financing in place before going to the dealer.

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Re: Auto Financing
Posted by: Msr ()
Date: April 08, 2008 09:43AM

JustADude Wrote:
-------------------------------------------------------
> That seems highly unlikely. Credit scores are
> based on a number of factors including mix of
> credit. I don't think it would be possible to get
> anywhere near an 850 with just a single card.
> Anyway, a 696 should be enough to qualify for a
> loan. Capital One has a pretty good auto
> financing program or if you belong to a credit
> union you could try there first. Try to have
> financing in place before going to the dealer.

I was going to say the same thing...Check out Capital One and apply on their website http://www.capitalone.com/autoloans/

If they approve you, they send you a check that you make out to the dealer. Couldn't be simpler. If you have a Costco card, Costco will give you a slight rate discount with Capital One if you go through them.

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Re: Auto Financing
Posted by: 496 ()
Date: April 08, 2008 09:52AM

I would stay way from Capital One unless you love literally tons of unsolicited mail sent ot your house. Also trying to close an account with Cap 1 is akin to pulling one of your own teeth.

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Re: Auto Financing
Posted by: Joseph ()
Date: April 08, 2008 10:10AM

My experience with Credit Unions is that they can be your best bet for good rates. If you are already a member of one and are in good standing chances are you can get yourself a loan. Don't expect anything amazing though. My first ever financing was when I was 21 as well, I got a pre-approval for $15,000 at 5.9% and I'm pretty sure my FICO score was in the same neighborhood as yours. Good luck.

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