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WHat are my chances of getting approved for this auto loan?

I'm thinking about trying to get an auto loan.

I'm 20 years old and in the US Navy. I started building my credit at 18. I currently have a car loan on another car which I owe 4900 on. I have had it for 2 years out of a 3 n a half year loan.

THe car has a trade in value of about 4,000.

I was thinking about buying a $23,000 car. My credit score is 760. THe car loan is the only loan I have right now other than my credit card.

I know no one but the bank can tell me for sure, but in your opinion what are my chances? GOod or bad? Opinions?

Reason Why I want a new car is I hate my car lol.

2 Answers

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  • 8 years ago
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    Auto finance is what I do for a living and with that score and a existing car loan paid as agreed you should be a shoe in as long as you budget for the payment.

    Good luck.

    Source(s): Finance Manager for a car dealer for over 12-years.
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  • 8 years ago

    You have a great credit score which means you must have made your car payments on time each month. So you have good credit but also good car credit, its always a plus if you have had a previous auto loan in good standing.

    Just make sure you can afford the the price of the new car. Good luck.

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