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.
- SPIFIMAN1Lv 78 years agoFavorite Answer
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.
- sarahsmile90Lv 68 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.