What are my chances of getting an auto loan with only 1 active account on my credit?
Im 18, This will be my first auto loan. Not really looking for a co-signer. June makes it 6 months that Navy Federal gave me my credit card. I was approved for $500. Since getting my credit card, Ive never been late and I have always made multiple payments in a month to keep my balance down. I always have had my balance below 60% before my credit statement reported to the credit bureau. My score since Ive had credit has been over a 700 because I have never missed or made a late payment. I make around 1400 every 2 weeks. I wanted to know what are my chances of getting approved for a 10k auto loan? They told me they would give me a limit increase when I hit 6 months of good credit history. I was thinking that since they would give me an increase, would they also give me an auto loan?
Im going through a CC for the loan. I wouldnt apply for the loan, not until my account hits 6-7 months. Im aware of all of that. My debt to ratio is low, I dont have many bills.
- DON WLv 78 years agoFavorite Answer
You have a reasonable chance, provided you are employed (are you active Navy or Marine?) Auto loans are "secured", meaning that the credit union can take it back if you don't pay. Sometimes they are more willing to take a chance with this type of loan.
Working against you, though, is your age.
- bdancer222Lv 78 years ago
It is very unlikely you will qualify for that increase to your credit card limit, let alone a car loan. Your history is extremely limited -- one account for less than 6 months, that is next to NOTHING.
A credit union is your best chance of getting a car loan since they are more willing to work with people with limited credit. Your income would be a big factor in a car loan -- debt to income ratio would determine how much loan you can afford.Source(s): BD
- Anonymous6 years ago
You will find very useful this site for finding the best option for you WWW.CREDIT-SOLUTIONS.INFO
RE:What are my chances of getting an auto loan with only 1 active account on my credit?
- How do you think about the answers? You can sign in to vote the answer.
- Anonymous7 years ago
This site is for comparing rates for you and free CREDITVAULT.NET
- 6 years ago
Get free rates