Car Loan Approval Odds?
Hello,
I m looking into purchasing a new car. Id like to know what my chances are of getting approved for a loan. I m in my mid 20s and this would be my first new car. Unfortunately, I don t have someone that can cosign for me.
My fico score is currently 720 but I m not sure what my auto fico score is. I ve established my credit through the use of credit cards and cellphone account. I opened my first credit card about 3 years ago and I ve always made my payments on time and I pay more than the minimum amount due.
I ve only been at my current job 8 months but I was at my previous job for over 4 years.
I ve been looking at cars that would cost around $23,000 including taxes and fees. I would be able to give a $5,000 dollar down payment.
If you have experience in car sales or loans I d like to know what my approval odds are. I would hate for the dealer to run my credit if I am not likely to get approved.
Thanks in advance!