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question about an auto loan?
If i applied for a auto loan for about 12k and i was denied from one bank is there a chance that another bank will approve me? i have a 708 credit score BUT a few inquiries which is holding my credit back from being great.
Thanks
No credit debt, always pay my bill on time, low balances on my credit cards (2), very stable job
ive been working for over 4 years now
3 Answers
- Go with the flowLv 78 years agoFavorite Answer
Try a credit union.
Just stay away from any company online.
Inquiries are a minor part of your fico score.
An inquiry can lower a score by 1 or 2 points.
Many in a 6 month period compounds damage though.
And know that inquiries of a similar nature (loans, not credit cards) are counted as one if done in a 3 week window.
This is to allow the customer to shop around for a good interest rate.
Something else may be holding you back. 708 is not bad.
- Is your income enough?
- Have you been working for a full year?
- Do you have current debt?
Again, something else, not your score, is holding you back from this loan.
The credit union will tell you the reason.
- pietschLv 45 years ago
Your situation is extremely not likely. To get a a bad credit score auto loan you're going to need to go through a dealership that may get you financed and sell you a car. Sure of direction you're going to pay a excessive interest expense as you are a high threat. How badly do you need a auto? Someday these loans are your only option and a method to rebuild your credit score. Just right good fortune.
