What are the chances of getting approved for an auto loan? and Phone Call with President about Student Loans

What are the chances of getting approved for an auto loan?

I'm 20 years old (21 in a month) I have a 700 credit score, 9000 in student loans and one credit card that's paid off. I'm looking to get a car loan on a new car for 24000. Is this doable without a cosigner with 2000 down? And which is better for me, a dealer loan or bank loan? I'm in the Army as well.


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Answer by SPIFIMAN1
Auto finance is what I do for a living there are 10 things that go into making up a car deal weather it's a purchase or a lease.

1. Term of loan. Shorter the better.
2. Age of vehicle. Newer the better.
3. Miles on vehicle. Lower the better.
4. Amount to finance compared to book value. Lower the better.
5. Credit score. Higher the better.
6. Credit profile. Deeper the better.
7. Down payment. More the better.
8. Monthly income. Higher the better.
9. Time on job. Longer the better.
10. Time at residence. Longer the better.

As long as all of the above are in line with the lender guide lines and you make enough income to budget for the payment you should be approved. Any decent dealer with a Special Finance department should be able to help you.

As far as first time buyers programs, there are several. Most require $ 1,500.00 a month in gross wages, proof of residence, proof of income, phone bill, references and job time of at least 12-months.

If that wont work for you then your local buy here pay here dealer as long s you have a big down payment and make enough money every month.

Good luck.

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Phone Call with President about Student Loans


Image by MDGovpics
Governor O'Malley takes phone call with president about student loans by Tom Nappi at Governor's Office, State House, Anapolis, Maryland

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