Credit Score 638 Will i Be Car Loan Approved?
Posted on | July 26, 2011
Im 21 years old and i applied for a 10,000 car loan what are my chances of being approved?
In the past i took out a share secured loan and fully paid it off i also make payments on my credit card monthly without issues.
I make about 2k a month and work two jobs.
Is this a good enough score to be aproved? Im supposed to.call my bank in 2 hrs to see if im pre aproved for the loan or not and im nervous.
638 is not a good score.
- I am going to guess they will ask you for a larger down payment or a cosigner
- Take into account the condition of this current economy. Everyone is defaulting on credit, including the federal government. With a 638, I would bet that your chances are very good. They do look at all the things you mentioned above when determining a loan, and that all weighs in your favor.
- That will depend entirely on the guide lines of your bank. If your previous loan was with them you have a good chance even with your low score.
- You may actually get this. I’m guessing your low score is simply because you have a short history/thin file.
As long as nothing bad is reported, I think they might just give you the green light.
Good luck…it seems you have been very responsible in the past & might just be rewarded for this today!
- About a year or two ago, around this time, (which means I was about 19-20, paid about $200 less than you but had dependable job) I was asked to be someones back-up when they needed to apply for a car loan. I went into the Eastern Motors office for them to check my credit and the representative said that the main person on the loan was not able to apply with me because, together, we didn’t have enough credit (her credit was bad). However, the rep did say that I could be approved alone for a $10,000 car loan. I didn’t go through with it, but I’m pretty sure he has had plenty other experiences where people at that age (with the same stats) would apply for car loans.
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