Overhaulin'

What do you need to qualify for a $5500 car loan?

I am 22. I've had three credit cards in my name, and a co-applicant (or whatever it's called) on one of my husband's. I have paid them all off several times. I just paid my Target & Capital One cards off. I'm not using them anymore. My third is a Bank of America with a $1200 balance on a $1500 limit. My husband's card is also paid off. I have always made my payments on time. When I checked my credit there wasn't anything negative. Do you think I could qualify for a $5500 car loan? I don't work--but this is new to me, I've worked since I was 16, have only been out of work for about four months. I'm too cheap to pay to get my actual credit score and honestly it's all really confusing anyway.

Public Comments

1. Go to the bank and get pre-approved. Then you will know how much you have to work with. Don't trust websites, there are too many fakes out there!
2. If you're getting the car loan from the dealership selling you the car, you would be a fool NOT to check your own credit score first. They base your interest rates on your credit scores and, if they even have a hint that you don't know what your own score is, they'll have a field day with that. Based on the info you supplied, it sounds like you wont have any problem with a $5500 loan. But you really need to know your score or you'll be at the mercy of the salesman. It's great that your credit report has no negatives in it, but what about your husbands? Since you don't work, they will require checking his credit too. Never go into a car dealership unprepared. If you're getting the loan from your bank, they tend to focus more on your credit history than the score. But again, they will also need to run your husbands credit. Information is power. If you walk into a dealership and they tell you they ran your credit but your score isn't too good, you either have to believe them, or you can walk out knowing they're liars and go to another dealership. (Or at least, threaten to. Once they know the jig is up and you are on to them, they generally try a lot harder to get you a proper deal).
3. You won't know until you apply. If you want to purchase a car I suggest you apply where you are already doing business. If you have had credit for a while and don't have anything negative on your credit report then you should be able to qualify other than not working. Unless you can show that you can afford to make the payments then you may not be able to qualify. Most lenders want to know you income and how you will be able to repay the loan.