Overhaulin' - Getting an car loan?. Help..?

Getting an car loan?. Help..?

I am 19 and have a fair credit history...I have had a card with capital one for a little over six months now and currently have 5 other credit cards. I am currently $3,200 in debt but am paying off $2,400 off by the end of the week. For the hell of it I applied at lendingtree.com for a car loan and it forwarded my information to capital one and they denied me with a credit score of 627. How easy should I expect it to be to get an car loan when I pay off most of my debt and have a $1,000 down payment by the end of march? Any plans of suggestions?.?.

Public Comments

Keep in mind that paying off (or paying down) the balances on your credit cards won't be reported on your credit report right away. When you go to a car dealership or a bank their still going to see high balances in relation to your available credit (I'm guessing here) and that's probably what's pulling your score down. My bank generally looks for at least a score of 650. You may want to wait a little while (as long as 6 mos to 1 year) before applying or get a cosigner with a higher score so that you don't get stuck with a high interest rate. Whatever you decide...go through the dealership...they always offer better rates than the banks. Your loan will still be through one of the banks but because of deals negotiated with the banks it should be around 1 or 2% lower than what you would have gotten by applying at your local branch!
Arica is right, it takes some time for that payment to reflect on your credit score. Wait till your score is updated next month, then try again. You can refinance later once your score gets better. Don't borrow too much...
all the credit cards you have count against you even if you do not have a balance on them because it is an open line of credit that you have access to. you can actually have to many credit cards if they have not been opened for years and can lower your credit score. 5 credit cards is a lot to have even if you have no balance especially if they are open visa, m/c, or discover lines of credit.
You will definitely be able to obtain a loan with someone, however your interest rates might be higher with your outstanding debt. You should probably try to pay your bills off and then start looking for a car. But, if you need a car now, try the car dealer or you could try this site for helpful information on obtaining a car loan. a good website Also, a good site is... http://www.surveyland.org/jump.php?link=auto Good Luck.
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