Likelihood of getting a 7K car loan?
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I’m 21 and a full time student. What is the likelihood of me getting a 2-year 7K car loan?
My salary is 12K annually. I have two credit cards, clean credit report and a good credit score of 705.
You can probably get a loan but with a co-signer
Your credit score is probably the least important factor for getting the loan. Your income is a bigger factor, but there are more factors such as size of down payment, car value, depth of credit history etc.
You may qualify, but almost certainly with a co-signer. BTW, where did you get this score? Is it a Fico? It sounds a bit high for someone with your credit profile. It may be a Vantage Score or a Fakko Score. In both cases it means that your score is not as high as you think it is.
Try getting pre-approved by your bank or, better yet, credit union. With financing in hand, you should be able to negotiate a better deal at the dealership.
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