What are my chances of getting a car loan?

John S: What are my chances of getting a car loan?
I don’t know my credit score, but I can give you some details. I have been working out of college for 7 months. I make $ 32000 a year. I have been paying rent and utilities for 27 straight months without any late payments. I also have student loans, of which I pay $ 55/month and my parents pay the remaining $ 120/month. I have one credit card with a $ 1000 limit and never missed a payment and owe $ 0. The only other thing I pay for (other than usual groceries, etc) is car insurance.

What are my chances of getting a $ 12-13k loan for a car? If it helps, I will be putting $ 5k down on it. I may also chose to go private sale for the car, but will still need the $ 12-13k loan and pay the difference in cash.

ALSO, important…I won’t have a cosigner. I don’t have anyone who can cosign for me.
Thanks everyone for the initial responses. I have already resorted to the fact that my interest rate is going to be a little high. If I could get a rate around 10-12% then I should be good with the monthly payment. I calculated using 10% and was under my threshold payment-wise. I figure if I put 30% down on the cost of the car (minus taxes, title) then I shouldn’t be upside-down on the loan.

Answers and Views:

Answer by fordman
I don’t think that you will have any problems with the down payment. The dealers are offering a lot of zero down or zero % interest loans now. They may be also offering discounts instead of the low rate loans. Figure out which one would best benefit you. The get the loan from your bank, and take the discount if it is cheaper in the total cost and you can afford it. good luck.

Answer by Tom K
You should have no problem getting this loan and should be offered a good interest rate. If not, then keep shopping elsewhere because it sounds like you’re doing everything right.

Answer by jon_mac_usa
Gatting a car loan is not the problem. You might get 20% or higher.
If your credit score is poor, as you might get a 4% to 7% loan if you have a good credit score.

Answer by pleasework7
You probably be able to buy the car if you put the $ 5K down. You wont be able to buy a car w/o any down payment. Since this probably is your first time buying a car. Paying rent and utilities dont really mean much to your credit score unless you are late on them. You still will be stuck with a high APR unless you go through a bank. Other than that make sure you are buying a car thats under $ 20K.

Answer by Tom S
I think you’re in pretty good shape. Though most banks’ first time buyer programs require at least one year on the job, putting 50% down should bend a rule or two. That’s what you want to get into, first time buyer programs have good rates. Go talk to your bank, or credit union before you go shopping.

Answer by CarMan
Why not get your credit history (free at www.annualcreditreport.com) and credit score (not free at www.myFICO.com) so that you can see what lenders will see when you apply for a loan.