Quote:
Originally Posted by mwoodengr
When applying for an auto loan, the main thing is credit score. The limits on your credit cards is not going to be an issue at all. If you have a score of 750 or higher, you will not have any issues with getting approval...
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that's not true at all.
There are many factors that are considered when it comes to getting loans for cars. You can have a great credit score but still get denied because of a short or limited credit history. And you can have a pretty bad credit score and still get a loan. Credit history is a big part, and having small credit lines doesn't help too much. And if it's your first car loan, even with a 750+ score may still need a substantial down payment or a co-signer. I've been a part of deals that fall apart for this very reason when I was a sales guy at a dealership.
what bureau did you run your credit through? experian, transunion, or equifax? TransUnion and Equifax both will generally show a much higher score, but Experian is the one usually used for automobile purchases.