Trouble getting an auto loan?

I don't understand why several different lenders refuse to give me an auto loan. I have good credit and I think I bring in enough to pay it off without a problem. So what's the problem? Has anyone ever worked for a lender and knows what specifically they want? I just graduated from college in December and have been working 30-35 hours a week since Nov-although technically considered part time, I think I make plently to pay car payments, insurance, etc and live comfortably. I never had any trouble getting a student loan, in which I am now in good standing with, and credit card companies are throwing themselves at me. I've rented from 3 different landlords and i'm in good standing with them too. On my credit report, of the 13 accounts, it says one-my credit card could be potentially negative-because I was late with a payment one month. But it's current and i've paid ever since. Can that one missed payment really keep me from getting a car? Or could it be something else? Please help!

Trouble getting an auto loan?

They require you to live at an address for a certain lenght of time, your debt ratio has to be insinc with your salary and you have to have been on your job a certain length of time. You have to have some type of long term credit history.

Trouble getting an auto loan?

find a friend who is a mechanic....new cars lose up to 40% of their value as soon as you drive it off the showroom floor !!!!

Trouble getting an auto loan?

There are several components that go into your credit rating. One thing I see you lacking is a longer payment history. If you need to get a car and can't wait until your credit improves, you could jump start the process if you have somebody co-sign with you. Basically, if you make the payments, the good credit goes to you. If not, they collect from co-signer. Maybe your parents believe in you?

Trouble getting an auto loan?

Lending officers look at your loan-to-dent ratio. How much do you have on your credit cards? Are they maxed out? You never want to have more than 30% of the limit on a card, they want to see that while it's possible for you to have a 2K limit, you keep it under $500. Student loans don't reflect on your credit score, just show up on your credit history. Do you know what your credit score is? Unless you have over a 650, you'll more than likely need a cosigner. Also, when looking at your income, does it cover all of those 13 accounts you have open, plus the other expenses you stated? Always make more than the minimal payment on accounts, pay on time, but your 1 late payment wouldn't make a huge dent in your score. A continual occurance of late payments would really hurt it however. Credit card companies will ALWAYS throw themselves at you, the worse your credit is, the better, you just have to go over your limit or miss 1 payment for them to drastically raise your interest rates. Also, you want to keep the smallest amount of accounts open, 13 is a HUGE amount to have, the most you should really ever have is about 7, thats including a house payment and credit cars and any other small loans. One thing that may help you get a car loan is put up something you have of value for collateral, that way, the bank knows they have something they can sell if you don't make your payments. Also, try smaller banks, such as home town places or credit unions. They're usually much more friendly with helping people get their credit started. Good luck!

Trouble getting an auto loan?

There are ways to do this but the interest rates can be quite high. Maybe you should put in place a sound debt management strategy and save some more. Its just a matter of being patient and doing your research into auto loans.