Hi, Im 23 years old from California with a Credit rating of 666. I receive monthly state paychecks of 1000, for care taking and additionally make around 1500 under the table (monthly). I currently have a debt of 4000 (building my credit by paying off monthly rather than in full) on 3 credit cards which I have great standing with. I've only been late on 2 payments because I was out of state and totally forgot about my credit card bills.

My question is..do I qualify for a 20-25k loan? I plan on putting a down payment of around 5000, with a 3 year finance on a automobile that'll cost around 20-30k. I've never bought a vehicle before and would like to know where the best places to get a loan is. I've had advice to either go straight to a dealer or a credit union. The thing I least want to do is go to the dealer, waste couple hours of my time, and the 5 finger deny. Any help or advice will be greatly appreciated...thanks in advance.

You will more than likely need a co-signer. You have a good credit score but what they call "new credit". A credit union will prob. be your best bet to go by yourself but who knows. A good CS is fine but a lot of places want people with long standing credit. Good luck.

Hey, thx for the reply, I've been building my credit since I was 17...would this still count as "new credit"?

Yeah. I got married at 20 and at 25 they still wanted a co-signer for a loan at the bank. I had already payed off 4 cars and was buying a home. I had a credit score of 682 but they said my credit was too new. Now at 29, i'm not sure what my score is but they just gave me an unsecured loan for a very large amount of money on my name alone.

You have $12k annual verifiable income. A 3 year loan at 8% (which I think would be average for your credit score) for $25,000 would be $783 a month. According to the banks, you would have no ability to repay that loan.

So would it be possible to extend it to a 5 year finance plan? Or possibly have a parent cosign (last resort)?