-I've been working at the same place for almost two years. (It will be two years in April.) Before that, I had the same job for two years.
-I've been with this bank for seven years.
-Income to debt ratio is 28%. (Per phone call with the bank when I was applying.)
-My FICO score is 735.
-I've only had one credit card for a two-three years now, but I always pay on time.
If the used car is low value or old, banks often do not allow them as security. New car, late model used, and older model used are in three loan classes, plus the personal unsecured loan.
Unsecured loans are harder to obtain, and a better thought is that someone with a Income to debt of 28% should have enough money coming in to pay down everything but a mortgage and have cash saved to buy a car for cash.
You may want to examine your home budgeting to figure out where all your money is going. Without insult, but more of saying what is very common, you are most likely living above your means unless your lifestyle includes unusually high monthly expenses outside of debt. Some people aim to raise their credit score, instead of aiming to reduce debt and gain wealth and ease of cash purchases.
Just advice.
Add: Hard to guess about an unsecured loan, and assuming the car is too old for a loan against it. The money would be available next day if approved. It is an odd scenario of a relatively small loan and no money to pay cash instead.
You'll have a much better chance getting a (secured) auto loan.
Good chance, but if you're buying a car with it, it should be a secured loan, not unsecured.
sure you should get it
