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Credit Application: Auto Loan

Hi, Auto Loan for my daughter. Very weak/little credit history. Pulled TransUnion only, but I'm sure the others are definitely over 700 as well. She had a 20 year old car, but the engine went out this week. Thinking it's time for something else instead of fixing it. She was away at college, had some medical issues and is now home working full-time, starting back to school in a few months but will have no problem making the payment since she has no other bills (almost done with the medical bills).


We did the Capital One pre-approval and got a rate of 11% on a 2 year old car with about 30k miles. I was thinking she would be able to get hopefully about half of that rate. What do you think? I think she will get approved somewhat easily, it's more or less the rate I'm worried about.

She hasn't officially applied anywhere yet, but may drop in the Honda place this week to try it.

I'm not able to co-sign, I'm in grad school with very limited income. I have a family member who may be able to co-sign, but would definitely prefer not to go that route if not needed.

Your Age: 19

Your Equifax Credit Score:
Your Experian Credit Score:
Your TransUnion Credit Score:

How long have you been on file with the CRA?s? 1yr 8 mos.
No Loan history ever, no trade-in.

Revolving Credit History: No late payments
Total number of revolving accounts? 2, Discover and Kohl's
Total percent utilization overall? 1%

How long at residence? 1 year
Rent/Homeowner/Live with relative? Live with parent
How long at current job? 4 months
Total Provable MONTHLY GROSS INCOME? $2200
Provable via computerized paystub or what method? Paystub

Your Downpayment in CASH: $1200
Rebates not considered; Trade Equity not considered: CASH ONLY PLEASE INPUT.

No adverse credit history.

New or Used Vehicle you are considering; please describe:

Honda or Toyota, hopefully max of $20,000

New Honda Civic or

2-3 year old CR-V or Rav-4

Your creditworthiness on a scale of 1-10 with 10 being the best:
OVERALL credit:
Installment Credit History: No installment history
Revolving Credit History: 10

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With the credit profile you described, I believe the approval was generous.  And at least you have approval with just those inquiries that approval required.

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