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Used $12,000 car loan - 700 credit but short history & no tax returns

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Hi everyone!

 

Shopping for cars right now. Moved to the US few years ago, only started credit less than a year from today and I've been super careful - never missed payments, slowly increasing the credit lines, not too many hard inquiries, which gives me a score of around 700 by different agencies.

 

Started applying for loans at major banks and Credit Unions. Was denied by most based on "limited credit experience". However, two CU's pre-approved, but since I don't have 2 yrs of tax returnsor paystubs (self-employed) - they ended up denying. My bank statements will show an income of $35k before taxes.

 

Looks like I should expect a bigger APR and agreeing to whatever the dealership has to offer?

 

 

I got my eyes set on a specific used model and make, the prices are within $12k-$13k ballpark.

 

I might do $2k down, too. The longer term, the better.

 

What are my chances and what APR I should be expecting - if possible to predict?

 

Thanks~

Edited by FernandoAlonso2021

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A credit file that is ~one year old will be considered a thin file.   Consumers with immigration visas and a thin file have always been subject to proving their income.    subprime banks that accept bank statement as proof of income charge very high APRs, will not go long term and usually stipulate the amount financed to be a certain amount based on how they assess your credit profile.

 

If you have a healthy savings account, it is possible you leverage that with a credit union in order to purchase an inexpensive vehicle.

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