Auto finance is what I do for a living and this should shed some light on your question.
Below is a list of factors that auto lenders look for.
Factors.
1. Loan to value (LTV).
2. Age of vehicle.
3. Term of loan.
4. Miles on vehicle.
5. Down payment.
6. Time on job.
7. Time at residence.
8. Monthly income before taxes.
9. Credit score/profile.
10. Total debt to income including new payment.
What they look for;
1. Between 85% and 115%.
2. No older then 8-years.
3. 36-72 months.
4. No more then 60,000.
5. 10% of the sales price or $1,000.00.
6. 2-years.
7. 2-years.
8. $1,500.00 to $2,000.00 depending on lender.
9. 540 or above with 4 paid as agreed lines of credit with 1 being a installment loan paid at least 12 times for at least $150.00 a month and in the credit bureaus for at least 3 years.
10. Not to exceed 45%.
Another thing that comes into play is called payment to income ratio so depending on the term of the loan and the interest rate you would have to budget for the payment. Most lenders do not exceed 16%.
Now I have seen people get approved with no score but between rebates and cash they had over 50% down.
In your case you have whats called a thin file and have not been in the bureaus long enough. ( see number 9 above ). So like I have told people for years score is not everything you need the profile to go along with the score to qualify for a car loan. In your case you most likely will need a co-signer who has not only a good score but the established lines of credit to go along with it.
Good luck.
