I am hoping to purchase a car in October and would like to get a car loan around $18,000. I have been working full-time for a year and in my last year of my degree. I have also now saved $5,000 which I put into a term deposit. I am waiting until October to get another $2,000ish together for emergency costs. I'm 30 if that makes any difference.
The problem is that I have recently closed a $1000.00 overdraft on my savings account, and paid a $440.00 default (from 5 years ago). I have no other debts, but I'm concerned that I won't be approved for a loan. I haven't had any bills in my name for a couple years, except for health insurance and car insurance. I pre-pay my phone each 12 months and the bills have been in my housemates name.
Is it worth trying for a car loan or will I be rejected and have that show up on future credit checks?
Go YOLO