What kind of car loan would i get approved for?
rakuin79 asked:
As of right now my credit score is 609 and its been going up for a few months since ive gotten on track. I have about 2-3000 as a down payment and my gross monthly income is 2500. Just wondering would i be approved for a 25-27000 car loan?
sorry that was a net monthly income not gross
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As of right now my credit score is 609 and its been going up for a few months since ive gotten on track. I have about 2-3000 as a down payment and my gross monthly income is 2500. Just wondering would i be approved for a 25-27000 car loan?
sorry that was a net monthly income not gross
July 16th, 2009 at 9:32 pm
You might, but I would wait until you get your credit up to 680.
With a 609 score, you are going to get hit with a 12-15% interest rate (if not higher).
Get your score up to 680 and you could qualify for about 7-8%%. It doesn’t sound like much, but it makes a big difference in your payment.
July 18th, 2009 at 8:43 pm
You might…but the interest rate would be very high. If the loan was for less you would have a better chance….you barely make enough money for a $25000 loan, so that might hurt you.
if that’s net income then you’re probably ok…just be prepared to pay a high interest rate….just pay all your payments on time for a year or two and then refinance to get a better rate.
July 20th, 2009 at 11:21 pm
a credit rating of 600 will get you a loan of 25-30 thousand so you may qualify for the a real good loan,as long as they look on you credit history and done see a repossession or a lot of late payments you,ll be fine,that’s a fair credit score,you should be able to buy a 30 thousand dollar vehicle as long as you keep the rating up,and get a good deal on financing also,good luck with it.,,PS they,ll also look at your current job and what you make a year,so if that’s up you,ll be ok.
July 23rd, 2009 at 7:47 pm
Today every person has need of car, because it has become the necessary need for the people and status symbol also. If you have bad credit history or poor credit history and look for purchase a car, then it is very tough for you. Due to bad credit history, lenders are not keen towardyou can take this loan at better rate, because competition among lender.You can reduce your interest rate after talking with the lender
July 25th, 2009 at 8:10 pm
Too much car, you need no more than a $15K car. That’s how you got buried in the first place.