ive only been working for 1 year and have a good score, could i still get a descent car loan without a down payment?
Related posts:
- How Can I Possibly Qualify For A New Car Loan With A Low Fico Score?
- How do you go about finding the best deal for refinancing a car loan without multiple hits on credit report?
- How to get a good finance deal on a car loan??
- What is the better deal on this car loan?
- How long does it take for a new car loan to have a positive affect on my credit score?
{ 2 comments… read them below or add one }
Auto finance is what I do for a living and auto loans are based on the following factors;
1. Loan to value.
2. Term of loan.
3. Age of vehicle.
4. Miles on vehicle.
5. Down payment.
6. Time at job.
7. Time at residence.
8. Monthly income before taxes.
9. Credit score/profile.
10. Total debt to income ratio.
This is what they look for;
1. 85% to 130%.
2. 36-72 months.
3. No older then 8-years.
4. No more then 60,000.
5. No less then $1,000.00.
6. At least 2-years.
7. At least 2-years.
8. No less then $2,000.00.
9. 540 and up with at least 4 lines of credit with 1 being a installment loan paid 12 times for at least $150.00 a month.
10. Less then 45% including new car payment.
As far as interest rates they can range anywhere from 0% on a new car to as much as whatever your State maximum is depending on your credit and how the deal is submitted to the lenders.
Without actually looking at your credit no one here can give you a correct answer so my advice is to go to your own local bank or credit union first and see if you can get pre-approved.
Define "good". I saw on the news the other day that GMAC, General Motors’ financing branch, is not lending to anyone with a score under 700. Others might be a little bit more lax, but they would have higher rates. If you are around 700 or higher you should be fine.