How hard is it to get a auto loan ?
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The lease is up on my vehicle, and I need to get into a new auto loan (or lease). The car I am looking at has a sticker of 22,000.00 My credit score is about 630-640 and the person who is co-signing with me is about 660-670. I am not sure if I am going to put a down payment (if so it will be a low one). Is it going to be easy or difficult for me to get a loan in this economy? Any ideas?
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Emmy said:
Another big factor is salary. Do you or your co-sign have a well paying job? The credit scores are (I know, it’s annoying) considered fair to good. Depending on the bank, your salary and credit history will be a HUGE factor in this. When I went in, the bank denied me not for my score ( I was told it was perfect for getting an auto loan) but the fact that I am a full time student with no job. Many banks will give you a chance, however, but the interest rate may be high. I can understand the need for a vehicle, but do not fear shopping around at other places and making your own terms (such as I will only pay this…I want this interest rate or it is a no go).
Another important piece I learned from purchasing a car: GET THE LOAN YOURSELF FIRST! You can go to many different banks and apply. This way, you know how much they are willing to approve you for. Then, look at the car. It is much like buying a home: get the financing first then fall in love with the home or expect disappointment.
If it doesn’t work out, no worries. Save, get a nice down payment (even 500-1000 can be a HUGE help in getting the loan), then try again in a few months.
Best of luck!
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0March 24th, 2010 at 7:57 pm -
noknojon said:
Ask the bank / loan agency if that is enough – If the car is with a dealer they may know -
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0 0March 24th, 2010 at 7:57 pm -
cobalt_blue_0 said:
I don’t think giving out a loan depends on the economy. Either way, you’re stimulating the economy. With your credit scores, it shouldn’t be difficult at all to get a loan.
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0 0March 24th, 2010 at 7:57 pm
