im 22 years old and am probably going to be in need of a new car within a few months. My credit score is 701 and i have just over 1000$ in total debt. Despite the current economic crisis happening in America, will this be good enough to get an auto loan for, say, 10,000?
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Get an online auto loan quote. http://www.goodinternetdeals.com/Auto-Loans.html The questionairre will give you results based on your credit and financial situation. It’s free and you can get an answer in minutes.
My boyfriend just financed $21k with a 580… through Chase… I think you’ll be ok with your 701.
Do you have a car to trade in or some cash for a down payment? Your score is good, but, I was reading in USA Today that even with a good score, car loans are not 100% financed anymore. Hopefully, you can get financing even if you don’t have any cash, but you would be in a better bargaining position if you go into the dealer already prepared with your own financing, instead of being at their mercy. Believe me, they will have you thinking your 701 score is *average* so they can shop your ssn# around and give you a higher interest rate. Get your own bank financing before you start to shop.
If you are unfortunate enough to have a bad credit rating then you will probably know how hard it is to get any kind of credit. Lenders will turn you down for as long as you are seen as too big a risk even if the credit problem was long in the past and you are back on your feet again. When it comes to loans for those with a bad history of credit then they are available and your best option is to look for the best deal for bad credit loans online. When shopping for a car loan, it is important to compare many aspects of the different car loans you might be offered. You will want to compare car loan rates, terms, and read all of the fine print. The best way to begin to compare auto loans is to familiarize yourself with the different types of auto loans out there. The first type of auto loan is a loan with a fixed interest rate. this means the interest rate does not change through the life of the loan. this is the most important typical type of car loan.
http://best-loans.awardspace.com/guaranteed-car-loan.htm
It is important to compare auto loan rates carefully when looking at fixed auto loans, because there can be fine print relating to the loans that can change the price.Another type of car loan is a variable rate loan. This is often that has an interest rate that changes over the course of the loan. There is usually a range that is acceptable according to the terms of this type of loan. This rate could require your approval, or it could be up to the loan for the entire duration. But the best way for finding a car loan is to shop around. Check out what deals are offered in the marketplace before you decide to buy a specific car. Find out your credit score and, if necessary, correct errors at the credit bureaus. Compare interest rates at banks and credit unions, and ask about fees and early payoff calculations. When you’ve found the best outside loan, apply and get pre-approved. Then visit the car dealer with a check in hand to cover the purchase price of the car, plus any sales tax and registration fees.