Will I be approved for this car loan?
- 6 Comment
I have a credit score of 680, a monthly income of 2700, and I applied for a 72 month auto loan for a ,000 car. Do you think I will be approved?
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svictor24 said:
Depending on whether or not you’ve established credit. I’m not talking about 1 credit card with a small balance that you’ve been paying on for the past 5 or 6 months. If you’ve established credit, then you should be approved for that car.
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0March 1st, 2010 at 2:31 pm -
Shel said:
Are you going through a bank? then I doubt it……
If you are going through a dealer, they’ll give a car to anyone. just watch the interest rate.Like or Dislike:
0 0March 1st, 2010 at 2:31 pm -
P J said:
Depends on why the score is 680 but you probably will be approved at a double digit interest rate.
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0 0March 1st, 2010 at 2:31 pm -
iceman said:
Yes.
But watch out for the rates. Dont let them try to screw you over. If they offer you something high, like 9% or more. Just simply tell them another dealearship has offerd you 7.5% and walk out . They will most likely approve you at a lower rate. your stats are fine.
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0 0March 1st, 2010 at 2:31 pm -
SPIFIMAN1 said:
Auto finance is what I do for a living and auto loans are based on the following factors;
1. LTV (loan to value).
2. Term requested.
3. Age of vehicle.
4. Miles on vehicle.
5. Down payment.
6. Time on job.
7. Time at residence.
8. Monthly income before taxes.
9. Credit score/profile.
10. Total debt to income ratio.As long as all of the above is within the lenders guidelines, then yes you should be approved.
It really depends on what makes up your 680 score. I look at credit every day and see people every month with 700 scores thatt can not buy a car because their score is made up of 1 credit card with a $500.00 limit paid 15-times and a couple of student loans.
While this profile produces a great score is does not show tha ability or willingness to actually pay anybody.
Now if your score is based on 3 credit card accounts (revolving) with balances below 30% of your balances and at least 2 cars, boats, homes, furniture or personal accounts (installment) all with good long pay history’s, then yes you will be approved.
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0 0March 1st, 2010 at 2:31 pm -
samy said:
it Depends
I found interesting information about your answer & options here. http://all-debt-consolidation-loan.blogspot.com/2007/08/car-loans.htmlGood luck!Like or Dislike:
0 0March 1st, 2010 at 2:31 pm
