I am going to buy my wife a new camry in Febrauary. We have a newborn and I want something more dependable and safer. I am going to have about 3 grand to put down and a 2001 Neon that is ours for a trade in. I am looking for a $20,000 auto loan. I have 4 credit cards and all of them are paid off. I make $24,000 a year BUT I do not pay for rent, food, or medical. That equals to $2000 a month DISPOSABLE income.
What FICA Credit Score Number is needed for an Auto Loan?
Auto finance are what I do for a living and auto loans are based on the following factors;
1. LTV (loan to value.
2. Term.
3. Age.
4. Miles.
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.
Since you are buying new and have cash and a trade in items 1-5 are not really a issue.
The amount you say you are going to finance is the maximum for your income at 20% payment to income ratio.
If your credit score/profile are good, you should have no problems.
As far as F.I.C.O. scores go to get the best rate you will need to be a 680 or above.
What FICA Credit Score Number is needed for an Auto Loan?
You don%26#039;t need much to get a loan, but the lower your score the higher the interest rate you will pay. It might be worth your while to check out your credit and see if there are one or two things that you can clean up before you apply for the loan. A few points may save you a significant amount over the period of the loan.
What FICA Credit Score Number is needed for an Auto Loan?
Well do you know what your score is? I do know that if you have all of your cards paid off but still open it hurts your score, you need to have a open balance of about 20% of your actual limit to actually help your score, I know it sounds weird but is true. And if you close them it is bad too. If you can sell your car on your own you will probably get much more than trading it in. If you have a score higher than 700 then you should get a great deal.
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