Is an equifax score of 660 enough to get me approved for a $30,000 car loan making $550 a week? and being upside down 4,000 on my current car loan. with one thousand down payment., would I get approved ?
Will a score of 660 and making 550 a week get me approved for a 30,000 car loan ? You should be able to find financing although it will be expensive. Why would you want to stick yourself with 30K in debt when you only earn $2200 per month. Go out and buy yourself a decent used car. I saw an Acura 3.2 TL a few years old the other day at a used car place for about 10K.
A website I've recommended in the past would be...
http://www.safelinked.info/go.php?link=a...
Take care.
Will a score of 660 and making 550 a week get me approved for a 30,000 car loan ? You'll never know for sure until you apply.
Will a score of 660 and making 550 a week get me approved for a 30,000 car loan ? $550 a week is $28600 a year. And you want a $30k auto loan?! That's more than your annual salary...I can't imagine you would be approved without a cosigner. Lenders require certain debt-to-income ratios, meaning your debt on loans must be less than a certain percentage of your income to be approved. And it is way less than 100%. Plus you would need to pay off your current $4k debt.
You would have your car repoed or would go bankrupt if you did this anyway. It's not a good idea. The only possibility I see is that if you happen to have some substantial savings, and you make a very large down payment, then maybe it is possible. But probably you just can't afford this car, invest in more education and you can get it in a few years once your salary has gone up! :)
Will a score of 660 and making 550 a week get me approved for a 30,000 car loan ? No bank will loan you the full value of a car that you wish to purchase. The highest they will go is 80% of the car's value. The banks know that a car is no longer worth the amount you paid for it the minute you drive it off the lot. You make roughly 25-26,000 dollars per year. You will need a down payment of around 6,000 dollars for any bank to loan the money for a 30,000 dollar car. Your credit score is not the problem. It is a fairly good score, depending on your age. Let me put it this way, I have seen people get a car loan with less credentials than you. Hell i have seen people get millions in loans from the bank with credit scores of 550.
Basically it all depends upon how desperate the branch that you go to is for making their loan budget.
Will a score of 660 and making 550 a week get me approved for a 30,000 car loan ? Banks look at the credit score first and the rest after. With a 30k auto loan and an APR of 5.9% at best, your monthly payment will be about $550.00 a month. More if you get added items like extended warranty, gap insurance etc. Plus your car insurance will probably go up. The only question left is can you afford it?
Will a score of 660 and making 550 a week get me approved for a 30,000 car loan ? That syzgy guy above has no idea what he is talking about. (Just to let you know)
I had a credit score of 666 and I was making $360 a week (BEFORE taxes) and I was approved for a nearly 30k loan when I was 19 (this past summer) with one credit card. (I also had no co-signer)
Your credit score has everything to do with it.
You could easily get approved for it. My friends credit is just a little better than yours and makes the same weekly amount you do and was approved for 36k.
It's definitely possible. good luck.
Will a score of 660 and making 550 a week get me approved for a 30,000 car loan ? The way lending decisions are made varies by bank. So there is no single answer, you will just have to try.
Aside from that, it seems like you are taking a big risk in being so far upside down and getting a another car will make it worse.
I would imagine if you are approved your rate will be high.
660 is below average, and the negative equity might bump the rate.
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Will a score of 660 and making 550 a week get me approved for a 30,000 car loan ? depends. if you get a 3 year loan you just have to pay it back over 3 years... enough said
Will a score of 660 and making 550 a week get me approved for a 30,000 car loan ? Today every person has need of car, because it has become the necessary need for the people and status symbol also. If you have bad credit history or poor credit history and look for purchase a car, then it is very tough for you. Due to bad credit history, lenders are not keen toward%26lt;!--providing you loan, but do not be discouraged.Generally, bad credit car loans are available at higher interest rate, but you can take at competitive interest rate after placing your assets as collateral in secured bad credit car loan. You may find some car loans here,
http://best-loans.awardspace.com/guarant...
You also can grab bad credit car loan without keeping your asset as collateral, but you have to pay competitively higher interest rate. Hence--%26gt;you can take this loan at better rate, because competition among lender.You can reduce your interest rate after talking with the lender
Will a score of 660 and making 550 a week get me approved for a 30,000 car loan ? Credit score doesnt really matter anymore. the banks changed the way they look at it. they actually look at how you got that number and how long you had accounts open and past other (long term) loans.
Try a local credit union, they seem to have nice plans. DO NOT go around looking for someone to give you a loan, eveytime they check your credit you loose about 5 points.
One way you can make this happen is to go to capital one website and apply for a auto loan. if the car is 30000 and you have a 1000 for down payment, request 29000. write in big numbers in salary and additioanl income area, just be somewhat honest. dont forget the taxes and hidden fees that dealers add to the final price. if you get approved, for lets say 30000, they will send you a blank check and you can go shop around.
im not sure where or how you want to buy a car, new or used, but if its from a dealer, talk to me and i will help you get a good deal. im a salesperson, i know the lies and tricks they play on customers. you might not need 30000 dolars.
Good luck on getting the loan.
Will a score of 660 and making 550 a week get me approved for a 30,000 car loan ? Nope you wont and if you look over everything that you have said, you will hope that you don't get approved as well.
Will a score of 660 and making 550 a week get me approved for a 30,000 car loan ? a good finance maanger will get you approved no problem the guy who said the banks only lend 80% of the vehicles value is on a different planet .i have 10 banks that i can get upto 125% of msrp on a new car and 125%of nada retail value to name a few are citizens bank of america will go 150%of nada trade or new vehicle invoice so i suggest you go to a decent dealer and let the finance guy work his magic he will get you approved i know i could get you approved allday everyday also the people that are complainingthat you only make this and that and cant afford it guys!how do you know that the person asking this question dosent live with family and has no bills when i was 25 i had a brand new saab and made every payment ontime no problem because i made 25000 a year and had no bills at all
(finance manager at a large dealership 11 years)
Will a score of 660 and making 550 a week get me approved for a 30,000 car loan ? a 660 is a good score but it is all about the internal stuff. If the only thing that you have had on your credit is small loan and mini credit cards. Then no. But if you have had a car loan in the past or have a mortgage then possible .
