What is the minimum credit score for getting a car loan?
It depends entirely on where you try to buy the car. You can get a car at a buy here/pay here kind of place with almost no credit. However, the finance charges and penalties for late paymetns are very stiff. You can get a car from a major dealer with a credit score of around 700.
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Yes, with an very high interest rate above +20% interest rate so think about if that's something you want to do but, I insist that you pay your debt off first before you get a… car loan. Because you payments are going to be skyhigh.
A score of 670 would get you a teri loan. However, note that credit score is not the only requirement. But it sure go a long way.
Yes, this is a fair credit score.
Yes, for better or worse, depending on your payments. If you pay ontime you're set and you will see an increase month to month. If youfall back on payments, so shall your scor…e
I HAVE BEEN A FINANCE DIRECTOR AT A CAR DEALERSHIP FOR 10 YEARS IT IS POSSIBLE TO GET A LOAN DEPENDING ON WHAT IS IN YOUR FILE, AND WITH SOME CASH DOWN 10-20%
Any kind of loan goes against your credit rating. Most car loans are given by contracted companies, like Citi Financial, and acts like a regular loan against your credit.
Yes, but you will not neccessarily get the best terms or lowest down payment. How much down you will need and what terms you get will vary greatly by the specific auto lender …or finance company you use. Some programs from more conservative lenders will not be available at all. For a 592 score, think about a decent sized down payment and forget about the lowest interest rate.
General rule of thumb, the more debt you incur, the lower your credit score. However, as you pay it off, it'll ultimately improve and strengthen your status as a borrower.
Scores range from the low 400s to well past 800. The higher the score, the better the credit rating. Most lenders use a break of somewhere around 620 as the determining factor… of a regular loan versus what is called a "sub prime" or higher-risk loan. Some lenders will not extend credit to people with under 620 credit scores and other lenders will offer those loans, but at a higher interest rate.
I don't know about Wachovia, but I do know that you can get a personal loan online from a short term personal loans lending service without having to go through a credit che…ck. You can get up to $1000 deposited directly into your checking account in as little as one hour - no trip to the bank, no credit check, no hassle.
Individual lenders have different criteria, and may (or may not) look at other factors beyond the raw credit score. There really isn't a single score below which it's literall…y impossible to get a loan at any rate from anyone.
you can get approved with any credit score. they will just get you with the interest.
More specifics on my situation. I'm in the military and pull in a little over $2,500 monthly. I've been enlisted for about two and a half years. My others lines of credit are …student loans that total around $20,000 and two credit cards, neither of which have any outstanding balance. I had one student loan that went quite overdue before I joined the military but I've acquired forbearence and resumed timely payment on and one small student loan that defaulted which I've settled and paid off. The car I'm trying to buy is $8,900 and I'm prepared to put $2000-$3000 down (I have a little over $6000 in saving). Would it be possible with my credit score to get this loan. I really need this loan for the very purpose of raising my credit score.
Yes it can if you keep the payments up, on time. Your bills for rent, electricity, phone and so on are also a big part of your credit score. Your credit score can be a little …complicated but, for the most part, if you pay your bills on time your credit score will be a good one. Probably the most complicated part for average people is a credit card. If you have a credit card and your balance always runs pretty close to your credit limit, your credit score will be lower. On the other hand if you owe 10 to 15 percent of your limit it shows that you know how to manage your credit.
When one is trying to get a car loan, the importance of the credit score is mostly important when calculating the interest of the loan. A better credit score means a lower int…erest rate.
A good credit score for getting a car loan is 740 to 850, and the interest rate is only 3.2% on average. An average credit score is 680 to 739, and the interest rate is 4.5% …on average. A sub-prime credit score is 680 and below, and the interest rate is 6.5% to 12.9% on average.