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If someone has very bad credit but stable work history and good income what type of loan terms can they get for a 10000 car with 5000 for a down payment?
Wiki User
∙ 14y ago
Bad credit usually takes time to recover, sometimes 12 months or more to see any changes. If the credit was bad and you got approved for a loan, it will depend on 2 things. 1 how old is the car and what is the km. the newer the car usually means longer term. 2. The lender may only want to do a loan on a short term. Usually the smaller amount of loan means shorter pay back, and higher interest. Due to risk factors, and not enough incentive for the lenders to loan out 5000 unless the pay back is good enough. For more information you can visit http://www.autocreditfinancial.ca
Wiki User
∙ 14y ago
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What factors do banks consider when giving loans?
Credit score, employment history, payment history, money owed and income
What information goes into a credit score and what information does not?
your bill payment history, the number of accounts you have and what kind, how long you have had your accounts open, and your recent credit activity.
If a defaulted student loan is consolidated with repayment at 0 does this affect credit rating for non-payment?
No, if you receive an income sensitive repayment plan after consolidating and the payment is $0 because of your dependents and income, then it will not adversely affect your credit score.
What type of credit score does someone need to get a no down payment home loan?
If a person wishes to get a no down payment home loan he or she needs an acceptable credit score so that the loaner is convinced that the person has adequate income to repay the loan. Usually 620 or higher is expected.
What paperwork do I need to fill out to apply for a bad credit mortgage?
For a bad credit mortgage you need to have a stable income, someone who can guarantee your loan, and a down payment of at least 20%. As well, the rates for these mortgages are much higher.
Can you buy a house after a deed in lieu of forcloser?
It will take at least 4 years under current conditions to recover your credit enough to be considered for a new mortgage. That's if you become the perfect credit consumer. Perfect payment history and perfect credit to income balances.
Can you get a mortgage if you have about a 600 FICO score and your wife has around a 650 score?
If your credit score is low, your down payment could be increased to compensate for it. Your credit score, yearly income, past repayment history all factor in to a loan acceptance.
What are some common problems that will get you denied for a mortgage?
Some of the common problems that will get you denied for a mortgage would be: an insufficient down payment, high debt-to-income ratio (DTI), and negative credit history.
Can someone with bad credit who works off the books get a car loan if it is co-signed by someone with great credit and verifiable income?
If someone is ***** enough to co-sign, most likely you can. Especially with a large down payment. It would be better for all involved to save your money and buy something you can pay CASH for.
How can someone qualify for a home equity loan?
Persons can qualify for a home equity line of credit by mainting good credit history, having job income, and managing their indebtedness. Shopping around when you have less than perfect credit can payoff, as different lenders may have less stringent credit history requirements.
What factors would make your credit score change?
Your payment history makes up 35 percent of your 3 digit fico score. Your debt to income ratio makes up 30 percent of your fico score. 15 percent is based on length of credit history. 10 percent is based on new credit and the other 10 percent is based on the types of credit used.
What is money received?
Money received can be income, payment for services rendered, credit towards a debt, etc.
