I have a credit score of 708 and looking to buy a car around the $20-30K range.?
I have spent the last year rebuilding my credit and have been able to get it into this range for roughly 6 months. My credit to debt is great ({content} debt on 3 major credit cards) but am worried that my credit history is limited. I tried a year ago to buy a car when my score was 650 and got declined. Don’t want to go through the agony of finding a car only to not be able to purchase it. I have good job history as well as very good income. Looking to put down anywhere from 00-6 as a down payment.
What are my chances of getting approved?
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- Tags: agony, credit cards, credit history, good job, score
March 25th, 2011 at 6:45 am
Congratulations on rebuilding your credit. It takes discipline to do what you’ve accomplished. It’s difficult to answer your question without actually seeing your credit history. There are many factors that play into being approved for a car loan. Monthly income, debt to income, job time, residence time, loan amount and of course length and depth of credit history. However your down payment of 20-30% will greatly increase your chances of being approved.
Here are a few tips to increase your chances of approval.
Always get and review your credit reports before applying for a car loan or any other kind of credit or loan.
If your credit history is really worrying you. Try to stay closer to the $20,000 range. You’ll have more leverage with your cash down and if you have to pay a little higher interest rate, you will pay it on a lesser overall amount financed. You also want to keep the term as short as possible to decrease the overall amount you will pay in interest over the life of the loan.
A $25k car with 5K down (without TT&L) at 6.99% interest, will run you $479 for 48 months or $396/mo for 60 months.
No matter what your car payment is. You should always pay an extra $5, $10, $20 or more towards the principle every payment. This little tip will do you wonders on your car loan.
Some car buyers don’t realize that interest rates are negotiable. You also have alternative’s to car dealership financing. There are many well known automotive finance companies on the web that allow you to submit your information securely for pre-approval. They will even send you a free quote. There is no-obligation to buy anything. You can use your quote for leverage when it comes to qualifying for a car dealers financing. If the car dealer can’t beat the interest rate and terms on your quote, just use your online financing. You can also use automotive websites to research, review and compare new car prices. You can even get discounted price quotes sent to your email. Car selling hasn’t changed, however car buying has.
Make sure you take your time to research your financing options and educate yourself on all aspects of the car buying process and you’ll be able to focus on getting the car you want and not having to worry about a car dealer taking advantage of you.
- Good luck and enjoy your new car!
March 25th, 2011 at 6:45 am
Congratulations of the credit fixing!
That’s twenty to thirty percent down and a decent score. I like your odds.
March 25th, 2011 at 6:45 am
708 is a good score. you’ll be approved
March 25th, 2011 at 6:45 am
Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool – carinsurance.deep-ice.com
March 25th, 2011 at 6:45 am
credit-report-free.totalh.com – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.
March 25th, 2011 at 6:45 am
I am Mrs Amy Tommy,currently living in New florida,USA.I am a widow at the moment with three kids and i was stuck in a financial situation by
may 2009 and i needed to refinance and pay my bills.I tried seeking loans from various loan firms both private and corporate but never with success,and most banks declined my credit.But as God would have it,i was introduced to a man of God a private loan lender by name Mr Bryan Dream who gave me a loan of $35,000USD and today am a business owner and my kids are doing well at the moment.So dear,if you must
contact any firm with reference to securing a loan with low interest rate of 3% and better repayment plans and schedule,please contact Mr Bryan Dream.He doesn?t know that am doing this but am so happy now and i decided to let people know more about him and also i want God to bless him more.You can contact him through his email at dreamlenders@gmail.com