ok i have a credit score of about 671 ..on my credit i have like three department store cards and like one student loan...would i be able to get a good car loan with low interest??also my bill are all up to date and in good condition with no late payments...have had credit for about a year now..any suggestions??planning on buying a truck..would my payments be pretty high??
Find the car you want. Than attempt financing. Before you sign anything inquire as to how much the loan is going to cost you not what the finance rate is. The rate does matter; however, what you should be more interested in is how much the loan is going to cost you and at different terms (or length of loan). Determine how much you can afford and stick to it. I went to several locations and advised them that I could only afford $350.00 a month, the company that came in at 350.00 is the one who got the sale. The others i.e. 368.00 and 354.00 were very upset that I turned them down because of a few dollars; but, I warned them ahead of time $350.00 per month and $0.00 down and no trade. The company who understood me got the sale and I got a brand new car with very good financing and I have poor credit. Walked off one lot because they told me I got the car only to find out they wanted the tax, license and title at signing. I told them zero means zero.
Your payments will depend on the life of the loan and the amount. I got the best rate from the local credit union when I refinanced my Jeep. Your credit score is good but they also look at your debt (how much you pay out a month) to income ratio as well.
Your credit score is only one piece of the puzzle. The price of the truck and term of loan weigh a lot into it too.
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