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| *Loan,banking and credit>>>auto loan |
Credit score 647 and a bank auto loan...will it work? |
I just checked my credit score and it is a 647. I am 19 and I have had a full-time job for over a year with a $1,500 monthly gross income. I have never been late on any of my 5 credit card payments and I have been making $320/month payments on my current vehicle for the past year and never been late. I have an estimated pay off of $2,800 on it currently. My vehicle is a 93 Jeep and it has run into alot of repairs recently and I am afraid that since it is becoming old, more repairs are in store in the future and I better get rid of it while I can. The KBB value is more than the payoff, so I figured on maybe selling it privately and getting about $500 more than payoff ($3,300) and using my tax money at the beginning of the year to use as additional "working" money (anticipated $1,000). Now that I have told you my situation, do you think maybe I could be approved for a bank loan of about $8,000 to purchase a newer model vehicle via a private party sale? Any ways to go about it? Thanks :) Your credit score isn't bad but it depends on the true value of the new vehicle compared to the price while also taking into account the how much you owe on the old vehicle compared to the value of it. My girlfriend has a worse credit score and had much negative equity in her old car and was able to get a bank loan, however, she was very limited in the vehicles they would be willing to finance. You should be in pretty good shape as long as you are getting a decent price on the vehicle you are considering. You seem to have a good idea of the right way to do things. I wish I had that kind of forsight when it came to my credit scores when I was your age. Good luck. I don't see why it wouldn't, good luck=) yes ,,you should be able to with that good of a score,and your age and job will help a lot also ,but you have the right idea on how to do it,,as long as you keep your credit score good,you can buy what ever you want to ,your young and have the right idea of how,and what you need to do,,that's good,stay on this track,and you,ll do fine,,good luck hope this help,s.,merry x-mas. been a certified mechanic for 36 yrs. The lower your credit score, the higher the interest. 647 is not all that high. Also if you owe more than 50% of your loan amount, that will keep your score lower. Banks don't want to tell you that. your credit score is above average but you might still get a loan at a rather high interest rate. you might need a cosigner as well. also remember that used car loans come with higher interest rates than new car loans. check out this site for rates near you: http://bankrate.com/brm/rate/auto_home.a... this is a great site for evaluating how to pay for a new car. Lets talk whats best for you! Do want to drive a beautiful car or do you want to be wealthy? I think you Dump the jeep and get a good $1000 car and save what you would pay on payments for 10 months and then sell the $1000 car for about the same $1000 and up grade to a $5000 car and wait another 10 months saving that same amount of money and buy a 10,000 car when you sell the $5000 car with the money you save up. then you will never have to pay interest and you will make interest.. Check out this site www.daveramsey.com/etc/lms/dri... |
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