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| *Loan,banking and credit>>>auto loan |
What really is the minimum credit score to get an auto loan? |
What really is the minimum credit score to get an auto loan? It depends, let me break it down. First off you need 2 years on your credit report to be taken seriously. Your credit report needs to diversified. Hopefully you have 1-3 Credit Cards. 1-2 Installment accounts such as SECURED LOANS. They establish credit well. And hopefully a mortgage. Now let's get real probably you don't have all of those. If you go to a sub prime lender with a credit score of 550 they could probably work with you with money down. 600+ still need some money down bad interest rate. 620+ no money down but higher interest rate. 650+ lower but not prime interest rate. 700 plus VERY GOOD interest rates with no money down. Remember for an auto loan you need 2 years on your credit report. Income will determine how much you can finance. But at most auto dealerships the income you state, is stated and they base their decision off of your credit report and score. They verify employment but rarely the actually amount of income you make. Make sure when you go in you tell them ALL of your sources of income. Tell them you make a little more than you actually do. Source(s): My personal experience financing a Mercedes Benz as my first car. 2006 CLK500 There is no minimum. You can always find someone who will give you a loan. You might pay loan-shark rates for it, but they're out there. well it sort of depends on the dealership you go thru, and what has caused your credit fico (score) to be that low, if you have 6 late payments in the last year on a current auto loan you probablly can't get a car. But as long as you have a good down payment and can financialy prove yourself worthy they'll give you a car the credit score only determines the interest rate you can get! good luck! I think just about anyone can get a car but if your credit is not good, you'll be paying ALOT of money in interest. When your car dealer looks for financing for you, he or she will keep contacting financial institutions starting with the smallest interest rate and work their way up to whoever will issue you credit. After so many people reject you, your dealer might call Capital one or something like that. If that happens, Capital one will charge a fee for even considering you and your interest rate will be really high. There is no real minimum, but the lower your score, the higher the interest rate. Don't finance through a dealer, go to your bank and get the loan there. Dealers tack on percantage points to the rates they get from their lenders. It depends on many factors. the company for one can take anyone, its thier risk they are taking. If you can show you can pay for the car no matter what your score is a company will take you if they really want to sell you that car |
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