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I have 23k in CC debt and make 33k a year and I have a good credit score. Can I still get a loan for a car? |
I have 23k in CC debt and make 33k a year and I have a good credit score. Can I still get a loan for a car? Auto finance is what I do for a living and as long as your debt to credit ratio and debt to income ratio are in line I don't see why not. Auto loans are based on the following factors; 1. LTV (loan to value). 2. Term requested. 3. Age of vehicle. 4. Miles on vehicle. 5. Down payment. 6. Time on job. 7. Time at residence. 8. Monthly income. 9. Credit score/profile 10. Debt to income ratio. As long as all of the above is in order, you should have no problem being approved for a auto loan. Source(s): Finance Manager for a car dealer for over 7-years. Why would you want to? Jesus, get that cc debt down first. Hi, Yes, you are very much qualified to get a car loan. Your good credit score will take care of easy and fast processing of loan. You can get some useful tips on getting car loan from http://finance.autoinvestmentguide.info... . Good luck! Pull someone elses leg. You don't have good credit with that much debt. A car loan? Sure. You'll be needing a down and be paying a huge amount of interest. That is going to be a close one. By good I hope your score is over 750. Get rid of that credit card debt. If you have 23k in debt and you only make 33k a year, is it really smart for you to take out a loan for a car? Now, you'll be 43k in debt. Just because you CAN take out a loan doesn't mean you SHOULD. |
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