Auto Financing With 570 mid?

Question

about 4000 negative equity on trade-in

I'm looking to get financed for a 2003+ Lincoln LS. My cousin works for dealer and said he can get me one with low miles at an auction for a really good price, like $15,000 off of sticker. If it's $15,000 off of sticker that should cover my negative equity and a down payment. I recently switched jobs from telemarketing to a mortgage company. Both job titles are sales so I got 3+ years in the same field. I left my other job for much better pay. I can prove income for 6000/mo. That easily covers my debt to income ratio because I currently only have the auto loan for the vehicle I hate. If I can prove enough income does credit score really matter? I mean I know your score determines your interest rate, but can I still get financed for a $20000 auto loan at 72 mths. I'm finally in a good career making good money and want a new car to drive for many many years, but I want it to be a car I actually like. Thanks for all your help!

And to those of you saying if I make that much save up for a down payment, I have other bills that don't show up on credit, like rent, utilities, etc... But the price I was quoted was only a $100 more than my current payment, I can handle $25 a week for something I really want. ;)

Answer 1

If you have a score of 570 you don't need a car like that. I'd go one step beyond saying save a down payment. I say save $2000 to $3000 and buy an inexpensive car and pay off the one you have with a loan if you have to. If you have negative equity you don't need to refinance it....