will a score of 660 and making 550 a week get me approved for a 30,000 auto loan ?

Question

Is an equifax score of 660 enough to get me approved for a $30,000 auto loan making $550 a week? and being upside down 4,000 on my current auto loan. with one thousand down payment., would I get approved ?

im upside down down 3,000 so I need a car to swallow those into its own value and still be financeable, I was told a bank wont finance the negative equity if the value of the newer car is too much, that why Im assuming going for a 25,000 car.

Answer 1

You should be able to find financing although it will be expensive. Why would you want to stick yourself with 30K in debt when you only earn $2200 per month. Go out and buy yourself a decent used car. I saw an Acura 3.2 TL a few years old the other day at a used car place for about 10K.

A rule of thumb to use when budgeting for a car is no more then 6 months salary. In your case that would put you in the 14K range.

Personally, I would never want to sink 6 month of my salary into a car that just continues to lose value over time.

Answer 2

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Answer 3

In your case this site can be very helpful HTTP://FINANCE-SOLUTION.US

RE Will a score of 660 and making 550 a week get me approved for a 30,000 auto loan ?

Is an equifax score of 660 enough to get me approved for a $30,000 auto loan making $550 a week? and being upside down 4,000 on my current auto loan. with one thousand down payment., would I get approved ?

Answer 4

Most dealerships will give you a vehicle with a rating like that. Afterall, if you stop paying for the car, they'll get it back and you'll be on the hook for whatever they can't recoupe from it. My advice would be, look around for something cheaper, and build your credit rating back up and clear up any outstanding debts. Then when everything is done and over with, and you are making good money. Then and only then with 5,000.00 to put down as a downpayment then go for the car of your dreams

Answer 5

I don't know about getting approved for the loan. I make about the same and there is no way I could handle the payments on a $30,000 car loan.

Answer 6

I have a credit score of over 700 and I make around 3,000 a month and I was denied on a 36K with 5 down. That would be $31,000 financed. The income is a big factor and with your credit score they are going to pull income verification on you @ most dealerships. Tier 1 credit alot of the time they pull income verification now unless you have auto loans on your credit report, I would suggest a larger down payment - they won't pull income verification and you can afford more car - CREDIT IS A BUNCH OF BULLSHIT trust me...

Answer 7

If you do this in 3 years you will be so upside down you wont believe it.
My advice to you drive current car till paid off.
Take money your were paying a month divided by 4. Then take that money every week deposit it into a seperate checking account for which you will have no ATM card for or CHECKS for that account. That way you wont spend the money unless you go in bank. Trust me on this I am doing it. 3-5 years down the road you will be able to pay cash for car then start process over again. Never late on paymet and wont waste money on interest.
Financial Freedom. Own your car, don't let it own you.

Answer 8

Do you need that loan, ask yourself that. You willl probably get it but is it worth having such a big loan on your head. Think and decide.

Answer 9

Yes, go to Roadloans.com. My score is a little lower than that and I have a check for 25000

Answer 10

You do not earn enough to afford a $30,000 car. $15,000 is more like it.