Is it good enough to receive the car loan of $20000. What are other factors that play in determining if you receive the loan of that amount or not. And please explain in the simple English as I am not expert on this topic.
2006-12-03 07:43:22 · 5 answers · asked by MSV_MGT 3 in Business & Finance ➔ Credit
Yes, a credit score of 700 is good enough, but it also depends on your income. I went to try and buy car for $7,995, and I have excellent credit (over 750), and they were more concerned about how much money I made than my credit score. The company asked me if I could get my parents to co-sign to make up for the missing annual income. It also depends on how long you've been at your current job, how long you're going to make payments, and another factor which I can't remember what it was. But yes, a credit score of 700 is good.
2006-12-03 07:52:10 · answer #1 · answered by Renee W 2 · 0⤊ 1⤋
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2016-09-28 13:41:32 · answer #2 · answered by ? 3 · 0⤊ 0⤋
A score of 700 or better is more than enough to secure a $20K auto loan and you should be offered a decent rate too. I’ve seen people with scores in the low 500’s get one but they are usually slapped with a huge interest rate. But as with almost everything there can be extenuating circumstances, Yet with a 700 score you should be able to walk into a dealership with confidence just don’t let them know you’re a 1st time buyer and fight hard for the best interest rate you can get, that will make one of the biggest differences in what your monthly payment will be. Good luck.
2006-12-03 07:58:39 · answer #3 · answered by deanspurrier 3 · 1⤊ 0⤋
A credit score of 700 should be high enough. The other factors involved are income and other payment obligations. If you don't earn enough to make payments on a $20,000 loan, your credit rating won't get you the loan.
2006-12-03 11:28:07 · answer #4 · answered by STEVEN F 7 · 0⤊ 0⤋
700 is considered good enough for the loan you are looking for. Scores range from 350 -850 with 850 being perfect but 700 is considered good. The other factors that will be considered are your income and stable employment history and your current debts.
2006-12-03 09:41:24 · answer #5 · answered by SunFun 5 · 0⤊ 0⤋
You will probably find someone willing to grant the loan, but you may have a higher interest payment than someone with a higher score. Other factors besides your score are your income and other debts, how much credit you have available, and whether you have any unpaid collections or past due bills.
2006-12-03 07:53:57 · answer #6 · answered by RedSoxFan 4 · 0⤊ 0⤋