does anyone have any idea what kind of interest rate i can get or if i can even get a loan. the only debt i have is a 4k school loan. i live in northern indiana. where should i look first. no buy here pay here rip offs.
2007-02-10 17:23:14 · 6 answers · asked by xbox360geek 1 in Cars & Transportation ➔ Buying & Selling
i am self employed made 37 k last year and have been in the biz. for 4 yrs.
2007-02-10 17:24:56 · update #1
there are alot of other variables when it comes to financing instead of just credit score. being that your self employed it can make it alot more difficult. most secondary banks will require proof of income. if your self employed that means they need the last 2 years tax returns including your schedule c's. most self employed people write off as much as they can so they dont get killed on taxes or dont have to pay taxes. the problem w/ this is that you then cant prove your income. if you show negative income or a smaller income the bank cant use it. a few lenders i use will take the last 3 months worth of bank statements showing what you deposited to figure your income but there are only a few out there.
also student loans dont really count one way or another for you. banks dont look at them as credit and only take the pmts out of your budget. what other credit you have plays a big part in whether or not you can get financed.
your best bet is to put a large down payment down, the more you put down the more then lender will "forgive" credit problems or income issues. either way youll be looking at a high interest rate. probably whatever the state max is. here it ranges from 18% to 26.75%.
2007-02-11 05:14:37 · answer #1 · answered by ridgwayaz 2 · 0⤊ 0⤋
1
2016-09-27 21:16:21 · answer #2 · answered by ? 3 · 0⤊ 0⤋
You CAN get an auto loan, of course. Generally speaking you're going to be paying in the average vicinity of 22% interest rates due to your 530 credit. It doesn't matter what you made last year, how long you've been in the field, or what your age is. It's the 530 number.
You might as well go to one of the buy here pay here rip offs.. With a 530 credit the major finance companies aren't going to be a more comforting option. I'd say its safe to decide based upon the flip of a coin.
Good luck!
2007-02-10 17:32:14 · answer #3 · answered by rob1963man 5 · 0⤊ 0⤋
This site is for comparing rates for you and free http://www.CREDITVAULT.NET
RE:Can i get an auto loan with a credit score of 530?
2014-07-23 20:41:54 · answer #4 · answered by Anonymous · 1⤊ 0⤋
sure you can get a loan, but with that credit score your gonna pay alot down and have a huge interest rate....gl
2007-02-10 17:27:35 · answer #5 · answered by CoronaKing 2 · 0⤊ 0⤋
probably 18-24%...you need to bring your credit score up....
2007-02-10 17:27:44 · answer #6 · answered by Chrys 7 · 0⤊ 0⤋
i'd pay some debt down first, 20+ % interest hurts !
2007-02-10 17:52:27 · answer #7 · answered by TheProphet 2 · 0⤊ 0⤋
you can try on this forum...
get information
http://1nsert.cjb.net
2007-02-10 17:26:59 · answer #8 · answered by Anonymous · 0⤊ 0⤋