Hello I have a credit score of 540 and I make $50,000/year...what type of interest rate will I be looking at for a car...and what do people look for when it comes to financing a car
2007-03-06 07:39:04 · 3 answers · asked by Msdazey 2 in Cars & Transportation ➔ Buying & Selling
I have been living at my permanent address for 10 years and have had my current job for about 2 years and my last job at was at for 5 years.
2007-03-06 08:14:18 · update #1
There are many other factors involved than just score and time at residence. Banks will take into account debt to income ratio, lates on credit cards, balance on credit cards, length of time on bureau, mortgage etc. Get a free credit report so you are better prepared when asking for a loan.
2007-03-06 10:30:26 · answer #1 · answered by jay 7 · 0⤊ 0⤋
You need more info... like length of time at job and residency. Also, are you looking new or used? And are you looking to finance through a bank you already deal with? With a 540, I'd check at credit unions if you belong to one. You could be anywhere between 10% and 20% and even higher depending on circumstances.
2007-03-06 16:05:23 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The best way to find out is to go to your own bank and "pre-qualify" for a car loan.This way when you walk into the dealership you know what you CAN buy and under what parameters. Risk score and income or only two of the many factors that go into determining interest rate and necessary down payment.
2007-03-06 16:49:37 · answer #3 · answered by malemute1 4 · 0⤊ 0⤋