is it possible for someone with a credit score of 720 and puts $22000.00down to get a $50000.00 car???

Answer 1

Depends on what kind of car you want to buy. Different car companies have different financing criteria, there are also tons of different ways you can finance a car. Banks, Credit Unions, and of course through the car manufactures financing services. Example: If you wanted to buy an Acura RL which costs roughly $50,000 you would have now problem with $22k down and if your credit score is a 720 FICO and (assuming an industry average 7% APR loan rate) you could buy the car for approximately $750 a month for 60 months.

The questions you really want to ask your self is:
1. Can I afford the payment?
2. Do I want to afford the payment?
3. And do I really want to put my whole $22,000 down?

But you could even buy the car with less money down than you have, you will just have a higher payment per month. Your payment may even be lower if you get special factory backed financing like GM or Chrysler’s 0% we see advertised everywhere.

Answer 2

Assuming you have enough income to make payments, financing this shouldn't be a problem at all. 720 credit is considered excellent.

A high score shows that you are responsible with money. You may be a new teacher, making very little but conscientious. Or, you could be a doctor, making tons and spending all of it.

Answer 3

Most likely you would not have a problem getting the car if you are putting $22,000 down. They look at your credit score but they also look at your other obligations and see how much of your paycheck is left after your other bills.

Answer 4

Sure, but why on earth would you put $50K into a car. Will it make you REALLY all that more comfortable to be driving around in a vehicle which has over $10K sitting under each wheel ?

That being said, I drive what USED to be a $50K car, but I would NEVER buy one new. I spend about $30K for them when I buy them, and then generally drive them until they turn upside down alongside the freeway on their own and literally BEG to be retired.

Answer 5

yup... depending on your income level - to pay the remainder off. But do you really want a %50K car... put some of the money away and retire early!

Answer 6

yes, it's possible,and if you are a very gregarious person and know lots of upper class people ,someone may even give you one for free

Answer 7

whooooooo good for you is all i have to say.......