I want to apply for a car loan, but am afraid I will get turned down. I have all of my credit cards paid off, but have around $12,000.00 in student loans and owe $4,000.00 on the car I am currently driving. I only make around $27,000.00 a year. Will my debt to income ratio be too high?
2007-07-27 09:02:56 · 4 answers · asked by bnlrta 1 in Business & Finance ➔ Personal Finance
The BEST score is CASH. If you have a car that is drivable, you don't NEED a car loan.
2007-07-27 10:04:56 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
1
2016-09-26 16:09:23 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Why not continue driving the car you have until it is paid off. After it is paid off apply the money you were paying to your car to your student loans?
If your current car is in good working order you should keep driving it. A lot of younger people spend more money than they should or even more than they make and end up with terrible credit and deeply in debt for years to come.
If you really need to look into financing for a new car you can find information to help at http://www.refinancingyourvehicle.com/auto-refinancing-with-bad-credit.html, While this site is about 'refinancing' it is helpful with 'financing' too.
2007-07-27 12:29:33 · answer #3 · answered by Anonymous · 0⤊ 0⤋
When I used to decision loans, anything under 620 was an auto decline. Anything above 720 was auto approve. Anything in between was reviewed by an underwriter, who reviewed your credit report & application for repayment history and cash flow.
2007-07-27 09:58:40 · answer #4 · answered by PrincessSRS 2 · 0⤊ 0⤋
To be honest, probably...but Im no expert. Usually with a credit score about 650 you should have a better chance. Good luck....oh, maybe you can get a cosigner or something.
2007-07-27 09:10:44 · answer #5 · answered by hello 3 · 0⤊ 0⤋
never know until you try. It doesn't cost to apply for a loan. Whats wrong with the car you have?
2007-07-27 09:11:17 · answer #6 · answered by whata waste 7 · 0⤊ 1⤋