I'm 20 and I'm just starting out with credit but man...I so want the '08 Mitsubishi Lancer...and I know I can afford it...
2007-09-04 16:42:59 · 12 answers · asked by Antonio 2 in Business & Finance ➔ Credit
Auto finance is what I do for a living and auto loans are based on the following factors;
1. LTV (loan to value).
2. Term requested.
3. Age of vehicle.
4. Miles on vehicle.
5. Down payment.
6. Time on job.
7. Time at residence.
8. Monthly income before taxes.
9. Credit score/profile.
10. Total debt to income ratio.
Seeing as you are looking at a new car most likely 1,2,3,4&5 will not be a issue. If the rest meet the lenders guidelines you should be fine.
2007-09-05 02:26:44 · answer #1 · answered by ? 7 · 0⤊ 2⤋
1
2016-09-27 23:19:53 · answer #2 · answered by Gregg 3 · 0⤊ 0⤋
You can get approved but you will pay a high interest rate. I had similar problem and I went down to my credit union and spoke with a loan officer - not the flunky at the front desk. When you deal w/ a credit union or bank you can sometimes put up addition security for the loan. Key thing in being successfull with this type of loan is borrow less for the car than it is worth (get car cheap or put as much down as possible).
2016-05-17 05:05:05 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Just make sure that your not biting off more than you can chew and that this is a "smart" financial decision.
Since you do not have a credit history established, credit is going to cost you, meaning that you are going to pay a higher interest rate because the creditor is taking a higher risk.
I just bought a car, and I had a great experience with HSBC Auto Loans and Capital One. I also suggest that you start a Capital One Credit Card or a HSBC Credit Card to start building your credit history. They offer online bill pay and account management for your loan and credit card.
Good Luck!
2007-09-05 02:30:06 · answer #4 · answered by nkiszenia 1 · 0⤊ 1⤋
You won't get a loan for that kind of money. You could get a nice car for 20,000 if you have a few years credit and a score of over 650. Just buy the car you like after it's first lease cycle...it'll be 3 years old...still like new.
2007-09-04 16:45:45 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Remember it isn't just the car payment. You have insurance -- which could be pretty hefty for a 20 year old. Plus registration and maintenance ....
How much of your pay each month would have to go to that vehicle? For the next 5 or 6 years?
2007-09-04 16:52:32 · answer #6 · answered by bdancer222 7 · 1⤊ 1⤋
You can probably get financed, but the interest rate will be really High. Buy something more reasonable to start with.
2007-09-04 16:46:13 · answer #7 · answered by raindrop123 2 · 0⤊ 1⤋
well,i just bought a Ford F150 xlt lariat Friday with a score of 650,anything above would greatly help,below that,well,could be difficult
2007-09-04 16:47:41 · answer #8 · answered by corkerm65 2 · 0⤊ 1⤋
550+ I believe
2007-09-04 16:45:30 · answer #9 · answered by m34tba11 5 · 0⤊ 1⤋
you don't NEED an 08 anything...get something used and save thousands.
2007-09-04 16:45:40 · answer #10 · answered by Anonymous · 0⤊ 0⤋