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.
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.
This is what lenders look for;
1. Be in the bureaus 3-5 years depending on the lender.
2. 4-open trade lines paid as agreed.
3. 1-installment loan paid at least 12-times for $150.00 or more a month.
4. 2-years on the same job and at the same residence.
5. Monthly income between $1,500.00 to $2,000.00 depending on lender.
6. Vehicle not over 6-years old with no more then 50,000 miles.
7. Down payment of 10% of sales price or $1,000.00.
8. Total debt to income not to exceed 45% including vehicle payment, rent and insurance.
Based on your score you could be anywhere from 12.95% to 18.95% depending on how the above is submitted to the lenders.
I actually had around the same score when I applied for capital one auto loan. I got approved at around 16%. My advice to you would be to apply to them and then when you buy your car see if the dealership can beat the interest rate. The most likely will be able to beat it. But only use the dealership if they can be it by 2% points or more. Don’t fall for that we can only beat it by 1/2%. If you are thinking about applying you can visit http://creditcardwarehouse.ecreditdirectory.com/ they have about three you can apply for. You can see which gives you the best rate. Also as long as you apply with in 45 days the amount of car loans you apply for will not effect your credit. Good Luck http://creditcardwarehouseonline.com
Yes there are bad credit auto loans online for people with a poor credit history and low FICO scores who need transportation, and need a fresh start in repairing their credit. Although it may seem hopeless if you have blemishes on your credit there is a solution. First you will want to get rate quotes from various sources. This is very important, you should shop around to find the best deal. However, keep in mind that there are different<!–factors at play with each lender, as to whether or not you get a loan and if so at what interest rate. You can get approved for a auto loan.
But lets be clear, obviously you are not going to get the preferred interest rate on a car loan that a person with A+ credit will receive. However with a little research, especially online, you can find the best auto rate quote that meets your circumstances. Most people just dive head first into the auto financing process when–>buying a car, giving no thought to how the auto loan interest rate affects the overall cost of the vehicle or monthly payment. With no plan of action or alternative financing source, this results in them receiving high interest rates and high processing fees which lead to high monthly payments.
Spiff is definitely the expert on this. But keep in mind that many times it’s going to be up to the lender to approve you or not. What Spiff is giving you are "benchmarks".
I live an an area where the economy sucks. The auto dealers are taking a more careful look at the buyers. You may have some things wrong with your credit report, while other areas are very good.
Example, I just helped someone with a loan. The dealer turned them down. I have constantly told people to go directly to the head person and explain their situation. In this case the guy had family medical issues that trashed his credit. But he had a good job and now had his bills caught up.
Just by looking at the credit reports he would look like a credit risk. But look at the whole picture and you see a completely different story. So they gave him the loan at an 8% rate.
Just shop around to the car dealers. As long as your "whole picture" isn’t that bad, you will get a loan. You need to convince them that even though you have a bad credit score you are more then able to pay the loan back.
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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.
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.
This is what lenders look for;
1. Be in the bureaus 3-5 years depending on the lender.
2. 4-open trade lines paid as agreed.
3. 1-installment loan paid at least 12-times for $150.00 or more a month.
4. 2-years on the same job and at the same residence.
5. Monthly income between $1,500.00 to $2,000.00 depending on lender.
6. Vehicle not over 6-years old with no more then 50,000 miles.
7. Down payment of 10% of sales price or $1,000.00.
8. Total debt to income not to exceed 45% including vehicle payment, rent and insurance.
Based on your score you could be anywhere from 12.95% to 18.95% depending on how the above is submitted to the lenders.
That’s not a great credit score, so for a new auto loan you will probably pay around 8% for your car. For a used car loan, expect to pay around 12%.
Depending on another number of different factors, I think you’re looking at roughly… 9.9%-13.9%
I had a 600 and ended up with a couple numbers like that…
13-15%
I actually had around the same score when I applied for capital one auto loan. I got approved at around 16%. My advice to you would be to apply to them and then when you buy your car see if the dealership can beat the interest rate. The most likely will be able to beat it. But only use the dealership if they can be it by 2% points or more. Don’t fall for that we can only beat it by 1/2%. If you are thinking about applying you can visit
http://creditcardwarehouse.ecreditdirectory.com/ they have about three you can apply for. You can see which gives you the best rate. Also as long as you apply with in 45 days the amount of car loans you apply for will not effect your credit. Good Luck
http://creditcardwarehouseonline.com
Yes there are bad credit auto loans online for people with a poor credit history and low FICO scores who need transportation, and need a fresh start in repairing their credit. Although it may seem hopeless if you have blemishes on your credit there is a solution. First you will want to get rate quotes from various sources. This is very important, you should shop around to find the best deal. However, keep in mind that there are different<!–factors at play with each lender, as to whether or not you get a loan and if so at what interest rate. You can get approved for a auto loan.
http://badcreditloans.awardspace.com/How_To_Take_Out_A_Bad_Credit_Auto_Loan.html
But lets be clear, obviously you are not going to get the preferred interest rate on a car loan that a person with A+ credit will receive. However with a little research, especially online, you can find the best auto rate quote that meets your circumstances. Most people just dive head first into the auto financing process when–>buying a car, giving no thought to how the auto loan interest rate affects the overall cost of the vehicle or monthly payment. With no plan of action or alternative financing source, this results in them receiving high interest rates and high processing fees which lead to high monthly payments.
Spiff is definitely the expert on this. But keep in mind that many times it’s going to be up to the lender to approve you or not. What Spiff is giving you are "benchmarks".
I live an an area where the economy sucks. The auto dealers are taking a more careful look at the buyers. You may have some things wrong with your credit report, while other areas are very good.
Example, I just helped someone with a loan. The dealer turned them down. I have constantly told people to go directly to the head person and explain their situation. In this case the guy had family medical issues that trashed his credit. But he had a good job and now had his bills caught up.
Just by looking at the credit reports he would look like a credit risk. But look at the whole picture and you see a completely different story. So they gave him the loan at an 8% rate.
Just shop around to the car dealers. As long as your "whole picture" isn’t that bad, you will get a loan. You need to convince them that even though you have a bad credit score you are more then able to pay the loan back.