Wondering if a $20,000 auto loan is possible with a FICO score of 565? I've been on my job for 6 years, and I make over 75K per year with a really low debt to income ratio. I know credit "beggars" cant be picky, but I want a nice used luxury car, not a Kia or Hyundai......
Starting Score: 548
It is possible.....do you have some cash for the DP? If, when you are approved it will be a very HIGH APR. IMO I would buy a clunker for cash and hold out for 6mos to a year before trying to finance something. The APR that you are going to pay would almost pay for a cheap (get me by) vehicle.
*8/10/13
Build your credit up for the next two years, then buy the car of your choice. I was approved by Wells Fargo Dealer Services for $11,000.00 loan with a 598 TU score, $2000.00 down, 11.9% APR, about 1.5 years ago. My current loan now was through them for $24,000.00, $19,000.00 down, 4.14% APR. At the time last June, my TU FICO was 639.
Starting Score: 521 TU, 597 EQ, 574 EX on 6/20/2011Yes on the DP. I was thinking $2-3K down payment, 20 K loan for 72 mos..
That isnt bad. I thought your APR would have been higher through Wells Fargo.
This is my third in a row auto loan through them. First was 11.9%, second was 9.9%, and my current is 4.14%. Granted, all these loans were within a 16 month window........ My credit score also improved as I went along.
^ $19,000 down WOW!
Starting Score: TU 749 02/02/2014