topic Re: Auto loan in Auto Loans

Auto loan

Anonymous — Tue, 16 Jun 2015 19:07:13 GMT

I have an 820 FICO score and low monthly income, a tax free $2000. per month with no debt. I can put 50% down on a $40,000. vehicle. Will I have a problem applying for credit?

Re: Auto loan

SamsungHDTV — Tue, 16 Jun 2015 19:05:08 GMT

@Anonymous wrote:
I have an 820 FICO score and low monthly income, a tax free $2000. per month. I can put 50% down on a $40,000. vehicle. Will I have a problem applying for credit?

Given the limited info, my educated guess is that you will have no problem. I'm assuming all other factors are good.

Re: Auto loan

CH-7-Mission-Accomplished — Tue, 16 Jun 2015 21:19:00 GMT

@Anonymous wrote:
I have an 820 FICO score and low monthly income, a tax free $2000. per month with no debt. I can put 50% down on a $40,000. vehicle. Will I have a problem applying for credit?

With great credit like yours, and knowing your monthly income, it's just a matter of what your monthly expense are for housing and for other debts. If you have a modest housing expense (like under 33% of your income) and no or low other debt, you should be great. You are only asking for 20K if youa re putting 20K down. You might need t longer term to keep the payment down to qualify. As long as the rate is the same, I would take the longer term and double up on payments if you can.