Auto Loans with a low credit score

Anonymous · ‎03-22-2022

Hello,

I was hoping maybe someone could help me. My wife and I are looking to purchase a new Truck within the next 2 months. We don't have the best credit and we don't want to get our hopes up if it's not a reality. We want a 2022 Toyota Tundra platinum. The truck is 65 thousand and we are putting down 10 thousand. We both have credit around 650. Together we make about 80k. I want to finance for 84 months with payments around 750ish. Is this possible?

Brian_Earl_Spilner · ‎03-22-2022

Depends on what state you're in, but probably not without more money down. In California, you need to add about 10% for taxes, lic, reg, and fees. Minus the 10k, that puts you at about 61,500. Dividing that by 84 months gives you a monthly payment of $732.14. Where I'm at, 2.99% is the current special which would make the payments $800 for a well-qualified individual.

Anonymous · ‎03-23-2022

Awesome thank you Brian we're in California. We will consider working on our credit more first as well as getting a bigger down payment.