trying to get what I want

[Anonymous]

Hi I'm trying to a new (used) car before summer. My credit is below 620. Trying to get approved for 40k or up. I make around 60k a year. Dti less than 20%. Have 12k for down payment. Been on the job over three years. What's the changes I can get approved with less that 10% apr. Thanks for you advice

[Moraxion]

I would say your chances are really low, especially at below 10%.  More to the point, on 60k a year, spending over 40K on a car (a depreciating asset) seems like it is setting yourself up for failure.  Of course, you'll do whatever you want and you'll probably find someone out there willing to give you terms on that amt.  I just have a feeling you'll regret it.  Why not spend less, continue putting the difference away and buy your next car for cash.

[guydiver]

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@Anonymous wrote:
Hi I'm trying to a new (used) car before summer. My credit is below 620. Trying to get approved for 40k or up. I make around 60k a year. Dti less than 20%. Have 12k for down payment. Been on the job over three years. What's the changes I can get approved with less that 10% apr. Thanks for you advice

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It will likely depend on what the factors are keeping your score that low.  Has to be baddies, but what kind?  With that downpayment, you probably could get financed, but at what rate?  Your best bet would be to keep the amount financed at or below 50% of your verifiable income.  Not many lenders willing to go out on a limb that far. 

[Anonymous]

I reported 68K of income last night on a auto app and was approved for 30k...

What kind of car do you want?