Wednesday, October 24, 2007

$ 25,000 Car Loan with BadCredit

Can I Get a $ 25,000 Car Loan with Bad Credit ( Score 570ish ) ?!!!

I have bad credit issues due to past mistakes and now that my finances are in good standing, I still have the mistakes in my credit history.Can I get a $25,000 auto loan by myself? I have a great job and can afford the payments? Also I have a co-signer? Would I be able to get the loan with the co-signer?

The Answer : finance is what I do for a living and without looking at your credit no one here can answer your question.
I can tell you the factors that car deals are based on;
1. LTV (loan to value).
2. Term of loan.
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.

As long as the above factors are within the lenders guidelines there is no reason that you can not borrow $25,000.00 with a 570 score.

1 comment:

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