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Posted in Auto Loans
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DMike1234

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5yrs credit history, 771 score, what price on a car can I be approved for?

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You may be able to get approved for a $1000 car or maybe a $50000 car, it all depends on your income and the lender involved. Understand the following when it comes to auto loans: Most lenders use a version of FICO scores, not the scores here. The information on your credit reports is just as important as scores. Previous auto loan history will be looked at. Your employment and time at your current employment is important. Your "debt to income ratio" is very important. The age and mileage of the automobile is very important. I am surely forgetting other things as well. As you can see, a lot goes into it. In addition, you should not be looking for a car based on what you can get approved for, you should be looking for a car that you want at a price that you can easily afford. Everyday people are approved for more than they can comfortably handle and it leads to years of financial hardship, sure you may be able to get a fancy car, but at a cost of eating beans everyday, is it worth it. Or having no money to do anything fun, just make the auto payment and eat beans. I am not saying what you personally can or cannot afford, I am saying these things to help make anyone think twice before using up all financing available to them.

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