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Posted in Auto Loans
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pjchendrix

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can i qualify for a car loan with a score of 666

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You can definitely qualify, but...

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The first car that i ever financed, I had a 430 credit score. The auto dealer found some bank to finance me (it took 4 hours though lol). 

The catch is that the lower the credit score, the higher your interest rate will be on the loan and therefore, the more $$ you will end up paying for the vehicle.

Example: With my 430 credit score, my interest rate was a whopping 22% on a $12,000 car. 

                The loan was for 5 years (60 months). After doing the math, the total price for the car, including the interest was                                   approximately $21,000. $9000 in interest alone. That's $9000 I could have saved or spent on something else.

So, If you can get wait until you can build your credit score over 720, you will have higher interest rates. The only other way to keep the interest rate down is to have a big down payment. 20% of the purchase price is the best. 

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