Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Auto Loans
Profile Image

Question By
shortchange

0 Contributions
0 People Helped
I have a 815 credit score ,and 5000 in cash. Will I be able to get a new truck?
Ford F -150.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
4 Contributions
10 People Helped
Most Helpful Response

Helpful to 2 out of 2 people

Wise choice picking an F150 and I'm not just saying that because I happen sell Ford vehicles.  My simple answer to your question is more than likely you will be able to get a loan on a new truck.  My follow up gets a bit more complicated.  While an 815 score is certainly impressive, that is not all they look at.  Banks also look at your established history.  What I mean by that is you may have a great score, but if you only have one open credit account with $500 limit, it may be more of a challenge.  What certainly will help is having the $5000 down and strong rebates on the F150 right now.  Obviously, I don't know your particular situation.  I'm just trying to be as thorough as possible in answering your question.  Good Luck and enjoy your new truck!

Top Contributor
1777 Contributions
3025 People Helped

Few things 

What if you lose your Job in 6 months or a year,  how are you going to make your payments?

If you require someone to cosign then NO you Can't buy one.   You need to do this on your own and nobody should ever co-sign on a loan.  EVER!

What F-150 can you Purchase for 5000 Dollars,   if that is all the cash you have then that is all you can afford to buy.   You Never Want to have a car/truck Loan  EVER.

The 815 is a very nice Vantage 3.0 Credit Score,  do you know any of your FICO Scores?  Those will ber Different, Very Different.

Do you have a monthly Budget of your income and outgoing moneies?   What % of your monthly income would be going towards a truck payment?   What interest do you think you will get?   

Nope you don't need a new truck,  you need a nice used truck for 5000 Cash,  then you can start saving another 5000 and then you can trade in the one truck and add the 5000 and upgrade to a newer used truck,  repeat the process.

Do you have any idea what the insurance cost would be on a new truck with outrages payments?   

Sit back and rethink what you NEED not what your WANT!

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.