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Posted in Auto Loans
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Question By
TatsuyaDragon

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Interest Rate for car loan
My three credit scores are 599, 619, 644. I paid off a debt a couple of months ago so it should start going up. I have a car loan left for about $8800 but I will trade that car in for a 2016 new car that is about $35-$40k. How much would my interest be and can I even get a loan? I will probably put about $2-$3k deposit and then whatever I can get from the car will go towards the new loan.

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Scores are not the only factor in a lending decision. The lender will see what is on your credit report, the information it contains is just as important as scores. Your debt to income will also be a big factor, lenders want to see that you will have no problem making the payment. What is your current car worth? Is it worth more than what you owe? Expect the dealership to not give you what it is worth, they will give you trade-in value which is usually very low. If you were lucky you will get enough to pay off the $8800 loan, because if you can't it will make things more difficult in acquiring a loan and more expensive for you in the end. How many auto loans do you have on your reports? Do any of them equal half the amount that you want to borrow this time? What I mean is, if you want a $40k you will probably need to show that you've paid off a 20k loan before. As far as a guess to interest rates, there are way too many variables and limited information here. You will just have to go to the dealership and see what happens, but do not get your hopes up.

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