Will I get an auto loan with a credit score of 662?
Asked by
mjm8401 (
173
)
October 11th, 2013
My credit score is currently 662. I’ve never applied for an auto loan before and am curious if I will get accepted for one and how much they would give me? I don’t want a new car. I was looking at something used with about 50–60 thousand miles.
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5 Answers
Yes, you will. But a 662 will probably get you a less attractive rate than if you had a 750, because you will be perceived (right or wrong) as more of a credit risk.
The amount they give you will be based on your income, and the age and condition of the car. There’s no way for us to know either of those.
They should also look at your actual credit report just not the score. I had paid of a cheaper car from dealership already which seemed to help. I ended up getting the lowest one I could find with 4% rate the other banks gave me around 5–7%.
You will. I was able to get one, but the interest rate is ridiculous. I don’t remember exactly what it is, but I’ve had it for almost 2 years and I haven’t even paid off a thousand bucks yet I don’t think.
You can get an auto lone with no credit. Buy Here Pay Here.
Actually, the right down payment and employment will over come most hurdles you might encounter getting a loan for a car regardless of your credit score.
That’s the scoop from skid row
Now, back to Easy Street for more informative answers regarding credit score and auto loans.
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