How good does my credit score have to be to car a decent car loan and/or mortgage?
wantsshy asked: Any help would be apprecated
Lonnie
Tags: Credit Score, Decent Car, Loan Mortgage
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on Monday, July 20th, 2009 at 6:07 am and is filed under Mortgage Loans.
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July 21st, 2009 at 11:39 am
Jacqueline
FICO score is only one factor. Income and other debt are just as important.
July 22nd, 2009 at 10:49 pm
Allen
With the current slowness in the new car market almost anyone can get a car loan. Your credit score will affect the interest rate you qualify for. Of course you need to show income. Mortgages are more complicated and there are now legal limits on some of your ratios.
July 22nd, 2009 at 11:42 pm
Maurice
Auto finance is what I do for a living and these are the factors that affect car loans;
1. LTV (loan to value)
2. Term.
3. Age of vehicle
4. Miles on vehicle
5. Down payment
6. Time on job
7. Time at residence
8. Monthly income before taxes
9. Credit score/profile
10. Total debt to income ratio
As far as score based on the largest credit union in Oklahoma the breakdown is as follows;
Elite 740 & up
Prime 700-739
Preferred 650-699
Standard 625-659
Sub-prime 624 & under
Mortgages follow the basic same guidelines.
July 25th, 2009 at 11:28 am
Jared
To get a mortgage with low interest, your score should be higher than 680. But the score is not the only thing the lenders will look at; they will scrutinize your whole credit history and see whether you always pay your bills on time, how many types of credit you have, how much you owe on your accounts, etc. You should check your own credit report several months before applying for a mortgage. In case there are any errors on the report, you can call the credit agencies and try to clear them up.