djverne2002 asked:
I just got out off debt and paid back over $35,000 in one years time. I live with my parents and make $44,000 a year is it possible for me to get financing for a $25,000 car? If so who should I go through or look at?
Hunter
I just got out off debt and paid back over $35,000 in one years time. I live with my parents and make $44,000 a year is it possible for me to get financing for a $25,000 car? If so who should I go through or look at?
Hunter
You really have not given us enough information to answer this correctly so I will give you some guidelines.
Auto finance is what I do for a living and auto loans are decided on the following factors;
1. LTV (loan to value).
2. Term requested.
3. Age of vehicle.
4. Miles on vehicle.
5. Down payment.
6. Time at job.
7. Time at residence.
8. Monthly income before taxes.
9. Credit score/profile.
With a $44,000.00 income you will have no problem budgeting for the payment on a $25,000.00 vehicle.
Depending on what your credit score/profile looks like you should be able to get financed. Look for a dealer in your area that advertises special finance and go talk to the manager, they should be able to help you.
The biggest question you should ask is “what is your credit score”. Lenders (almost all of them) look at this score to determine how credit worthy you are. It doesnt matter as much that you had debt, what matters is how you handled that debt. Did you pay on time every month when you had to, or did you always pay late…and I mean late by like 60 days or more. These are all things that affect your score and in the long run affect your ability to buy things like homes, car, etc. Almost anyone can get a loan for a car (unless your credit score is really bad) but beware of really high interest rates. Shop around…take someone knowledgable with you to the dealership before you do anything. But if your credit score is decent, then yes you can get a loan. You can get your credit score online (for a small fee) or you are entitled to one free credit report every 24 months I think (could be 12). I would go to Experian, Equifax and Transunion…they are the 3 credit agencies that hold your score and they will likely give you a free credit report. you can probably do it online.
WELL DO YOU NEED THE CAR?
BECAUSE IF YOU DO
YOU HAVE THE RESOURSES
BUT IF YOU HAVE A CAR THAT IS WORKING OK
WELL THEN JUST SAVE MONEY!
SAVE AS MUCH AS YOU CAN FOR A YEAR THEN YOU CAN PUT A HELTY DOWN PAYMENT AND SILL HAVE YOR SAVINGS FOR A RAINY DAY.
SPECIALLYIF YOU JUST GOT OUT OF DEBT
YOU DON’T WANT TO GO BACK IN DO YOU?
SO JUST DO A GOOD PLANING
GOOD LUCK.
Just go to a dealership they will get you the best deal!
Good Luck!