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    Question

    my credit score is 685 do i qualify for a auto loan?

    i am 19 years old i have only two credit cards in good standing, but paid one off already and canceld it, and my score is a 685, do i qualify for a auto loan? if i do what interest rate will i have?
    7 months ago 1 Answer

    Best Answer

    Auto finance is what I do for a living and it depends. Credit scores are based on the following; 1. Payment history 35% 2. Time in bureau 15% 3. Type of credit 10% 4. New credit 10% 5. Debt to credit ratio 30% As you can see 1,2&5 are the most important as far as score goes but score is not everything you also need a good profile. I look at credit every day and see people every month with score of 700 that can not buy a car becaues their score is based on 1-credit card with a $500.00 limit paid 15-times and a couple of student loans. While this type of profile generates a great score it does not show the ability or willingness to actually pay any one. Auto loans are based on the following; 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 long as the above are within the lenders guidelines you will be approved. The only way to know for sure is to go to a dealer and find out. Without looking at your credit no one here can accuratly answer your question.
    a few seconds ago

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