Can I get approved for a car loan?

(2011-09-25 14:30:11)

1. pimpin' Says: I make 16.84 an hour have little bills been in the company for 1 year I'm 20 years old and can give a good down payment and the car of the dealer is like around 20,000 so you think I can get approved. Thanks

2. Stupid Flanders Says: If you work full-time, you make about $35K a year.
It's possible if your credit is not a mess and you have limited bills and expenses.

If you don't have much credit history, more money down is going to help lower your interest rate and payment. Go to a credit union to discuss financing options before going to a dealer and leaving it up to them to find financing for you.
Dealers get kickbacks from lenders, which means you get financed through who gives them the most money; not necessarily who is offering you the lowest interest rate.

Realistically, you should limit the amount being financed on a vehicle to no more than 1/2 of your annual income.

3. Clay Says: Cars under financing and leasing are more expensive because it require full coverage insurance. You can estimate insurance rate difference online - ins-rates.m-13.us

4. nt Says: If you are full time, don't have any bad credit and can put down at least $2500, more is better.