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Low Credit Score, High Income

Monday, Aug 24 2009 13:46


Q: We want to buy a new car. I have pulled my credit score from FICO and my Equifax is 602. I know it's not great but my debt to ratio is around 18%. I have a great job making $115,000 a year. Can I get a decent loan?

Frank G. - Irvington, Kentucky

A: Yes, with a good size down payment (15% or higher) and approved verifiable income, you should be able to get an auto loan at competitive rates (a decent loan).


Agustin Vasquez, Jr. - General Manager, Mack Massey Chrysler Jeep Dodge, El Paso, Texas

Confused or unsure about some of the car loan terms used in the article? Click here for our Auto Loan Glossary.




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