Ask The Dealer
 
TOOLS
Print PRINT
E-mail EMAIL

Low Credit Score, High Income

Monday, Aug 24 2009 13:46

Banner

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.



Share/Save/Bookmark

          

Comments

No comments on this story yet. You can be the first to Add A Comment!
Your Name:
Your Email:
URL:
Your Comment:



11 More News Stories ...


FREE Car Loan Quote

Fill out the form below to get a FREE, No-Obligation Car Loan Quote.

Email Address:
 
Zip Code:
 
Auto Loan 101's
New Car Price Quote
Make:
Model:
Zip Code:
 
   
 

Top 10 News Stories of 2009 on AutoLoanDaily.comTop 10 News Stories of 2009 on AutoLoanDaily.com
Bankruptcies, massive layoffs and dealership closings are just a few of the major automotive news stories of 2009. We saw automakers discontinue brand ... Read More

Car Sales Predicted to Increase in 2010Car Sales Predicted to Increase in 2010
After a horrible year for the automotive and auto loan industries, one would think that it couldn’t get any worse. Assuming things have hit bott ... Read More

Top 10 Celebrity Auto Loan Stories of 2009
Our celebrity auto loan stories are some of the most popular on our Web site. Although our readers mainly come to Aut ... Read More