The Likelihood Of Getting Approved For An Auto Loan?

Hey, I’m currently looking to purchase a 2005 Saturn L300 Series with approx. 75,000 miles on the dash. The sales price of $7488. My credit score is a 608 and I have $700 as a down-payment. I lived at my address for 8 years, and had my job over a year. The downside is, I only bring home $1100 a month after taxes. But I don’t pay rent or any utilities though. What are the chances I might get approved? The salesman said he was going to show my information to two credit unions in hopes that I may get financed. This is my first time ever buying a car and just wanted to know the chances of me getting improved. I am expecting to hear back from the salesman tomorrow morning. The car dealership is a reputable dealer and usually offer low interest rates and promotions regarding their cars.

Both comments and pings are currently closed.

One Response to “The Likelihood Of Getting Approved For An Auto Loan?”

  1. Kerry says:

    ..well what does the monthly payment work out to be? pretty hefty compared to what
    you bring home?..a little ‘rich’ for your budget?…
    if the c unions turn you down, some finance co will write you for sure; you may not like
    the rate charged, but that might be the rate you have to pay…thats up to you ..if they hand
    you a contract w/24% 31% 29% interest rate, you have to decide. the finance man there
    will get you written for sure somewhere cuz they dont let a fish on the line walk out the door
    w/out a car… the decision is yours there/only you can make the call how badly you want it..
    and remember a car is not an asset/declines in value each 24hrs….you also have to insure
    it/buy gas for it/maintenance and so on…so that eats more of your money up as
    enough to handle all that? or lower your sites for the time being?

Powered by WordPress | Designed by: free css template | Thanks to hostgator coupon and web hosting reviews