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.

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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 well..got
    enough to handle all that? or lower your sites for the time being?

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