is a credit score of 658 good enough to get a car loan?

I have never had a car loan before and am hoping to get one soon. I have credit cards, but never been behind and pay atleast the min. due each month.

Am hoping to get about $20k loan?

Update:

this morning I paid off 2 credit cards and usual pay more than the minumum. I have good DTI now because my living situation just improved with in the past few months- I am planning on paying off most of my cards very soon.

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  • 1 decade ago
    Favourite answer

    It's not that simple.

    Auto finance is what I do for a living and car deals are based on the following factors;

    Factors.

    1. Loan to value (LTV).

    2. Age of vehicle.

    3. Term of loan.

    4. Miles on vehicle.

    5. Down payment.

    6. Time on job.

    7. Time at residence.

    8. Monthly income before taxes.

    9. Credit score/profile.

    10. Total debt to income including new payment.

    What they look for;

    1. Between 85% and 115%.

    2. No older then 8-years.

    3. 36-72 months.

    4. No more then 100,000.

    5. 10% of the sales price or $1,000.00.

    6. 2-years.

    7. 2-years.

    8. $1,500.00 to $2,000.00 depending on lender.

    9. 540 or above with 4 paid as agreed lines of credit with 1 being a installment loan paid at least 12 times for at least $150.00 a month and in the credit bureaus for at least 3 years.

    10. Not to exceed 45%.

    Another thing that comes into play is called payment to income ratio so depending on the term of the loan and the interest rate you would have to budget for the payment. Most lenders do not exceed 16%.

    So as you can see there is a whole lot more then just score to consider.

    But if you have the credit profile to go with your score, you should be able to get a loan.

    And for those that don't know FICO scores from 300 to 850.

    Elite 740 & up

    prime 700-739

    Preferred 660-699

    Standard 625-659

    Sub-prime 624 & down

    Source(s): Finance Manager for a car dealer for over 9-years / Tinker Federal Credit Union.
    • B4Iwascrzy5 years agoReport

      Wow, this is the most helpful of ANY of the Yahoo answers I've seen yet! :)

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  • 4 years ago

    1

    Source(s): Bad Credit Auto Loans - http://CarLoan.trustdd.com/?eEjZ
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  • Buffy
    Lv 6
    4 years ago

    For Finance and credit solutions I visit this site where you can find all the solutions. http://your-finance.us/index.html?src=KER57JxValj

    RE :Is a credit score of 658 good enough to get a car loan?

    I have never had a car loan before and am hoping to get one soon. I have credit cards, but never been behind and pay atleast the min. due each month.

    Am hoping to get about $20k loan?

    Update: this morning I paid off 2 credit cards and usual pay more than the minumum. I have good DTI now because my living situation just improved with in the past few months- I am planning on paying off most of my cards very soon.

    Follow 1 answer

    Source(s): For Finance and credit solutions I visit this site where you can find all the solutions. http://your-finance.us/index.html?src=KER57JxValj
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  • Anonymous
    6 years ago

    I'm confident that you might find many financial solution at= loandirectory.info-

    RE Is a credit score of 658 good enough to get a car loan?

    I have never had a car loan before and am hoping to get one soon. I have credit cards, but never been behind and pay atleast the min. due each month.

    Am hoping to get about $20k loan?

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  • Jay S
    Lv 6
    1 decade ago

    Above 620 qualifies for some kind of financing from strictly a score point of view, although the rate will be on the higher than average side.

    They still may decline based on your credit use level as a percentage of total available.

    Try a credit union first for best rates and a possibility of a manually processed loan that will take more account of recent change in income, etc. versus just looking at score and debt levels.

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  • Anonymous
    1 decade ago

    Normally, before the credit crisis, any decent car dealer would find you a loan with a score of 600+. Nowadays it is a little different. You shouldn't have a problem getting one but it isn't going to be the greatest interest rate. Don't expect to get a 0% from Chevy or Ford.

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  • 1 decade ago

    In about 60 to 90 days your score will go up quite a bit as you paid off credit cards. If you can wait that long you could get a great interest rate. Check with local credit union for best interest rate. They also have lower credit standards. Membership can be obtained through job, family, community and association.

    Source(s): former finance company manager
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  • Anonymous
    1 decade ago

    Your post is very telling. I can learn much about you, based on what you've posted.

    You are asking for advice, so here it is, straight.

    Your score is low because the scoring model is predicting you as a marginal default risk. By your own words, you are broke. This is why you only pay the minimum each month on credit cards. This means you carry a balance, this means you are paying interest on purchases. This is poor money management.

    Now, you feel the best solution for your money woes is to borrow some $20K at a rate yet unknown. Again, a bad step in getting control of your finances. Cars are a horrible, horrible (emphasis) investment. Paying super high interest rates just compounds it.

    Being blunt: Just pay cash for your car. Simple. Save up your money, and search for a good deal. There really are $1500 Lincolns on craigslist that are good cars. More money, more car.

    • miguel6 years agoReport

      Agree. Avoid overpaying for a car by leasing or financing. Save some money and buy in cash.

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  • Danny
    Lv 5
    1 decade ago

    That should be high enough to qualify you for a car loan. However there are other criteria that a lender will look at. One is DTI - Debt to Income. Even with the best of credit scores, if your ratio of debt to income is above 30-35 % you may not get the best rates and the amount you are allowed to borrow may be limited. If the percentage is higher, you may even be turned down.

    Good luck!

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  • Anonymous
    6 years ago

    GET A DECENT LOAN TODAY FROM chryslerfinance@yahoo.com

    Apply for a loan from a legitimate lending company that can help you get your financial plans actualized with an affordable interest rate of 2%. Do you need the loan for a long term investment or short term investment?

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    Interested applicants are expected to contact this company via email for easy access to your loan transfer via: chryslerfinance@yahoo.com

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  • Anonymous
    1 decade ago

    Your credit score is good.

    Do you know how to raise credit score fast and easy? At first you have to know your credit score and in case it is below 700 you have to take actions immediately! And even if your score is around 730 there are still some things you can do to raise it. This link will help http://www.squidoo.com/how-to-raise-my-credit-scor...

    -Michael

    • richard1 year agoReport

      pay off your debt

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