Is 721 credit score good enough for auto loan of 20k?
Im just a little curious because my mom is going to buy a car for the first time and is loaning from a bank. She only has 1 credit card with $250 limit and her credit is score, is i hear really good, 721. Is it good enough for a decent loan around 15-20k loan for a car?
- falsi fiableLv 78 years agoFavourite answer
Credit scores are completely meaningless. The only scores that matter are her FICO Scores.
A FICO Score of 720 will qualify her for some of the top rates.
She can get her FICO Scores for about $20 each at www.myfico.com
- 4 years ago
It will rely on what type of vehicle your looking for. New or Used? New cars have better premiums than used, it doesn't matter what the credit is. A 640 credit score ranking shouldn't be that bad, but it is going to additionally rely on how a lot credit you currently have right now. The excellent news is the feds just dropped charges over a percentage, so now would be a excellent time to buy.
- 8 years ago
Acceptance of a loan for that value will not only rely on her credit score, but also on her income and ability to pay the repayments with her available income.
The score only proves and indicates how responsibly you manage your current credit availability. If her income would not allow her sufficient flexibility to repay securely after all outgoings are considered she should not only be rejected for the loan, but she - on the off chance of being accepted- should not take it. We must all learn to live within our means.
However, if her income is sufficient, and her score has proven her to be responsible with credit, then having a good score will certainly aid in receiving the requested credit.
- What do you think of the answers? You can sign in to give your opinion on the answer.
- Go with the flowLv 78 years ago
It's not all about a credit score.
She will need 1 year's worth of employment.
With tax returns to back it up.
They may not allow this to be from government benefits.
A 20%+ down payment would also be beneficial.
Does she even have any savings at all?
- kwilfortLv 78 years ago
If her score is over 720 she should get a decent deal not zero but certainly less than 5% if it's a new car and under 8% if it's used.
- Anonymous6 years ago
You will find very useful this site for finding the best option for you WWW.CREDIT-SOLUTIONS.INFO
RE:Is 721 credit score good enough for auto loan of 20k?
- Anonymous6 years ago
This site is for comparing rates for you and free CREDITVAULT.NET