How easy to get a new auto loan?

Saturday, July 18th, 2009 at 02:23

Arturo asked:

I am paying off an auto loan about 42 months early, but am looking to buy a new, more expensive car in the near future. How easy would it be to get a new car loan from the same company that I have always been on time with in this economy? My credit is rather limited and rather marginal, but my history with this company is perfect.

Additional Details
I'm with a bad credit lender right now and would call them first if I needed a new loan. I'm self-employed and my income was high when I got the first loan and the same or higher now. My score is well under 680 but I do have good history with this company and will be putting a decent amount of cash down (any idea how much percentage?)

Reply:

The lender will look at many different factors- Job time, income, how long you've been in the same line of work, delinquencies, longevity of credit, credit score (that's the big one!) that determines what interest rate you will get as well. Many lenders won't even lend to a person with a FICO score lower than an 680 now. Times buying prescription drugs online without a prescription are tough right now and companies aren't as lenient as they once were. If anything get your credit score to see where you are.

Finance your car here onsite if you need help buying one of these beauties :)