Can I get a auto loan if I have 700 on FICO score?

However, I only make a around 00/month because I quit my full time job to go to school. My husband makes around 00/month but he does not have good credit. Can we both apply together for the loan and get a decent rate?
I forgot to mention, we are planning to buy used 2011 car, with 000 loan, the rest we will pay cash. Is it better to go to credit union bank?

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4 Responses to “Can I get a auto loan if I have 700 on FICO score?”

  1. John B Says:

    Credit Unions are a lot more lenient than that detail list that most people buying a car can tell you is pure HOGWASH! Even if it is by a so called "expert".

    Good luck and I don’t know what the "rest in cash" consists of but if over 2K then get yourself a junker to get through school then go for the new car.

  2. SPIFIMAN1 Says:

    Auto finance is what I do for a living and there are 10 different things that are considered in a vehicle loan by the lenders.

    1. Term of loan, the shorter the better.
    2. Age of vehicle, 6-years old or less for most lenders.
    3. Miles on vehicle, 50,000 or less for most lenders.
    4. Amount to finance verse N.A.D.A. wholesale value, the lower the better.
    5. Credit score 550 or above, the higher the better.
    6. Credit profile, 3-open accounts including 1 installment loan paid at least 12 times for at least $150.00 a month.
    7. Down payment, $1,000.00 or 10% of sales amount for most lenders.
    8. Monthly income, at least $2,000.00 gross.
    9.Time on job, 2-years for most lenders.
    10. Time at residence. 2-years for most lenders.

    All of these things must meet the lender guidelines to be approved.

    Based on what you have said if everything else is in line you should be approved if you both apply, but the rate will be effected by your Husbands bad credit.

    For those that obviously don’t know, these guidelines are followed by ALL LENDERS both conventional and credit unions. As a matter of fact, some credit unions are even more strict and will not even loan to people with damaged credit

    Good luck.

  3. stan c Says:

    First try it on your own. If it doesn’t work out, then try it together. You have nothing to lose by trying. If you own your home and have equity in it, perhaps you can get a secured credit line.

  4. Marcus Says:

    I must agree with the responder who stated CU’s are a bit more lenient. I could not get approved anywhere with less than a 15% interest rate then someone here said to try a CU and I did. I certainly did not get their best rate of 2.6 but I did get a 6% car loan.

    This would not be the first time and "expert" has been wrong.

    Good luck.



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