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Auto finance is what I do for a living and auto loans are based on the following factors;1. Loan to value.
2. Age of vehicle.
3. Miles on vehicle.
4. Term of l;oan.
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 ratio.
As long as you have the profile to support your score you should have no problem getting approved for a loan.
The first poster is wrong about having to take out 2 loans that%26#039;s just silly.
You can try Capital One, H.S.B.C. %26amp; Wells Fargo on line and be approved before you go shopping or just go to any dealership they should have no problem getting you approved.
Good luck. Finance Manager for a car dealer for over 8-years.
Other Answers (3)
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Based on your income, you will not have a problem. A 650 credit score is not bad at all. As long as you have no negative recent activity, you will not have any prob. I bought a tahoe a few years ago for 35,000 and made about 75k per year and had no prob at all w/ GMAC.
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650 is the average, that will be very diff. You will most likely have to take out 2 or 3. I have a credit score of 720, I had to take out 2 loans for my car without the interest being insane. Experience. (I%26#039;ve had about 23 cars now, financing them all)
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