Auto Loans--what is a good credit score?

I know my credit score is horrible (540) and within the next 2 months most of the stuff will be taken care of on my credit report. What are dealerships looking for? I know they are loooking for people like me to make money with high rates on loans but what should mine be so they don%26#039;t screw me?

Thanks!

Auto Loans--what is a good credit score?

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

1. LTV (loan to value).

2. Term of loan.

3. Age of vehicle.

4. Miles on vehicle.

5. Down payment.

6. Time at job.

7. Time at residence.

8. Monthly income before taxes.

9. Credit score/profile.

10. Total debt to income ratio.

What auto lenders look for is as follows;

1. 3-5 years in the bureau depending on the lender.

2. 4-open trade lines paid as agreed.

3. 1-installment loan paid 12-times for at least $150.00 a month.

4. 2-years on the job and at residence.

5. 10% or $1,000.00 down payment.

6. Monthly income of at least $1,500.00 to $2,000.00 depending on the lender.

7. Vehicle not over 5-years old with less then 50,000 miles.

8. Monthly payment not to exceed 20% of monthly income.

9. Total debt to income not to exceed 45%.

10. LTV between 115% and 145%.

Depending on how the above are submitted to the lender, your interest rate can be anywhere from 12.95% to 21% based on a 540 score.

For prime rates you need to be 680 or above.

Auto Loans--what is a good credit score?

You don%26#039;t fix a credit score of 540 in just 2 months... that will take more like 2 YEARS to fix. You need a minimum score if 680 to get a decent loan you can afford... and that was according to a banker being interviewed on CNBC a couple of days ago.

Auto Loans--what is a good credit score?

need a auto loan but have problem with credit score.don%26#039;t worry its better for you to try for an online loan.i think that the below website will help you to find right solution.