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If i have a credit score of 688 can i take out a car loan?
I am 20 years old. And i want to take out a car loan the amount of $24,000. Would i be able to take this loan out? what would my interest rate be? I have a $8,000 DOWN PAYMENT for this car.
3 Answers
- David14Lv 78 years agoFavorite Answer
With 8k down you could have a 500...but what about buying a nice $8000 car?
- MikeLv 68 years ago
No one can tell you what your interest rate would be, or if you can take out a loan.
There is more to a loan than your credit score. Factors include, yearly income(no one is going to give you a loan you cannot afford). Also your Debt to Income ratio, if you have too much in loans and credit you can be turned down for a loan with great credit.
- 8 years ago
you more than likely will get approve for a loan. Best bet is to go to a local credit union, they usually carry the best interest rates. The newer the car, the lower your interest rate will be so choose wisely. Best of luck to you.
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