Can i take out a car loan with a credit score of 688 at age 20?

Auto finance is what I do for a living there are 10 things that go into making up a car deal weather it's a purchase or a lease.

1. Term of loan. Shorter the better.

2. Age of vehicle. Newer the better.

3. Miles on vehicle. Lower the better.

4. Amount to finance compared to book value. Lower the better.

5. Credit score. Higher the better.

6. Credit profile. Deeper the better.

7. Down payment. More the better.

8. Monthly income. Higher the better.

9. Time on job. Longer the better.

10. Time at residence. Longer the better.

As long as all of the above are in line with the lender guide lines and you make enough income to budget for the payment you should be approved. As you can see there are way too many thing that go into this decision to give you a accurate answer here.

But if you qualify as a first time buyer and everything else is in line, you would be close. $24,000.00 less $8,000.00 is $16,000.00 and the limit for first time buyers is $15,000.000.

Good luck.

Someone can get a car mortgage if they're historical sufficient to signal a contract in their state. 18 is excellent in most states. The credit ranking helps determine what interest price you might be charged. Don't fear abut it; at 18 you have not had so much time to construct up a long credit score history. Simply do not go excessive and getting loaned to the max just considering it is there or you can be in severe fiscal problem like a variety of the other persons on this website in three years. If you do not have the cash to buy a car, stick to common transportation.

Your down payment cash isn't a factor. Your income, your credit history and your total debt are factors.

You didn't provide much information but based on what you did say I'll say NO. You cannot get a $24,000 car loan. You might qualify for a car loan but it won't be for $24,000 unless you earn close to $50,000 a year.

Go to your local banks and credit unions and ask. Stop wasting your time asking a bunch of people here on Yahoo who can't possibly tell you what your local bank will do.

Go check with you bank to see if you can do that. They will have the best interest rates

Whats your curent income, thats a factor as well.

Doubtful. You probably make minimum wage and think that doesn't matter, so you don't let us know that. LOL@you.