What do they look at in a credit approval for a car?
I am going through the stealership to finance a 2006 Mustang GT for $11k. I have a great credit score and no past issues what so ever however I have been at my new job for a month. I am also getting a $5/hr raise in January so will that make a difference if I submit my application than? Or could I mention it now?
Asked By: John A - 12/18/2010
Best Answer - Chosen by Asker
Loan approvals require a satisfactory overall application score. Your credit score is one of the most important factors going into your application score. The other big one is debt to income ratio. This means your total debts should not exceed a certain percentage of your income. For an auto loan, the ratio is... More
Answered By: Bryan G - 12/18/2010
Additional Answers (2)
Are you saying your length of employment total is a month or that you just started a new job where you've been there a month but you do have plenty of prior work history... More
Answered By: Frank M - 12/18/2010
They won't care about a raise you might get in a month, as that is not guaranteed. applying AFTER the raise would be helpful.
Answered By: the kid - 12/18/2010
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