newbie...will i get approved for a autoloan?

[mrgoodsam]

Hello, I'm 29

 

I make around 3000 a month and i want to get a either a entry level camaro or challenger in march of 2010. My credit score is currently

 

575, it will be going up soon...with most debts paid off...no car note, and i will have 13,000 downpayment. Any luck for a loan of around 13-14k? Thanks

[lakbum]

Given your downpayment and income for a 13-14k loan, I would say your chances are good given what I've seen. However, to make sure you get a decent interest rate, you'll have to really increase your credit score. Obviously, low utilization and a clean credit profile will make your chances much, much better.

 

When your scores improve, I'd suggest filling out MarvBear's form and have him give you a more experienced analysis. Or, you could just do it now but I've got a feeling your interest rate is going to be horrible IMO.

[MarvBear]

A large downpayment always helps with an approval. Hopefully there will still be banks in the automotive industry for March 2010.

[lakbum]

Hopefully there will still be banks in the automotive industry for March 2010.

 

I haven't kept up in too much specific detail about the economy other then it not being good, but what do you mean by that...just curious.

[MarvBear]

sarcasm at it's finest.

 

My crystal ball is too heavy to cart around to predict the future.

[lakbum]

My bad...LOL. I should've caught that.