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What is the minimum FICO score needed to get a car loan at a dealership as opposed to a 'Buy-here-pay-here' lot?
Wiki User
∙ 14y ago
Having a mid to high FICO score doesn't necessarily say: "you're approved!". Although it does reflect the general credit situation - payments on time, debt to pay ratio isn't too high - many factors still come into play when you're looking at purchasing a car.
Don't forget, when you get a loan to buy your car, you'll most likely see yourself having a lien on that car for the duration of the loan. Default on your payments and you'll see a collector come and seize your car faster than a speeding bullet!
Always remember that, like any other case where there exists a physical product (house, car, boat, etc..) to apply a lien on when in default, chances are, like in this case, the car dealership won't look so much at your FICO score but at your total indebtness VS what your pay looks like and approve it based on that percentage...
The more you owe, whatever your salary, the least chances to get approved...
Wiki User
∙ 14y ago
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What is the minimum FICO score needed to get a car loan at a dealership as opposed to a buy-here-pay-here lot?
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What is the minimum FICO score needed to get a car loan at a dealership as opposed to a buy-here-pay-here lot?
I heard you should have at least a 680 to get decent interest rates.
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