Re: Car Loans and Credit Score

Posted by BJ on September 12, 2001 at 19:34:40:

In Reply to: Re: Car Loans and Credit Score posted by Linda on September 11, 2001 at 19:12:49:

PJ,

655 really isn't a bad score PJ. I would do as Linda mentioned and apply for your loan. Be selective, your score isn't as bad as you think.

Financial institution look at debt/income ratio which you should be pretty good in. Usually they don't like to see your debt over 38% of your total income. Continue to look at financial institutions on the net. I would certainly try to get financing before actually buying a car. If the intial interest rate isn't attractive to you now, you could be eligible for refinancing within 12 timely payments.

good luck

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