What kind of Credit Score you need to role $8gz into another Autoloan? Trans is 630 Equifax 590?

Question

So they didnt Total my 07 Denali XL with 300,000 

Happy they are Fixing it. But she's aging a lil. 

I wanna role my 8gz into another Loan but I wanna be able to pay the new car off within 

12-18 Months! Possible? With a score of 

630? 591?

Answer 1

The only qualification is a low IQ, that's a stupid thing to do.

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Answer 2

Not gonna happen man. Lenders will usually finance no more than 120% of LTV (loan to value), meaning 100% of the retail value of the vehicle, plus up to an additional 20% for tax, title, license, and add-ons (warranties, Gap, etc). 

You would have to have sufficient credit and income to buy a $40,000 car, and put tax, title, and license down (at 10% for TT&L, that would be $4000). You would then finance $48,000, plus $4000 down, to buy a $40,000 car, which will be worth $34,000 the second you roll off the lot. 

Sorry man, but you don't have the income required, and with your scores, you'd be lucky to get financed at all.

One more thing: In all the (many) years you've been doing the Yahoo Answers / buying crap cars thing, you've never ONCE paid a vehicle off early. Never. Don't lie to yourself, man, it's not gonna happen this time either. 

Source(s): 20 years retail auto sales experience.

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• TheReal

  Lv 5

  4 weeks agoReport

  Yeah, he's our one constant here... LOL
  

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Answer 3

To roll over $8000?  Maybe an 800, 5 years on the job and a salary of over $60k.

A 630 might be able to roll over $1000.

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