What lenders look for when you give yourself, car loans?

In: Mortgage Lenders

26 Aug 2010

I want to buy a car, and am considering asking for a car loan.
What lenders look like an absolute minimum to get a loan?

I have no possibilities for a Co-Signer, I was in the same job for three years, I have a stable income, and I live at home, so I do not pay the rent or mortgage.

So what lenders are generally more inclined to lend to? Banks, credit unions, etc..?

Here are some factors that lenders consider: credit score, employment and proof of income, home address, the value of the car finance, the term, Down, current classifications of loans, credit reports in recent years.

Since you have a steady job, steady income and a house, condominium, you can, you can easily get a car loan. However, the amount they will lend and the annual interest rate they impose on the factors I mentioned above to be affected.

Banks offer interest rates are better and faster in its approval and release of the loan. I would say check with you the first banks.



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