I am 1st time car buyer with a credit score of 610. How much can i get financed with a $1000 down pa

I have student loans with a combined amount of $5000 to $6000 and for them I pay $60 a month. I have 2 credit accounts and pay $40 a month to them. All my bills are always paid on time. I make $8 an hour as a manager at McDonalds I%26#039;m fairly young (early 20%26#039;s). I pay no rent since I STILL live with mommy. What are the ranges in the amount a bank or anyone could be willing to finance me?

I am 1st time car buyer with a credit score of 610. How much can i get financed with a $1000 down payment?

Be careful. These places that advertise that they will finance anyone want you to default on your loan and will charge you a ridiculous interest rate. Better to save a little longer or try to secure a loan from mommy.

I am 1st time car buyer with a credit score of 610. How much can i get financed with a $1000 down payment?

610 isn%26#039;t very good. But on the plus side, you have no rent. You%26#039;ll probably just have to go to a car dealer and see how much they%26#039;ll work with ya. You might have to get a co-signer if nothing else.

I am 1st time car buyer with a credit score of 610. How much can i get financed with a $1000 down payment?

If you want to go traditional fianacing ...( banks such as Bank of America , Wachovia , dealership banks ) you will need a co-signer. The banks have a min. income usually set at $1500 monthly. The following assumes you are full time at 40 hours.

$8 hr X 40 hrs = $320

$320 X 52 weeks in a year = $16640 year

$16640 / 12 months = $1386.67 month

As a first time buyer without an established installment loan even if you qualify as far as income you will have a high interest rate and will only qualify for a loan amount of about $8000 if it is a newer vehicle that can go 60 months. If you can try to get a relative with established credit to co-sign. If that is not an option seek a local credit union or bank to see what you can or cannot do. Hope this helps.

I am 1st time car buyer with a credit score of 610. How much can i get financed with a $1000 down payment?

I have sources that will fund up to $12,000.00 for a first timer.

Michael

925 606-5300