My credit score is 685 do i qualify for a auto loan?

i am 19 years old i have only two credit cards in good standing, but paid one off already and canceld it, and my score is a 685, do i qualify for a auto loan? if i do what interest rate will i have?

My credit score is 685 do i qualify for a auto loan?
Auto finance is what I do for a living and it depends.





Credit scores are based on the following;





1. Payment history 35%


2. Time in bureau 15%


3. Type of credit 10%


4. New credit 10%


5. Debt to credit ratio 30%





As you can see 1,2%26amp;5 are the most important as far as score goes but score is not everything you also need a good profile.





I look at credit every day and see people every month with score of 700 that can not buy a car becaues their score is based on 1-credit card with a $500.00 limit paid 15-times and a couple of student loans.





While this type of profile generates a great score it does not show the ability or willingness to actually pay any one.





Auto loans are based on the following;





1. LTV (loan to value).


2. Term.


3. Age of vehicle.


4. Miles on vehicle.


5. Down payment.


6. Time on job.


7. Time at residence.


8. Monthly income before taxes.


9. Credit score/profile.


10. Total debt to income ratio.





As long as the above are within the lenders guidelines you will be approved.





The only way to know for sure is to go to a dealer and find out. Without looking at your credit no one here can accuratly answer your question.
Reply:I would guess since your credit score is fair, you would qualify. However, there are several other factors that the bank will likely use to qualify you. One would be length of employment, another would be debt to income. If you have a year or more on your current job and make decent wages, then I would imagine you would get a loan. I can make no guess at what interest rate, or how much they would loan you. I would recommend that you visit a local credit union and speak with them about your options!
Reply:Yes you will qualify. Don't close credit accounts after you open them. That's what builds your credit.
Reply:Spifiman1 is correct.
Reply:Hell yeah you can get a car !!!! With a credt score like that, name your car!!!
Reply:According to Suze Orman (I ahve all her books), a credit score over 721 is considered "excellent". Because yours is as high as it is, and you are only 19, I would say that you rate as having "good" credit.





Print out a copy of your credit score and have it IN HAND when you go to finance your car. The dealer will try to swindle you, and get you to pay a higher interest rate, if they can.





Be KNOWLEDGEABLE.... know HOW much you can afford before you go, because they will almost always try to put you into a more expensive vehicle, too!


: )





Also... check out Consumers Reports Car buying guide, to see how the cars rate (safety, reliability, etc..) so you get the most car for your money!


Be smart... be prepared before you go in!


: )


Good luck!


: )


www.edmunds.com


www.consumerreports.org


: )
Reply:There are many auto loan options available today. Today, stiff competition among auto loan financing companies%26lt;!--has made it possible to get a car loan or an auto loan at favorable terms.





http://badcredits.awardspace.com/autoloa...





However, before you sign the paper for financing your favorite set of wheels, do your homework to ensure that you get the best car--%26gt;finance option. You can apply for online car loans on the Internet, or get it from your car dealer.
Reply:try to get financing directly from a bank and not one of


those finance companies. The bank should be 7 to 12 %


maybe higher because although your score is 685, you don't have much of a "history" but then again you never know.