Loan Estimator Worksheet
This worksheet is only an estimate. You may qualify for more or less. Consult your
Auto Credit Express Auto Loan Specialist for the most current information.
We use a simple formula to estimate how much you qualify for. First, multiply your verifiable monthly income by your income factor from the table below:
We use a simple formula to estimate how much you qualify for. First, multiply your verifiable monthly income by your income factor from the table below:
| Income Factor (1) | |
|---|---|
| Good Credit | 10 |
| Fair Credit | 9 |
| Situational Bad or Slow Credit | 8 |
| Bad Credit | 7 |
| Real Bad Credit | 6 |
| Auto Loan Qualification | Next | |
Next, subtract from 1/2 your monthly income the following debts and multiply it by your debt factor from the table below:
| Debt Factor (2) | |
|---|---|
| Good Credit | 50 |
| Fair Credit | 45 |
| Situational Bad or Slow Credit | 40 |
| Bad Credit | 35 |
| Real Bad Credit | 30 |
The Lesser of the two amounts is a good estimate of what you will qualify for.
We also use a simple formula to determine how much money down payment you'll need. Percentages are based on sale price before taxes. Consult your Auto Credit Express Auto Loan Specialist for the most current information.
| Cash Only | Cash, Trade, or Rebate | |
|---|---|---|
| Good Credit | $0 | $0 |
| Fair Credit | $0 | $500 or 5% |
| Situational Bad or Slow Credit | $0 | $1,000 |
| Bad Credit | $1,000 | 10% |
| Really Bad Credit | 20% | NA |
3271 Five Points Drive, Suite 200, Auburn Hills, MI 48326 - Phone: 866.902.4403 - Fax: 248.370.6601
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