There is not one set minimum amount one has to pay when it comes to vehicle financing, however there is a general consensus when it comes to auto loan financing.
Although many borrowers are unaware of the advantages of auto loan refinancing, consumers with low credit scores need to realize that they may not quality for this loan option, especially if their loan is fairly recent.
The fact is that borrowers, especially those who are credit-challenged, should always maximize the down payment amount while keeping both the loan term and payment-to-income ratio to a minimum. By following these guidelines, buyers can avoid financing an unaffordable car.
There are several factors that could possibly cause you to be denied for auto financing; the good news though, is you can often correct these issues.
Divorce is already devastating enough. After you get clear of the personal whirlwind, you are left to focus on the business at hand – dealing with the financial fallout.
Being a co-signer is a big responsibility, and it can be a big risk to your credit too. If a payment is missed, it can damage both parties credit.
There are ways to get financing without having to go through the credit screening process. Having a damaged credit history is certainly a major setback, but definitely not a deal breaker.