To get a $30,000 car loan, typically a credit score of at least 650 is required. However, the specific credit score needed can vary depending on the lender. Generally, the higher your credit score, the more likely you are to qualify for a loan with better terms such as lower interest rates and smaller down payment requirements.
A credit score of 650 to 699 is considered fair, while a score of 700 to 749 is good, and a score of 750 or above is excellent. Individuals with credit scores below 650 may still be able to qualify for a car loan, but they may face higher interest rates and less favorable terms.
In addition to your credit score, lenders will also consider other factors such as your income, employment history, and debt-to-income ratio when determining your eligibility for a car loan. It’s important to shop around and compare offers from different lenders to find the best terms for your specific financial situation.
Overall, having a good credit score can make it easier to qualify for a $30,000 car loan, but it’s not the only factor that lenders consider. By demonstrating responsible financial habits and improving your credit score, you can increase your chances of securing a loan with favorable terms for the purchase of a new vehicle.
What is a good down payment on a 30k car?
Consider putting at least $6,000 down on a $30,000 car if you’re buying it new or at least $3,000 if you’re buying it used. This follows the guidelines of a 20% down payment for a new car or a 10% down payment for a used car.
How much is a $40,000 car loan payment 84 months?
For example, a car buyer considering a $40,000 new car loan with an 84-month term at 9% APR would have a monthly car payment of about $623 and pay $12,369 in interest over the seven-year loan.
What is the monthly payment on a $30000 car loan?
A $30,000 auto loan balance with an average interest rate of 5.0% paid over a 6 year term will have a monthly payment of $483. In total, the loan will cost $34,787 with $4,787 in interest.5 days ago
How much is a $30,000 car loan a month?
A $30,000 auto loan balance with an average interest rate of 5.0% paid over a 6 year term will have a monthly payment of $483. In total, the loan will cost $34,787 with $4,787 in interest.5 days ago
