Can I get a car loan if my credit score is 804 but I only make $17,500 a year?
Will I get approved for a car loan? I want to get a car loan, but I only make $17,500 a year. However, my credit score is a stellar 804.
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Answered on Jul 16, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“Your credit score is just one portion of your car loan application, so don’t think that you’ll get the loan just because you have good credit.
The lender will also take into account your:
- current debt
- debt-to-income ratio
The price of the car will also have a huge impact on your approval.
If you want a $30,000 car, that’s way different than a $5,000 used car. The only sure way is to apply for preapproval and see what the lender says.”
MORE: How to Buy a New Car
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