How can I get approved for a $40,000 car loan?

"Is it possible to get approved for a $40,000 car loan with a small down payment? I really want to buy a loaded Ford Mustang. However, the total loan amount is $40,000. I have very little for a down payment."

Answer
“There are many variables for getting approved for a new car loan, especially for a higher dollar amount like $40,000.
When you apply for a loan, your lender will take into account several factors, including:
  • Current income and debt
  • Debt-to-income ratio
  • Loan-to-value ratio
  • Credit score
Without providing that information, there’s no way to say for sure if you’ll get approved. However, a high credit score, little debt, and solid, steady income is a formula for getting approved for $40,000.
If you can’t afford to buy a new car, leasing a vehicle can be a great alternative.”
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Eric Schad
Answered on Jul 28, 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.
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