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What happens with my credit report after I pay off my car loan?
I want to purchase an Acura RDX, but I need a loan to do it. I only have about 10% for a down payment, so I need to borrow around $40,000. How do I get the loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
An Acura RDX is a sweet ride! A $40,000 loan can be feasible to obtain, provided you have the right income and credit score.
To secure a
car loan
for $40,000, lenders will likely require a prime or superprime credit score—namely, 661 or higher. Offering a 10% down payment will certainly help your chances of securing the loan, too.You’ll also need to demonstrate that you earn enough income to make regular payments. For example, a 60-month car loan of $40,000 at 4% would equal $737 a month, so make sure to budget accordingly.
To get lower monthly payments, you can extend the loan to 72 or 84 months or shop around for the lowest rates.
Since the lender will also require proof of insurance, you should also shop around for car insurance. Thankfully, the
Jerry
app makes this easy as can be. Just complete a 45-second sign-up to compare quotes from up to 50 top providers.View full answer
- Gregory R.
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