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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.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“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:
- income
- 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.”View full answer
- Gregory R.
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