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