What do loan officers look for on a auto loan?

FACTS-

Credit Score 650-670 -credit stolen and agencies working on repairing it

Income- 36K+

Inquires-10 and that's due to starting up business!!

Need- auto loan for 10+ for new car for my bus.

Debt to Income- I make 3000+ a month my debt is only 1000 a month.

Credit cards- i have 4 highest balance 750

Auto loan current- 3000

Credit length 1yr 5 months due to a credit card. I know 30% rule so i'm getting them down to that first and then by october hoping to buy a newly used vehicle for my business.

Total debt currently 4750 that's it.

Can i purchase a car with these facts?

What do loan officers look for on a auto loan?

I went to my credit union and sat down with a loan officer to discuss my chances and how it worked. She was very nice and explained everything to me.

She basically said %26quot;You can get an auto loan with bad credit, it's just you'll pay higher interest rates%26quot;

If you pay down some debts, the better your rate could be.

So to answer your question, your scores are way better than mine and I can get a car if I need one.

My suggestion would be to join a credit union so that you have financing in place without having to haggle with a dealership.

Good luck!