Automotive loan eligibility and requirements go beyond your credit report and score to include your income, employment, debt-to-income ratio, the purchase price of the vehicle, and other factors. Car dealers are eager to move inventory.
Therefore, there is a lid for every pot. Almost anyone will be approved. But at what cost?
The most important criteria are to pick a car that you can afford to drive, maintain, and repair when necessary. Be sure to include all ownership costs when making your budget and avoid a costly repossession that happens at the worst possible time.
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