Increase your credit score and your chances improve for securing an auto loan. The ideal credit score for any type of financing such as a car loan, home loan, bank loan or credit cards is 740 points or higher. The average credit in the United States is between 690 – 695 points. To get an auto loan you should have a credit score that’s greater than 640 points with a 20% down payment. For example, on a $20,000 auto purchase you should put down at least $4,000. The bank should lend you 80% ($16,000). In most cases you will obtain financing under this senario as long as you can provide proof of acceptable income. For more credit tips visit the official Score 1st website @ http://score1st.com
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