Low Credit Score, High Income

Q: We want to buy a new car. I have pulled my credit score from FICO and my Equifax is 602. I know it’s not great but my debt to ratio is around 18%. I have a great job making $115,000 a year. Can I get a decent loan?

A: Yes, with a good size down payment (15% or higher) and approved verifiable income, you should be able to get an auto loan at competitive rates (a decent loan).

Agustin Vasquez, Jr. – General Manager, Mack Massey Chrysler Jeep Dodge, El Paso, Texas