• Auto Lenders generally require a 620 Credit Score for approval
• Auto Insurers also require a 620 for underwriting
• Financial commitments ranging from 3k-5k up front
• a note payment is generally calculated to equal $200.00 for every $10,000 of car purchased
• Minimum of 1 years  at current job for best interest rates but will accept less
• Must have Pay stubs for proof of income
• Establishing new credit with a car can help college students
• Banks require 6 months on the job
• just starting out – college students, relocation, declared bankruptcy and discharged
• college students – medium range score, viewed as high risk by most lenders and limited income
• relocation – high risk if you have not been at your home for 2 or more years
• rent – higher risk because you have no obligation such as with a mortgage
• If you’ve declared bankruptcy in the past you must show proof of discharge

Synopsis

Your debt ration should be no higher than 70%.  Ideally 30% max.  example if you make $2000/mo and your bills and obligations cost $600 you’re at 30% DI ration.  If you make $2000/mo and your bills and obligations cost $1400 then you’re not in great financial shape.   Lenders will want to see that you can handle the payments so you would qualify for more car with a lower debt ratio.

- at our bank… doesn’t matter