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Thursday, 12 August 2010 |
By Jennifer Quilter
 An auto loan is definitely easier to obtain than a home loan.
When you apply for a mortgage there are a number of factors that come into consideration by a lender. They're going to look at your credit history (and the score itself) very carefully. They're also going to look at your down payment on the house, which should ideally be at twenty percent of the purchase price for the property you're looking to buy. They're also going to look at how long you've been employed, your income, and how generally stable you seem.
An auto loan lender is also going to look at these things, but less critically than they would for a mortgage, in part because the loan is for a lesser amount of money. While your credit history is still important, they'll be a little more lenient than they would with real estate. The better your credit is, however, the lower interest rate you will be offered.
Other than your credit they will also look at any kind of down payment you can make |
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Last Updated ( Thursday, 12 August 2010 )
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