I want to finance my first car, what do finance companies look for when deciding to approve a loan?

I have always paid cash for cars before, and now I want, rather need to finance a car. What do finance companies look for in your credit in deciding if you are a worthy lender and how much interest to charge? It's my fiance and I, and we both have great jobs, but have never financed a car before.

I want to finance my first car, what do finance companies look for when deciding to approve a loan?
Your credit score, your income/debt ratio, and your age. That's Pretty much it.





Oh one more piece of advice, shop around with your bank, credit union, etc and get their rates. I get a new car pretty much every -4-6 years and other than the rediculous promotional rates that are advertised that nobody ever really gets unless they have a 700+ credit rating, I've never seen a rate better than that offered by my credit union.





The nice part about that is if you get a pre-load approval, you can walk into the dealership with the loan approval letter, and then you don't negotiate payments, you negotiate the TOTAL PRICE of the vehicle. It's much nicer, and faster, to do it that way then spend hours in the dealership haggling over price.
Reply:One good way to find out what kind of terms you can get is to submit your info to one of the online services that lets you compare loan offers from several lenders. (You know the idea, "when banks compete, you win.") See Sources for a page that lists a couple of these.
Reply:well i think that if u have a good job and that u dont have nothing on u that is going to hurt u like bankruspy or that u have bad checks out there is not going to no problem for u to get one and good luck they look to see if u have credit that type of thing
Reply:As in all loans --collateral, Capacity to pay and credit.Know your score before you shop. 620 or greater is conforming and your local bank may be your best bet
Reply:Your credit score determines which interest rate bracket you fall into and whether you are eligible for other special financing offers. They may also look at your income, but pretty much they go straight off your credit score.
Reply:a good solid credit score...
Reply:They will look for any bankruptcies,how long you've lived at your current address, how long you've worked at your current job(s),they will also look at your current utility bills and see if your paying them one time or what, of course your current income. I think that is it..Or at least that's all I can remember when we financed our 2nd car.
Reply:your credit score, your income, where you live.
Reply:try this site if you're looking for a car loan. just fill out the form (takes like a minute) and you'll get quotes on different loan alternatives instantly