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A credit score basically gives a reference point of the likely hood of paying off a loan. This could be car loans, credit cards and/or mortgage.

Example if your credit score is in the 400’s the bank sees a great risk of default. However, if your credit score is in the 700’s then the risk is minimal.

A car loan can help you rebuild your credit, but it is only wise if you can afford to do so. Critically you need to be making payments on time.



There are some key areas that help qualify you for a loan:

  1. Stable work and income. Lenders like to see you working with the same employer for more than 2 years, but this doesn’t mean you won’t be approved if you have worked for less than 2 years.
  2. Your credit score and history.
  3. Outstanding debt and expenses.

Finally, the rule of thumb is to only spend up to 10% of your gross income on a vehicle. Example if you earn $5,000 a month then a payment of $500 or under is acceptable.

It really depends on how much credit you are seeking in multiple areas. For example, if you apply for several car loans in a short period, such as 2 weeks, then generally it will be merged eventually without affecting your credit. However, if you are seeking a mortgage, car loan, and credit card all at once then this can affect your credit score as the banks see this as possibly living beyond your means.

Subprime loans are for borrowers who have past and/or present challenges in their credit history. Typically interest rates tend to be higher as the bank sees a greater risk of the loan not being paid back.

It depends on several factors:

  1. Your credit score, which can range from 300 to 900 which is based mainly on your debt to income ratio.
  2. The higher your credit score, the lower the interest rate.
  3. The longer the car loan term, typically the higher the interest rate.
  4. Down payments can also help lower interest rates as the lenders see this as a priority to pay the loan.


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