How much of a loan will I be eligible for?
I want a loan for a used car, I go to a credit union, I'm 19 and have $ 12,000 in my savings account. I don't know much about loans or if how much money you have in your account affects a loan or not. I know my credit union gives loans.
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Answer by Deepak
Credit unions usually have good deals. Sometimes auto manufacturers have good deals too because they are trying to move the vehicles. How much you have will probably not affect it. They will look at your income and credit score. Debt to income ratio should be below 36% or so. But it will all depend on who is loaning the money. Some car dealers are anxious enough that they can be more flexible.
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