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How to prepare for a loan.

Your credit score is only a small part of qualifying for a loan. Your car payment can be one of the biggest stumbling blocks you will face. Credit cards can make your credit score soar or hurt you terribly. If keeping your credit card balance at 50% or less also makes your score go up, the higher the number the better. Right now the different loan companies want to see 720 or better. Documented loans have the best interest rates. The sub-prime market only required a score of 620 and a stated income. A stated income, allows you to state your income. Many people stated more than they really made and never really qualified for the monthly payments.