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$10000 loan with 610 credit score

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Anonymous
Not applicable

$10000 loan with 610 credit score

Ok. I made a post here a couple days ago. Asking would I qualify for a $17000 Loan. However, I found that its possible with a downpayment and high interest rate.

I pulled my credit just to be told need $3500 down with payments at $420 and honestly its just not smart. I am moving to Jersey in about 2 months. I have a job, a side business and just picked up a second job to save extra for my move. I honestly do not need to dig any holes for myself. I am already in an upside down car loan with a loan thats in my mom's name. However, there is only like 11 more months left on the car and my sister will be taking over the payments.

So, Im thinking of lowering my standards to a used 2013 Nissan Altima thats $10,000. I havent allowed this dealer to run my credit yet. Cause I already have like 5 inquiries in the last 6 months. Anyhow, I just need to know what are my chances? I have $1500 -$2000 for a down payment.

I make $3000 a month all together.
My credit is 610 with EX, and 613 with TU.
I have 5 credit cards ages 5 months - 2 yrs or so. No lates or missed payments.

Baddies: 4 Med bills all are old and under $200
Another collection that is like $700 may be paying that off.

And I have an apartment judgment from an apartment from 2012 due to a roommate situation. However, its paid in full and is market as paid and full.

5 or 6 inquiries for 2016.

Message 1 of 8
7 REPLIES 7
penny_e
Established Member

Re: $10000 loan with 610 credit score

We are in simular situation, score 600 I called the toyota dealership and being self employed I didnt think it was doable...

, to my surprise we were approved for a car loan, I wanted 2012 camry price was 13,900. We put 1k down and showed bank statements to prove income. Loan ended up at wells fargo @ 8.9 percent, not great I know but plan on refinancing in a year, as long as the credit doesnt get any negative marks on it and the payments have to be made on time perfect payments....not sure if this helps you or not. I only did the one dealership and very happy with the car and I understand we will have to pay the price for not stellar credit but this will only help the credit.

VICTORIA SECRET $850 MERRICK BANK $950 WALMART $600 AMAZON STORE $800 CAPITAL ONE QUICKSILVER $1500 CAPITAL ONE PLATINUM $800
Message 2 of 8
Anonymous
Not applicable

Re: $10000 loan with 610 credit score

Call local credit union loan ofc. Tell them your score, down payment and the car info wothlut pulling your credit they ahould give you a good idea of wheyher you'd qualify. Thats what i did, then walked into the dealer with my financing like a boss.
Message 3 of 8
Method2Madness
Regular Contributor

Re: $10000 loan with 610 credit score

Back when my scores were 590ish I was able to get a $15,300 loan through my local credit union with $1,000 down and 17% interest. My payments were $355/mo for 72. (3 months later I was able to refi to 10%/$311 mo.)

 

Last month, with a 640 score, I was able to finance a brand new Jeep for $24,000@6.49% interest (Same CU) with nothing down. My payments are $375/mo. for 72.

 

If you're at a FICO 610, I'd say you have a VERY good chance of being approved for a $10,000 loan, especially with your DP. Be prepared to pay a bit in interest, though. If I had to guess, I'd say around 9-10%, but that's just a guess.

 

 

Total Available Credit: $145,950   ||Feb 2018||EQ08-705||EX08-728||TU08-741||



Message 4 of 8
RonM21
Valued Contributor

Re: $10000 loan with 610 credit score

A CU might def be the best direction to go for this type of situations.


Total CL: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 5 of 8
Anonymous
Not applicable

Re: $10000 loan with 610 credit score

Your scores are not great but you can get an auto loan as long as you have income and are willing to pay the interest.  As stated above it would be good to try a credit union first, chances are very high they will offer the best interest.  I had lower scores then yours 2 years ago but with more income and I got a 26k loan at 12.5 %, refinanced it 7 months later when my scores bumped to low 600's to 4.29% with NFCU.  If you get a so so APR initially if you buy smart and improve your scores you can refinance but I would do all I could to get the best APR to start with.  It sounds like you have a lot going on financially and if your taking on another job that means your budget is pretty tight.  The timing might not be great for you, that is your call but if you can wait for a while that might be best overall.  

Message 6 of 8
StartingOver10
Moderator Emerita

Re: $10000 loan with 610 credit score


@Anonymous wrote:
Ok. I made a post here a couple days ago. Asking would I qualify for a $17000 Loan. However, I found that its possible with a downpayment and high interest rate.

I pulled my credit just to be told need $3500 down with payments at $420 and honestly its just not smart. I am moving to Jersey in about 2 months. I have a job, a side business and just picked up a second job to save extra for my move. I honestly do not need to dig any holes for myself. I am already in an upside down car loan with a loan thats in my mom's name. However, there is only like 11 more months left on the car and my sister will be taking over the payments.

So, Im thinking of lowering my standards to a used 2013 Nissan Altima thats $10,000. I havent allowed this dealer to run my credit yet. Cause I already have like 5 inquiries in the last 6 months. Anyhow, I just need to know what are my chances? I have $1500 -$2000 for a down payment.

I make $3000 a month all together.
My credit is 610 with EX, and 613 with TU.
I have 5 credit cards ages 5 months - 2 yrs or so. No lates or missed payments.

Baddies: 4 Med bills all are old and under $200
Another collection that is like $700 may be paying that off.

And I have an apartment judgment from an apartment from 2012 due to a roommate situation. However, its paid in full and is market as paid and full.

5 or 6 inquiries for 2016.


^^^Consider keeping your current car at least until it is paid in full and you have your title in hand.  Especially if you are moving to another area in two months. What is to say that your income won't takke a hit or two during the move or right afterward? Keep the funds you have in savings.  

 

Once you have your feet on the ground in the new location and a steady income, then take your title to the current car and either sell it (to Carmax or other dealership) and go get CU financing for something else.  

 

I don't know your sister, but we see plenty of family drama here on this board where the family members didn't make the car payments and ended up having the car repo'ed. That would be a tragic thing to happen to you after making those high payments for such a long time. If you want to sell your paid off car to your sister for $X and have her make payments to you that is something altogether different from having her make payments directly to the lender you have now. 

 

 

Message 7 of 8
surferchris
Valued Contributor

Re: $10000 loan with 610 credit score

StartingOver10 - that was good advice...

Current Cards:
AmEx Hilton Honors Surpass//AmEx Platinum Card//Ann Taylor Rewards Mastercard//Capital One Platinum Card//Credit One AmEx//Credit One Platinum VISA//Fingerhut//Navy More Rewards AmEx//TruWest Platinum VISA//Aspire VISA//Costco Anywhere VISA//Lowes Advantage//Apple Card
Loans:
1 Mortgage/////Navy FCU Auto Loan (2020 Jaguar I-Pace)//Capital One Auto (2016 BMW i3)
Next Cards (4th QTR 2022):
Navy Flagship Rewards VISA//Chase Sapphire Preferred
Stats:
Scores: 700's // Inq's: 1 for mortgage // Util: 1% // AoOA: 21 yrs

Message 8 of 8
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