675 fico

[Anonymous]

Hello All,

My credit score is 675. I have several credit cards and charge cards and a ton of student loans. I am in good standing with all of my loans and cards and are doing my best to pay the credit cards down including searching for another job. I guess my credit started to go down when my debt started to go up. What is the likeliness of me getting approved for a car loan? I dont need much just something new or close to new. The car I am interested in is about 12k. I dont have much money to put down because I didnt expect to have to buy a new car so soon, by car just died and is not worth putting all the money into it to fix it.

Any advice would be greatly appreciated

Thanks

[daisyduke]

hello

it is my understanding that auto loans take into other considerations as well, not soley score based....such as, your income, your debt to income, length of time on the job, how you paid your last auto loans, and of course how you pay all your bills. Age of accounts, average age of accounts, etc.

With that said, your 675 will look more appealing to a finance company if you have some credit history versus the kid that has 720 FICO with almost no history, aka a think file. Sounds like you are on the right track, paying everything on time, and I heard that having open SL's looks good to lenders, it gives them the idea that you will make more money in the future....because you have an education...

there are all kinds of deals right now...low interest rates...do you belong to a credit union? if so, that might be a good place to start for a lower interest rate...i looked at joining five and come to the conclusion best rate for the CU's I can get into and most likely get approved for, around five percent for 48 month car loan. Honda, Lexus, MB, Toyota, they all have those really super low rates now. moving the metal for 2010 models...

can't comment on the no money down...i thought most finance companies today do want to see ten to twenty percent down...but i don't know for sure...having put zero down on a maxima years ago, guess what happend? i got upside down. so it scares me not to put money down. plus it looks a little bit better to the bank that you're throwing something towards the car...

hope this helps and good luck.

[Anonymous]

Thank you so much for your help. I guess I will give it a try and see if I get approved.