Reply
New Member
angel18694
Posts: 1
Registered: ‎05-25-2008
0

Auto Loan with low scores

My scores are 588, 531, and 573. I really need a new car. I'm 25 years old and at the age of 19, I screwed up my credit. Right now, I'm working full-time bringing in about $1700, while in school. I don't have a co-signer either. How much do you think is a reasonable figure to ask for when applying for a auto loan? I've paid off all, but 2 cc's on my report, so these scores don't reflect my actual score because alot of the bills I paid are still showing "unpaid".
Senior Contributor
MattH
Posts: 3,240
Registered: ‎04-03-2008
0

Re: Auto Loan with low scores



angel18694 wrote:
My scores are 588, 531, and 573. I really need a new car. I'm 25 years old and at the age of 19, I screwed up my credit. Right now, I'm working full-time bringing in about $1700, while in school. I don't have a co-signer either. How much do you think is a reasonable figure to ask for when applying for a auto loan? I've paid off all, but 2 cc's on my report, so these scores don't reflect my actual score because alot of the bills I paid are still showing "unpaid".





You don't NEED a new car, depending on your situation you might need A car but that could and possibly should be a USED car, a NEW car is an expensive luxury for people with excellent credit and/or substantial cash.

You give your income, but you do not give the most important number: how much cash and/or equity on a trade-in can you bring to the table? Smaller Loan-To-Value ratio equals less risk to the lender.
TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}