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I got approved for Chrysler Capital for 31,465 My scores are between 580 low to high of 591. I do have a repo back in 2012ish maybe early in 2013. it got repoed due to the fact I got hurt on the job pretty badly. My knee cap got dislocated by 180 Degrees. ( yes very hurtful) Workers comp didnt want to pay me weekly go figure. Thats the only thing that is bad excluding 6 and half year old collections. Car I currently have has cylinder going out on it. I make little over 40k a year. I have 500 I can put down max. These scores are from my walmart/discover scorecard. What would be chances me walking out with car with that much down?
Odds = very low with only $500 down and that credit score.
Even if you are able to get the vehicle with $500 down (doubtful), you are setting yourself up for a very high payment and another repo. Don't do it.
My opinion is that Chrysler Capital is complete crap. I was not very happy with them at all and a huge pain in the rear end when it came to paying off the loan to go with another lendor.
Chrysler Cap would probably do it (they are known for approving low scores). But, what might not be disclosed to you is the max loan to value they will do. So even if you find a new car under that dollar amount they said they approve you for, it still could be denied because of loan to value. When Chrylsler loans to people with low scores, they typically keep all rebates, but they'll finance you at say 15%, it's known as a sub-vented rate. And then 3 years from now when you want something else, you'll owe $25k on a vehicle worth 10k. (Ok maybe an exaggeration but you get my point)
Personally, I don't think it is wise for someone making $40k to borrow 30k for a vehicle. Combine that with the high interest rate you would have and you're asking for a disaster. You'd probably be better off long term fixing your vehicle or buying a cash car.