Reply
New Member
Creditrebuilding2019
Posts: 3
Registered: ‎06-09-2014
0

Credit in the 500s auto loan

I have credit in the mid 500s as stated in the title. I'm looking to get an auto loan soon my pre-tax income monthly is 2800 I have a secured line of credit with no balance. I've had the account for 4 months with no late or missed payments. I also have an installment loan that will be paid off in 2 months and I have it for 4 months with no negative activity. I'm looking at purchasing a 2014 model year vehicle with 6000 down the vehicle purchase price is 21000. I was unemployed for about 6 months in 2012 and had my car repossessed but was paid off within 2 weeks of being repossessed. Will I get approved? Any advice for my current situation. Any and all help/advice is greatly appreciated! Thank you :smileyhappy:
Frequent Contributor
Chrisla2077
Posts: 365
Registered: ‎04-26-2010
0

Re: Credit in the 500s auto loan

I wouldn't be surprised if you did. I have scores worse than yours with non-paid items and was able to get approvals....if I had enough cash. 6000 down should get you a decent approval. Probably higher interest than you want ....but I don't see a reason why you would be denied.


Starting Score: EQ Fico: 506 12/14/2011 Experian FAKO: 496 Trans FAKO 478
Current Score: EQ FICO: 552 6/1/2014 Experian FAKO: 604 Trans FAKO 551 06/01/2041
Goal Score: 750


Take the FICO Fitness Challenge
New Member
Creditrebuilding2019
Posts: 3
Registered: ‎06-09-2014
0

Re: Credit in the 500s auto loan

I also have non paid from my time of unemployment. Do you think that will affect my chances?
New Member
Creditrebuilding2019
Posts: 3
Registered: ‎06-09-2014
0

Re: Credit in the 500s auto loan

Non paid accounts from cell phone, cable company, and phone company***
Frequent Contributor
Chrisla2077
Posts: 365
Registered: ‎04-26-2010
0

Re: Credit in the 500s auto loan

I'm pretty sure the 6000 down will save you. Cash is king with these guys. Funny thing is I'm actually scared to fill out an app for a new vehicle now with my scores...even with Roadloans...because I don't have much to put down. Anyways, I think you'll be able to get a loan, but like I said....probably at a higher rate than you want.


Starting Score: EQ Fico: 506 12/14/2011 Experian FAKO: 496 Trans FAKO 478
Current Score: EQ FICO: 552 6/1/2014 Experian FAKO: 604 Trans FAKO 551 06/01/2041
Goal Score: 750


Take the FICO Fitness Challenge
Valued Contributor
Remember0
Posts: 1,288
Registered: ‎02-12-2014
0

Re: Credit in the 500s auto loan

With 6k down, absolutely. Try to start by applying to CapitalOne or perhaps Roadloans to see what they give you. If you don't mind the INQs, maybe try LendingTree (but LendingTree will give you a lot of INQs so maybe try them JUST after the dealer gets you approved...tell him you need 2 hours and will be right back lol).

 

After CapOne and Roadloans go to the dealer and see what they can offer you imo. Make sure you mention the 6k dp before the dealer runs your credit. Have I mentioned already you NEED to mention the 6k dp prominently before the dealer runs your credit and make sure the finance manager knows!

As I am very busy with work these days, I am participating in the forums less than I would like to. Please feel free to email me directly remembermyfico //at// gmail /dot/ com if you would like me to respond to a specific question you have.
Member
JerseyGirl1984
Posts: 15
Registered: ‎05-30-2014
0

Re: Credit in the 500s auto loan

Luckily things have changed for me but 10 months ago, I had a score of 548, with a couple baddies and a tax lien on my credit. I put $2K down and got approved with Westlake Financial for $6K loan on a used car. You will be paying high interest but unfortunately that comes with having a low credit score. The good news is Westlake Financial will approve almost anyone for a car loan. Hope this helps!

Member
JerseyGirl1984
Posts: 15
Registered: ‎05-30-2014
0

Re: Credit in the 500s auto loan

I also want to add, after 10 months of on time payments, my score has went up over 100 points. I was able to get all negatives removed including vacating the tax lien. Now I am looking to refinance the loan at a lower interest rate since my score has drastically improved. At the time, I had no choice but to settle for a sub-prime lender. When you need a car and you have a low score, you will take whatever type of loan you can get and be greatful for it. I know, I have been there, the good news is over time, with on time payment history, your scores will improve and you can refinance at a lower interest rate. Sometimes you just have to bite the bullet to get started.
Member
vertekal
Posts: 17
Registered: ‎07-01-2014
0

Re: Credit in the 500s auto loan

My FICO was around 540 or so, my g/f was around the same, and we both got approved (co-signing on each other's loans). She has no real credit history, and mine had a prior repo and the balance of a car loan where the car was totalled and insurance paid their portion (I didn't pay mine). She got $22K thru Exeter at 16.5% with $1500 down, and I got $15K thru CIG Financial at 19.99% with $3000 down. My credit has a foreclosure from 2008, and a bunch of unpaid cable bills (I moved around a lot after getting divorced) over the past 5 or so years. So with a decent deposit and a high interest rate, you can probably be approved. I've paid both cars on time over the past 8 months ($490 for hers and $400 for mine) and I don't believe my FICO score has improved at all. 

New Member
jakwon30
Posts: 2
Registered: ‎07-04-2014
0

Re: Credit in the 500s auto loan

I just got approved for a 2015 suburban. 6.9 interest rate. 594 score. Just depends on the dealership

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+
}