@Anonymous wrote:
So, I've run into quite a situation. I currently have a car picked out I'd like to purchase (Not a private-party). It's $4352, and I've currently saved up a $2200 down payment. So all I need is $2152. My problem is trying to find someone who will lend me a couple thousand. My equifax score is only 607 as of today, but I just payed off two of my cards in full. After that goes through, my utilization will be 0% across 3 revolving accounts. I do also have a student loan at 90%. Also what's hurting is I've never had an auto loan as well as the fact my average account age is 1.5 years and credit history is 2.5. I also just got promoted at my job, so income won't be a problem. Here's my question: Is there any company who would be willing to work with me?
I think you will get approved ~ the interest rate may be higher than usual, but since your will only be borrowing a couple thousand it shouldn't be too painful. Look around here and you will see that people definately get approved with scores in the low 600s.
Your bigger problem may be finding an auto loan for only $2,500 or so ~ many lenders have a minimum borrowing amount, and you might not be borrowing enough. If that is the case, then you could finance more of the car and just pay it down quickly with your savings.
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
